May home sales down, median sales prices stay solid
The quick snapshot of the Cape Coral single-family home market shows that the impact of the COVID-19 social distancing shutdowns from earlier this year hit home in a big way during May, as the number of closed home sales for the month were sharply lower compared to May of last year. Home sales in May were also down compared to April of this year.
The good news was that thanks to an extremely strong first quarter for home sales in the Cape, the year-to-date numbers for closed home sales through the end of May still compare favorably to the first five months of the record setting year for sales in 2019. This was despite the fact that sales turned lower over the last two months. Another potential positive is that the preliminary numbers for closed home sales through the first half of June, totaling 204 sales, appears to be on pace to top the overall sales numbers posted in May, although they will still likely come in below the 500 sales posted in June 2019. This means that at least for now, the month of May could be signaling the COVID-19 sales bottom is in place in our market.
Also, as you will see below, median sales prices in each of our single-family home segments have remained strong so far this year. Barring any other near-term market disruptions, the demand from out-of-town buyers looks like it will be solid in the second half of this year.
In the overall Cape Coral single-family home market, the number of closed home sales for May came in at 353, which was 38.5 percent lower than the 574 sales in May 2019, and 18.1 percent below the 431 sales in April of this year. In the first five months of 2020, there have been a total of 2,019 closed home sales in the Cape, which was down 6.44 percent versus the total of 2,158 sales over the first five months of last year.
The median sales price in the Cape’s overall single-family home market was $250,000 in May, or 1.94 percent higher than the $245,250 posted in May 2019, but 0.40 percent below the $251,000 in April of this year. In the first five months of 2020, the overall median sales price has averaged $251,300 per month, or 3.31 percent higher than the average of $243,237 per month in the first five months of 2019.
Gulf access canal homes
In the Cape Coral single-family gulf access canal home segment, the number of closed home sales for May came in at 76, which was 35.59 percent lower than the 118 sales in May 2019, and 14.61 percent below the 89 sales in April of this year. In the first five months of 2020, there have been a total of 433 gulf access home sales in the Cape, which was down 7.68 percent versus the total of 469 gulf access home sales in the first five months of 2019.
The median sales price in the Cape’s single-family gulf access home segment came in at $472,500 in May, or 7.39 percent higher than the $440,000 posted in May 2019, and 2.72 percent above the $460,000 in April of this year. In the first five months of 2020, the median sales price in this segment averaged $462,500 per month, or 7.91 percent higher than the average of $428,590 per month in the first five months of 2019.
Sailboat access canal homes
In the Cape Coral single-family sailboat access canal home segment, which is a subgroup of gulf access homes, the number of closed home sales for May came in at 33, which was 35.29 percent lower than the 51 sales in May 2019, and 26.67 percent below the 45 sales in April of this year. In the first five months of 2020, there have been a total of 215 sailboat access home sales in the Cape, which was down 2.71 percent versus the total of 221 sailboat access home sales in the first five months of 2019.
The median sales price in the Cape’s single-family sailboat access canal home segment spiked up to $588,325 in May, which was 31.03 percent above the $449,000 from May 2019, and 27.9 percent higher than the $460,000 in April of this year. In the first five months of 2020, the median sales price has averaged $497,065 per month in this segment, or 12.82 percent above the average of $440,600 per month in the first five months of 2019.
Freshwater canal homes
In the Cape Coral single-family freshwater canal home segment, the number of closed home sales for May came in at 28, which was 63.16 percent lower than the 76 sales in May 2019, and 54.84 percent below the 62 sales in April of this year. In the first five months of 2020, there have been a total of 236 home sales in this segment, which was down 0.84 percent versus the total of 238 freshwater canal home sales in the first five months of 2019.
The median sales price in the Cape’s single-family freshwater canal home segment came in at $299,500 in May, or 3.28 percent higher than the $290,000 posted in May 2019, and even with the $299,500 in April of this year. In the first five months of 2020, the median sales price has averaged $304,080 per month in this segment, or 5.79 percent higher than the average of $287,450 per month in the first five months of 2019.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, the number of closed home sales for May came in at 249, which was 34.3 percent lower than the 379 sales in May 2019, and 10.43 percent below the 278 sales in April of this year. In the first five months of 2020, there have been a total of 1,347 dry lot home sales in the Cape, which was down 6.85 percent versus the total of 1,446 dry lot sales in the first five months of 2019.
The median sales price in the Cape’s single-family dry lot home segment was $225,000 in May, or 2.74 percent higher than the $219,000 posted in May 2019, but 0.66 percent below the $226,495 in April of this year. In the first five months of 2020, the median sales price has averaged $224,830 per month in this segment, or 2.95 percent above the average of $218,380 per month in the first five months of 2019.
(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of June 20, 2020. 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 40 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.