The construction pace of new homes is up close to 50 percent in both Lee and Collier just in the past year according to a recent report by MetroStudy. This staggering statistic has left many residential developers either celebrating acting ahead of the curve, or scrambling to “get in the game” before it’s too late. Strong demand, coupled with dwindling supply, is propelling the residential market in Southwest Florida. Consumers are buying homes faster than builders can build them and “the pace at which new homes are being moved into is the highest since 2008,” according to Brad Hunter, MetroStudy’s chief economist. Asking prices of homes are seeing momentous gains. In fact, the Cape Coral-Fort Myers MSA tops the list of best performing cities nationwide (measured by asking price increases) in a recent survey by the Associated Press and Trulia. [Read this article]
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