Although the unsold supply of single-family homes bumped higher in the month of May, the main point to focus on is that the year-to-date levels of unsold supply are lower in every segment of the Cape’s real estate market through the first five months of 2020 when compared to last year. Also, as you will see below, the number of active listings for Cape Coral single-family homes remains quite a bit lower so far this year, compared to last year. This tight supply of homes, especially with reasonably-priced, move-in ready homes, has created some challenges for potential home buyers. This is why we often see homes that are priced properly to the market sell in a matter of days or weeks of coming onto the market, while overpriced homes sit there unsold. The buyers are here, if the price is right.

The preliminary number of closed home sales for the month of June, at 412 sales as of July 1, has topped our COVID-19-related shutdown low of 353 sales in May. The final number for June will end up higher than 412, but it will still likely be well below the 500 home sales in June 2019. Looking forward, there are currently 1,095 homes in the Cape under contract with buyers as pending sales, most of which should become closed sales in July and August.

In the overall Cape Coral single-family home market, the monthly supply of unsold homes for May came in at 6 months, which was 20 percent higher than the 5 months of supply in both May 2019, and in April of this year. However, in the first five months of 2020, the level of unsold single-family home supply in the Cape has averaged 6.2 months, or 18.42 percent less than the average supply of 7.6 months over the first five months of 2019. This has our current overall single-family home market in a neutral market.

There were 2,172 active listings in the overall Cape Coral single-family home market during the month of May, which was 26.87 percent lower than the 2,970 active listings in May of last year. Through the first five months of 2020 in the Cape’s overall single-family home market, there have been an average of 2,423 active listings per month, or 21.51 percent less than the average of 3,087 active listings per month over the first five months of 2019.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, the monthly supply of unsold homes for May came in at 8 months, which was 14.29 percent higher than the 7 months of supply in both May 2019, and in April of this year. In the first five months of 2020, the level of unsold supply in this segment averaged 8.2 months, which was 21.15 percent lower than the average supply of 10.4 months over the first five months of last year. This segment is in the higher range of a neutral market.

There were 622 active listings in the Cape Coral single-family gulf access canal home segment in the month of May, which was 25.95 percent lower than the 840 active listings in May of last year. Through the first five months of 2020 in this segment, there have been an average of 684 active listings per month, or 22.89 percent less than the average of 887 active listings per month over 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 monthly supply of unsold homes for May came in at 9 months, which was 12.5 percent higher than the 8 months of supply in May 2019, and 28.57 percent above the 7 months of supply in April of this year. In the first five months of 2020, the level of unsold supply in this segment averaged 8 months, which was 24.53 percent less than the average supply of 10.6 months over the first five months of last year. This segment is currently positioned in the higher end of a neutral market.

There were 305 active listings in the Cape Coral single-family sailboat access canal home segment in the month of May, which was 27.38 percent lower than the 420 active listings in May of last year. Through the first five months of 2020 in this segment, there have been an average of 333 active listings per month, or 24.32 percent less than the average of 440 active listings per month over the first five months of 2019.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the monthly supply of unsold homes for May came in at 9 months, which was 125 percent higher than the 4 months of supply in both May 2019, and in April of this year. In the first five months of 2020, the level of unsold supply in this segment averaged 7 months, which was down 16.67 percent versus the average supply of 8.4 months over the first five months of last year. This segment has moved back into a neutral market, after a brief stint in a seller’s market.

There were 268 active listings in the Cape Coral single-family freshwater canal home segment in the month of May, which was 19.28 percent lower than the 332 active listings in May of last year. Through the first five months of 2020 in this segment, there have been an average of 292 active listings per month, or 15.85 percent less than the average of 347 active listings per month over the first five months of 2019.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, the monthly supply of unsold homes for May came in at 5 months, which matched the 5 months of supply in both May 2019, and in April of this year. In the first five months of 2020, the level of unsold supply in this segment averaged 5.4 months, which was 22.86 percent lower than the average supply of 7 months over the first five months of last year. This segment remains in a lower inventory seller’s market with less than 6 months of inventory.

There were 1,280 active listings in the Cape Coral single-family dry lot home segment in the month of May, which was 28.73 percent lower than the 1,796 active listings in May of last year. Through the first five months of 2020 in this segment, there have been an average of 1445 active listings per month, or 21.81 percent less than the average of 1,848 active listings per month over 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, 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 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.)