We continue to see a weekly increase in the number of active listings in the MLS for Cape Coral single-family homes, and it looks like this current trend will push us over the threshold of 3,000-plus homes on the market in the not too distant future. Let that number sink into your thought process if you are trying to sell your home.

This surge in listings seems to be driven mostly by what we would broadly define as the “average” re-tiree, who is finding Southwest Florida to be growing more unaffordable, and who now sees hurricanes as the single biggest threat to their retirement years. A large number of these retirees cite the toll – physically, emotionally and financially – that is involved in dealing with these tropical weather threats as the reason for wanting to sell their homes. Many have reached the point that now, while they still have control of their lives, is the time to move back closer to where their children, grandchildren or other family members live.

With the growing competition between sellers in a buyer’s market, the key to attracting a buyer is likely going to boil down to a seller’s ability to accurately assess the current condition and market value of their home in the eyes of a buyer, and their willingness to price their home more aggressively than others.

Active listings and pending sales

As of Monday, Nov. 25, the number of active listings in Cape Coral climbed to 2,922 homes on the market and the median list price came in at $465,000. Two weeks ago there were 2,823 active listings in the MLS, and just over one month ago on Oct. 21, there were 2,598 homes on the market with a median list price of $467,000. It appears that the normal January seasonal surge of sellers listing their homes for sale has arrived a couple of months early and we think there will be even more homes coming onto market after the first of the year.

The number of homes going under contract with buyers as pending sales dipped from 559 homes on Oct. 21 when the median pending sales price was at $399,990 to 460 pending sales in the pipeline on Nov. 25, with a median pending sales price of $389,900. It should be noted that we are currently in our historically slower months of the year, and we will be closely monitoring any changes to the supply/demand trends in our market and their potential impact on home prices as we enter the new year and head towards our peak seasonal months for closed home sales in March through May.

October’s closed home sales and median sales prices

In the overall Cape Coral single-family home market, there were 352 closed home sales in October, which was down 6.1% from 375 sales in October 2023, and 8.8% below the 386 sales in September of this year. In the first 10 months of 2024, there were a total of 4,492 closed sales in the Cape’s overall single-family home market, which was 1.9% more than the 4,408 closed sales in the first 10 months of 2023.

The median sales price in the overall Cape Coral single-family home market was $395,000 in October, or 0.8% lower than the $397,999 posted in October 2023, but 4.1% above the $379,450 in September of this year. In the first 10 months of 2024, the overall median sales price for homes in the Cape averaged $399,287 per month, which was 2.6% less than the average of $409,745 per month in the first ten months of 2023.

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 27 closed home sales in October. This was 10% lower than the 30 sales in October 2023, but 17.4% above the 23 sales in September of this year. In the first 10 months of 2024, there were 411 closed sales in this segment, or 8.2% more than the 380 sales in the first 10 months of 2023.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $683,000 in October, which was 7.1% below the $735,000 posted in October 2023, and 2.4% below the $700,000 in September of this year. In the first 10 months of 2024, the median sales price in this segment averaged $760,925 per month, or 2.3% less than the average of $778,750 per month in the first 10 months of 2023.

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 17 closed home sales in October. This was 26.1% lower than the 23 sales in October 2023, and 41.4% below the 29 sales in September of this year. In the first 10 months of 2024, there were a total of 328 sales in this segment, or 1.2% more than the 324 sales in the first 10 months of 2023.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $820,000 in October. This was 5.8% above the $775,000 in October 2023, and 16.3% higher than the $705,000 posted in September of this year. In the first 10 months of 2024, the median sales price in this segment averaged $815,150 per month, or 6.6% more than the average of $765,034 per month in the first 10 months of 2023.

Freshwater canal and lake homes

In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canals and lakes with no boating access to the river or the Gulf of Mexico, there were 44 closed home sales in October. This was 41.9% higher than the 31 closed sales in October 2023, but down 2.2% from the 45 sales in September of this year. In the first 10 months of 2024, there were 508 closed sales in this segment, or 15.2% more than the 441 sales in the first 10 months of 2023.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $455,000 in October, or 17.3% below the $550,000 posted in October 2023, and 9% less than the $499,900 in September of this year. In the first 10 months of 2024, the median sales price in this segment averaged $476,485 per month, or 8.3% less than the average of $519,544 per month in the first 10 months of 2023.

Dry lot homes

In the Cape’s single-family dry lot (non-canal) home segment, there were 264 closed sales in October, which was 9% lower than the 290 sales in October 2023, and 8.7% below the 289 sales in September of this year. In the first 10 months of 2024, there were 3,235 closed sales in this segment, or 0.3% less than the 3,245 sales in the first 10 months of 2023.

The median sales price in our dry lot home segment was $377,500 in October, or 1.2% above the $372,995 posted in October 2023, and up 7.1% from $352,500 in September of this year. In the first 10 months of 2024, the median sales price for dry lot homes in the Cape averaged $369,306 per month, or 1.4% less than the average of $374,377 per month in the first 10 months of 2023.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Nov. 23, 2024, 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 45 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.