{"id":768308,"date":"2023-07-07T08:03:24","date_gmt":"2023-07-07T12:03:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\/"},"modified":"2023-07-07T08:03:24","modified_gmt":"2023-07-07T12:03:24","slug":"redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\/","title":{"rendered":"Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk<\/b><\/p>\n<p class=\"bwalignc\"><i>The Cape Coral metro area has more than made up for the plunge in new listings caused by the storm<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014 Listings of homes for sale in the Cape Coral-Fort Myers, FL metropolitan area have recovered after plunging in the wake of Hurricane Ian last fall, and sales have begun to bounce back, according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhurricane-ian-housing-lookback-2023&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=6d1717ef40ab6f351d81990bee604f68\">report<\/a> from Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=2&amp;md5=559cefa9fd2d61159aa09d58800b447f\">www.redfin.com<\/a>), the technology-powered real estate brokerage.<\/p>\n<p>\nIn the two months after the devastating September 2022 storm, there were 900 fewer new listings in <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F2654%2FFL%2FCape-Coral%3Futm_source%3Dgoogle%26utm_medium%3Dppc%26utm_term%3Dkwd-352157676172%26utm_content%3D481634370389%26utm_campaign%3D1026576%26gclid%3DCj0KCQjw7aqkBhDPARIsAKGa0oI-9ORVXLT2I5zutcbKZUQzFUkfc90-tY-h3PV7Aw7tmQTWcjjxy9EaAtlgEALw_wcB&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=Cape+Coral&amp;index=3&amp;md5=9d6ce8b7e7bbc8a2855d706f699bdeed\">Cape Coral<\/a>&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F6208%2FFL%2FFort-Myers&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=Fort+Myers&amp;index=4&amp;md5=b720b81fe42ac2b54ce613761d306312\">Fort Myers<\/a> than there would have been had the storm not hit, according to Redfin projections. But in the six months after that, there were 1,314 <i>more<\/i> new listings than projected, more than offsetting the shortfall. To put it another way, the metro had gained 415 more new listings than it had lost by early May. The Cape Coral-Fort Myers metro area will be referred to as \u201cCape Coral\u201d for the remainder of this press release.<\/p>\n<p>\nNew listings are likely outperforming expectations due to a backlog created by the storm; homeowners who paused their selling plans or delisted their properties in the wake of Hurricane Ian are now putting their homes on the market. There are likely other homeowners who didn\u2019t intend to sell before the storm but are now moving because their home was damaged and\/or they want to live in a safer area.<\/p>\n<p>\n\u201cIntense storms are becoming more frequent in Florida due to climate change, but homebuyers are still moving to the Sunshine State in search of warm weather and relatively affordable home prices,\u201d said Redfin Senior Economist Sheharyar Bokhari. \u201cBut as homebuyers have moved into Florida, insurers have moved out, leaving homeowners with fewer and more expensive coverage options. Ultimately, lower-income residents may be pushed out of the riskiest areas due to rising insurance and rebuilding costs. Those who can afford to remain will likely see their home values appreciate at a slower clip as the dangers of climate change become impossible to ignore.\u201d<\/p>\n<p>\nInsurers aren\u2019t just leaving flood-prone areas; State Farm and Allstate recently announced they will stop issuing new homeowner\u2019s insurance policies in California due to climate risk, citing increased exposure to catastrophes including wildfires.<\/p>\n<p>\nThe analysis focuses on home listings, but it\u2019s worth noting that scores of vacant plots have also hit the market in Cape Coral after the homes atop many of those lots were destroyed. There were 6,167 land listings in Cape Coral as of June 16\u2014comparable with the number of home listings (6,619). Some don\u2019t mention the impact of the storm or the potential for future natural disasters. Other listings do mention Hurricane Ian, and tout the opportunities for builders and homebuyers despite continued storm risk.<\/p>\n<p>\nWhile some people who moved to Florida during the pandemic are leaving, new out-of-staters continue to move in, which is incentivizing homebuilders in Cape Coral to keep building, according to local <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fpremier&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=Redfin+Premier&amp;index=5&amp;md5=efc9220c26bf95535f5ae5c71b8fc454\">Redfin Premier<\/a> real estate agent <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Freal-estate-agents%2Fisabel-ariassquires&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=Isabel+Arias-Squires&amp;index=6&amp;md5=e6d95a4d84b3dc02b6c9b45d0b960803\">Isabel Arias-Squires<\/a>.<\/p>\n<p>\nFlorida has doled out 80,000 residential building permits so far this year\u2014more than any other state but Texas. Arias-Squires noted that new-construction homes in Florida have the advantage of being built under the most recent building codes, providing better resistance against natural disasters<\/p>\n<p><b>Sales Are Bouncing Back, But Haven\u2019t Fully Recovered<\/b><\/p>\n<p>\nIn the three months after Hurricane Ian, there were 723 fewer home sales in Cape Coral than there would have been had the storm not hit, according to Redfin projections. In the following five months, there were 538 more sales than projected. That meant that by early May, the sales shortfall had shrunk from 723 to 185.