Realtors: Home sales up, prices on the rise

"I consider myself very lucky," says A.C., a first time homebuyer in Cape Coral.

Until two months ago, A.C. never thought he would be able to open the door to his own home. He lived his whole life moving from apartment to apartment. But one day, he started looking.

"This was just a place where I just walked in and I could definitely see myself spending the rest of my life here - or at least the better part of it," said A.C.

A.C. bought the $200,000 home for just $90,000.

The average price of a single family home in Cape Coral is just under $100,000. Realtors say there are only 70 days worth of inventory left on the market, so they're telling potential buyers to look for those prices now.

“In many markets, especially the statistical markets weighing down median prices, I think those days are over and I think you're going to see a moderating to in fact rising median sales price going forward," said David Botelho of Prudential Florida Realty. For the last four months, the median home price in Lee County increased by $4,000. But it's still a far cry of where home values were back in 2005 - which isn't comforting to longstanding homeowners.

"The good news is in order for us to see market values come back up, we have to sell of this inventory," says Botelho. Botelho says although there are still many homes coming onto the market, nearly 230 were sold in Cape Coral within the last month. And its homebuyers, instead of investors, that are snatching up the homes that could help turn the local housing market around.

"I found myself in a position where I could afford it, so why not take advantage of it," said A.C.

The big question is how long the home prices will stay as low as they are.

Realtors say it all depends on how quickly the housing inventory gets depleted. They expect a lot of snowbirds will come down to buy homes this year, realizing it will be the last year for prices as low as we're seeing now.