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REAL ESTATE
This Week’s Just Sold Properties on Sanibel
Based on information from the Sanibel & Captiva Islands Association of REALTORS® for the period 6/7/24-6/14/24. 5827 Pine Tree DrSanibel$1,150,000.00$1,000,000.00. 1720 Dixie Beach BlvdSanibel$1,549,000.00$1,467,000.00. 1318 Seaspray LnSanibel$2,495,000.00$2,150,000.00.
Cape Coral residential real estate market sees 2.7% drop in median sale prices
Home sales across the U.S. fell 1.7% month over month in May on a seasonally adjusted basis and dropped 2.9% from a year earlier, according to a new report from technology-powered real estate brokerage Redfin. There have been just two months in the past decade with fewer home sales: October 2023, when mortgage rates jumped to a 23-year high, and May 2020, when the onset of the pandemic brought the housing market to a halt and home sales to a record low. Cape Coral saw the third-largest increase in active listings at 45.1% and had the largest drop in median sale prices at 2.7%. Just 8.6% of May sales in the Cape were above list price, the third lowest mark in the country.
Cape Coral pauses foreclosure prevention program due to 'overwhelming' demand
CAPE CORAL, Fla. — The city of Cape Coral has stopped taking applications for help paying late mortgages due to an "overwhelming" amount of applicants. The city is pausing applications after announcing the program two weeks ago. The city told NBC2 that it was too early to tell them if they would re-open the application process. However, we know that the staff is reviewing 170 applicants right now to determine their eligibility.
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