Cape’s November saltwater condo sales remain strong
The highlights of the Cape Coral condominium market through November included large increases in closed sales in gulf and sailboat access condos over the first 11 months of 2019, compared to last year, but year-to-date sales were lower in dry lot condos and in the overall condo market. Also, so far in 2019, average median sales prices were about 4 percent lower for gulf and sailboat access condos. The specific numbers are shown below.
In the overall Cape condo market, there were 59 closed sales in the month of November, which was 31.11 percent higher than the 45 condos sold in November 2018, and 11.32 percent above the 53 sales in October of this year. Through Nov. 30, there have been a total of 638 condos sold in the Cape during 2019, or 2 percent less than the 651 condo units sold in the first 11 months of last year.
The November median sales price came in at $168,000 for the overall Cape Coral condo market, which was 1.82 percent above the $165,000 posted in November 2018. Through Nov. 30, the median sales price has averaged $162,023 per month in our overall condo market in 2019, up 2.71 versus the average of $157,745 per month over the first 11 months of last year.
The Cape’s overall condo market ended the month of November in a neutral market, with an average of 6.64 months of unsold supply so far in 2019, which was 2.95 percent higher than the average of 6.45 months of unsold supply in the first 11 months of 2018.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, there were 31 closed sales in the month of November, which was 24 percent higher than the 25 condos sold in November 2018, and 14.81 percent above the 27 sales in October of this year. Through Nov. 30, there have been a total of 319 gulf access condos sold in the Cape during 2019, or 13.12 percent more than the 282 gulf access canal units sold in the first 11 months of last year.
The November median sales price came in at $185,000 for Cape Coral gulf access condos, which was 5.71 percent higher than the $175,000 posted in November 2018. Through Nov. 30, the median sales price has averaged $179,841 per month in the Cape’s gulf access condo segment in 2019, or 4.05 percent lower than the average of $187,430 per month over the first 11 months of last year.
The Cape’s gulf access canal condo segment ended the month of November in the higher-end of a neutral market and edging towards a buyer’s market, with an average of 8.45 months of unsold supply so far in 2019. This was down 3.21 percent from an average of 8.73 months of supply in the first 11 months of 2018.
Sailboat access canal condos
In the Cape Coral sailboat access canal condo segment, which is a subgroup of gulf access condos, there were 20 closed condo sales in the month of November, which was 33.33 percent higher than the 15 condos sold in November 2018, and 17.65 percent above the 17 sales in October of this year. Through Nov. 30, there have been a total of 177 sailboat access condos sold in the Cape during 2019, or 15.69 percent more than the 153 sailboat access canal units sold in the first 11 months of last year.
The November median sales price came in at $190,000 for Cape Coral sailboat access condos, which was 6.17 percent lower than the $202,500 posted in November 2018. The median sales price, through Nov. 30 of this year, has averaged $205,227 per month in the Cape’s sailboat access condo segment, or 4.01 percent below the average of $213,809 per month over the first 11 months of last year.
So far in 2019, the Cape’s sailboat access canal condo segment ended the month of November in a higher inventory buyer’s market with an average of 9.91 months of unsold supply, which was down 4.34 percent from an average of 10.36 months of supply in the first 11 months of 2018. However, we are on pace for the lowest level of fourth quarter unsold supply in this segment since 2012, when the fourth quarter averaged 6.33 months of supply.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 20 closed condo sales in the month of November, which was 25 percent higher than the 16 condos sold in November 2018, but 13.04 percent below the 23 sales in October of this year. Through Nov. 30, there have been a total of 250 dry lot condos sold in the Cape during 2019, which was 20.89 percent lower than the 316 dry lot units sold in the first 11 months of last year.
The November median sales price came in at $141,557 for dry lot condos in the Cape, which was 3.27 percent higher than the $137,075 posted in November 2018. Through Nov. 30, the median sales price has averaged $133,505 per month in the Cape’s dry lot condo segment in 2019, or 0.53 percent lower than the average of $134,216 per month over the first 11 months of last year.
The Cape’s dry lot condo segment ended the month of November with an average of 5.18 months of unsold supply in 2019, which was up 5.5 percent compared to an average of only 4.91 months of supply in the first 11 months of 2018. This remains the only segment of our condo market in a lower inventory seller’s market, with less than 6 months of supply.
There were also a total of 8 closed sales in the freshwater canal condo segment during November. However, with only 69 total sales so far in 2019, this segment has such a small number of sales, which makes it difficult to compile any reliable statistics for this category.
(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Dec. 29, 2019. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, townhouses, and villas, and it does not include any single-family homes, 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 40 years. Geri has been a full-time Realtor since 2005, and Bob joined with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)