<\/p>\n<p>\nThe fact that home sales in Cape Coral have started to recover indicates that many homebuyers continue to prioritize waterfront views, relatively affordable home prices and lower taxes above climate concerns.<\/p>\n<p>\nCape Coral is the seventh most popular migration destination for homebuyers, according to Redfin\u2019s latest ranking. Four other Florida metros\u2014Miami, Tampa, Orlando and North Port\u2014are also in the top 10 as the Sunshine State attracts house hunters from New York, Chicago and other major metros.<\/p>\n<p><b>Hurricane Ian Had No Major Impact on Home Prices<\/b><\/p>\n<p>\n\u201cThe storm\u2019s effect on prices was likely muted because at first, new listings fell, which pressured prices to rise due to a shortage of homes for sale. But new listings then more than recovered, which pressured prices to fall because there was more supply than usual,\u201d Bokhari said. \u201cIn the end, the two effects canceled each other out.\u201d<\/p>\n<p>\nTo read the full report, including charts and methodology, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhurricane-ian-housing-lookback-2023&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhurricane-ian-housing-lookback-2023&amp;index=7&amp;md5=256e514099bd835dbdbfca5c27629f35\">https:\/\/www.redfin.com\/news\/hurricane-ian-housing-lookback-2023<\/a><\/p>\n<p><b>About Redfin<br \/>\n<br \/><\/b>Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.redfin.com&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=8&amp;md5=9793d1dfb6d7c0c82530e8c6fbea9dab\">www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country&#8217;s #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we&#8217;ve saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.<\/p>\n<p>\nFor more information or to contact a local Redfin real estate agent, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=9&amp;md5=0fe5979854b8e5879005ae9c1c0aafab\">www.redfin.com<\/a>. To learn about housing market trends and download data, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=10&amp;md5=d16d103c486efe198318586a1e87a054\">Redfin Data Center<\/a>. To be added to Redfin&#8217;s press release distribution list, email <a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a>. To view Redfin&#8217;s press center, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;esheet=53441357&amp;newsitemid=20230707546480&amp;lan=en-US&amp;anchor=click+here&amp;index=11&amp;md5=6ca8a2026e86f16d4249dd9f5724aca4\">click here<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230707546480r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230707546480\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230707546480\/en\/<\/a><\/span><\/p>\n<p><b>Redfin Journalist Services:<br \/>\n<\/b><br \/>Isabelle Novak, 414-861-5861<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Florida Washington<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Environment Technology Construction &amp; Property Climate Change Other Retail Natural Disasters Internet Retail Residential Building &amp; Real Estate<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230707546480\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk The Cape Coral metro area has more than made up for the plunge in new listings caused by the storm SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Listings of homes for sale in the Cape Coral-Fort Myers, FL metropolitan area have recovered after plunging in the wake of Hurricane Ian last fall, and sales have begun to bounce back, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. In the two months after the devastating September 2022 storm, there were 900 fewer new listings in Cape Coral&#8211;Fort Myers than there would have been had the storm not hit, according to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-768308","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk The Cape Coral metro area has more than made up for the plunge in new listings caused by the storm SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 Listings of homes for sale in the Cape Coral-Fort Myers, FL metropolitan area have recovered after plunging in the wake of Hurricane Ian last fall, and sales have begun to bounce back, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. In the two months after the devastating September 2022 storm, there were 900 fewer new listings in Cape Coral&#8211;Fort Myers than there would have been had the storm not hit, according to &hellip; Continue reading &quot;Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-07T12:03:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230707546480r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk\",\"datePublished\":\"2023-07-07T12:03:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\\\/\"},\"wordCount\":1040,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230707546480r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-home-listings-sales-bounce-back-in-florida-towns-hit-by-hurricane-ian-despite-increasing-climate-risk\\\/\",\"name\":\"Redfin Reports Home Listings, Sales Bounce Back in Florida Towns Hit by Hurricane Ian Despite Increasing Climate Risk - 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