Geri and Bob Quinn

In the past year, there has been a complete market reversal in which what was up is down and what was down is up in our not too hot, not too cold Goldilocks market. In fact, one year ago we noted the number of closed home sales in Cape Coral in the month of April declined versus the closed sales from April 2021, while median sales prices had huge gains, and remained at record levels.

We also pointed out back then that the number of active listings were increasing, while noting that, “we are seeing what we would call ‘hints’ in the market that the price surge for homes is leveling off, as the buyer frenzy has slowed.” We continued by saying, “much of the upcoming performance in our housing market will likely hinge on the Federal Reserve’s commitment towards raising interest rates in their attempt to battle the plague of out-of-control inflation,” in what turned out to be the Fed’s most aggressive interest rate hiking campaign in history. So what was up a year ago is now down, and fortunately, the numbers that were down after Hurricane Ian are now up. On a lot of levels, to borrow a line from a song by The Kinks in 1970, “It’s a mixed up, muddled up, shook up world.”

As of May 22, the number of active listings in the MLS for Cape Coral single-family homes continued to climb, reaching 1,616 homes on the market at list prices ranging from $260,000 to $3.995 million. We currently have 378 active listings priced at $400,000 and under, with 18 of these homes priced below $300,000. At the other end of the spectrum, there are 227 homes listed at $1 million and up. One year ago on May 24, 2022, there were 763 active single-family home listings in the Cape at prices ranging from $225,000 to $5.995 million. At that time, only 123 homes were listed at $400,000 and under, including six homes priced below $300,000 and there were only 139 homes listed for sale at $1 million and above. The current median list price dipped to $530,000 from $538,000 last week, and it is down from $575,000 one year ago, while being up from $509,873 on Jan. 3 of this year.

There were 857 pending sales in the Cape’s single-family home pipeline as of May 22, ranging in price from $149,900 for a partially built home in need of a new builder to $4.15 million. The second lowest priced pending sale was at $215,000 and the current median pending sales price dipped to $400,000 from $405,000 a week ago. A total of 36 of the current pending sales are at $1 million and above. A week ago, we had 881 pending home sales in the pipeline versus 522 pending sales on Jan. 3 of this year. A year ago on May 24, 2022, there were 939 pending sales, including 52 homes priced at $1 million and above.

In the overall Cape Coral single-family home market, there were 493 closed home sales in April, which was 19.8% lower than the 615 closed sales in April 2022, and 2.6% less than the 506 closed sales in March of this year. In the first four months of 2023, there were a total of 1,698 closed sales in the Cape’s overall single-family home market, which was 28.1% lower than the 2,363 closed sales in the first four months of 2022.

The median sales price in the overall Cape Coral single-family home market was $420,000 in April, or 10.6% lower than the record of $470,000 in April 2022, but up 1.2% from $415,000 in March of this year. In the first four months of 2023, the overall median sales price for single family homes in the Cape averaged $413,125 per month, which was 1.9% lower than the average of $421,250 per month in the first four months of 2022.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 49 closed home sales in April, which was 30% lower than the 70 closed sales in April 2022, and 2% below the 50 closed sales in March of this year. In the first four months of 2023, there were 157 closed sales in this segment, or 35.9% below the 245 sales in the first four months of 2022.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $820,000 in April, which was 0.6% below the $825,000 posted in April 2022, but 18.4% higher than the $692,500 in March of this year. In the first four months of 2023, the median sales price in this segment averaged $780,625 per month, or 3.7% less than the average of $810,613 per month in the first four months of 2022.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canals to reach open water), there were 43 closed home sales in April. This was 37.7% lower than the 69 closed sales in April 2022, and even with the 43 sales in March of this year. In the first four months of 2023, there were 155 closed sales in this segment, or 39% less than the 254 sales in the first four months of 2022.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $748,000 in April, or 14.5% below the $874,900 in April 2022, and 11% lower than the $840,000 recorded in March of this year. In the first four months of 2023, the median sales price in this segment averaged $736,375 per month, or 15.6% less than the average of $872,600 per month in the first four months of 2022.

Freshwater canal and lake homes

In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canal and lake homes with no boating access to the river or the Gulf of Mexico, there were 52 closed home sales in April. This was 25.7% lower than the 70 closed sales in April 2022, and down 5.5% from the 55 closed sales in March of this year. In the first four months of 2023, there were 179 closed sales in this segment, which was 29.2% less than the 253 sales in the first four months of 2022.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $496,250 in April, or 9.8% below the $549,950 posted in April 2022, but 1.3% higher than the $490,000 in March of this year. In the first four months of 2023, the median sales price in this segment averaged $504,063 per month, or 0.97% more than the average of $499,213 per month in the first four months of 2022.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 344 closed home sales in April, which was 14.2% lower than the 401 closed sales in April 2022, and 3.9% below the 358 closed sales in March of this year.

In the first four months of 2023, there were a total of 1,199 closed sales in this segment, or 24.5% less than the 1,588 closed sales in the first four months of 2022.

The median sales price in this segment was $378,495 in April, or 4% below the $394,350 posted in April 2022, but up 2.4% from $369,450 in March of this year. In the first four months of 2023, the median sales price for dry lot homes in the Cape averaged $372,645 per month, or 1.7% more than the average of $366,338 per month in the first four months of 2022.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of May 22, 2023, unless otherwise noted. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral single-family homes, and does not include condominiums, short sales or foreclosures. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with the RE/MAX Realty Team office in Cape Coral. They have lived in Cape Coral for over 43 years. Geri has been a full-time Realtor since 2005, and Bob joined Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.