After coming off of the best first quarter performance ever for the number of closed single-family home sales in Cape Coral, the COVID-19-related shutdowns caused the second quarter closed home sales numbers to come in well below the second quarter results from a year ago. However, we have put in a near-term coronavirus bottom for closed home sales in May, after the sales numbers bounced back nicely in June. With 1,117 Cape Coral homes currently in the pipeline as pending sales (1,137 if we include short sales and foreclosures), our market looks locked into its sales recovery mode for July and August. Beyond that, we will have to wait and see if the current wave of reported hospitalizations changes things.

In the overall Cape Coral single-family home market, there were 473 closed sales in June, which was 5.4 percent lower than the 500 sales in June 2019, but 33.24 percent above the 355 sales in May of this year. In the second quarter, we had a total of 1,261 closed home sales in the Cape, or 20.08 percent below the 1,578 sales in the second quarter of 2019, but up 2.11 percent from the 1,235 sales in the first quarter of this year. In the first six months of 2020, there have been a total of 2,496 closed sales in the Cape’s overall single-family home market, which was 6.09 percent below the 2,658 closed sales over the first half of 2019.

The median sales price in the Cape’s overall single-family home market was $250,000 in June, or 2.06 percent higher than the $244,950 posted in June 2019, and equal to the $250,000 in May of this year. In the second quarter of 2020, the median sales price averaged $250,333 per month, or 1.13 percent higher than the average of $247,544 per month in the second quarter of 2019, but down 0.60 percent from the average of $251,833 per month in the first quarter of this year. In the first six months of 2020, the median sales price in the overall Cape Coral single-family home market averaged $251,083 per month, which was 3.1 percent above the average of $243,522 per month over the first half of 2019.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, there were 95 closed sales in June, which was 23.39 percent lower than the 124 sales in June 2019, but 25 percent above the 76 sales in May of this year. In the second quarter, we had a total of 260 closed home sales in this segment, or 27.78 percent less than the 360 sales in the second quarter of 2019, and down 2.99 percent from the 268 sales in the first quarter of this year. In the first six months of 2020, there have been a total of 528 closed gulf access home sales in the Cape, which was 10.96 percent below the 593 closed sales over the first half of 2019.

The median sales price in the Cape’s single-family gulf access canal home segment was $465,000 in June, or 2.88 percent higher than the $452,000 posted in June 2019, but 1.59 percent below the $472,500 in May of this year. In the second quarter of 2020, the median sales price averaged $465,833 per month, or 5.35 percent above the average of $442,167 per month in the second quarter of 2019, and 1.27 percent higher than the average of $460,000 per month in the first quarter of this year. In the first six months of 2020, the median sales price for Cape Coral gulf access canal homes averaged $462,917 per month, which was 7.03 percent above the average of $432,492 per month over the first half 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, there were 42 closed sales in June, which was down 28.81 percent from the 59 sales in June 2019, but 27.27 percent above the 33 sales in May of this year. In the second quarter, we had a total of 120 closed home sales in this segment, or 23.57 percent less than the total of 157 sales in the second quarter of 2019, and down 12.41 percent from the 137 sales in the first quarter of this year. In the first six months of 2020, there have been a total of 257 closed sailboat access home sales in the Cape, which was 8.21 percent below the 280 closed sales over the first half of 2019.

The median sales price in the Cape’s single-family sailboat access canal home segment was $452,500 in June, or 3.72 percent lower than the $470,000 posted in June 2019, and 23.09 percent below the $588,325 in May of this year. In the second quarter, the median sales price averaged $500,275 per month in this segment, or 12.51 percent higher than the average of $444,667 per month in the second quarter of 2019, and 4.44 percent above the average of $479,000 per month in the first quarter of this year. In the first six months of 2020, the median sales price for Cape Coral sailboat access homes averaged $489,638 per month, which was 9.91 percent above the average of $445,500 per month over the first half of 2019.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, there were 57 closed sales in June, which was equal to the 57 sales posted in June 2019, and 103.57 percent above the 28 sales in May of this year. In the second quarter, we had a total of 147 closed home sales in this segment, or 18.78 percent less than the total of 181 sales in the second quarter of 2019, but up 0.68 percent from the 146 sales in the first quarter of this year. In the first six months of 2020, there have been a total of 293 closed freshwater canal home sales in the Cape, which was 0.68 percent below the 295 closed sales over the first half of 2019.

The median sales price in the Cape’s single-family freshwater canal home segment was $324,000 in June, or 6.23 percent higher than the $305,000 posted in June of 2019, and 8.18 percent above the $299,500 in May of this year. In the second quarter, the median sales price averaged $307,667 per month in this segment, or 5.55 percent higher than the average of $291,500 per month in the second quarter of 2019, and fractionally above the average of $307,133 per month in the first quarter of this year. In the first six months of 2020, the median sales price for Cape Coral freshwater canal homes averaged $307,400 per month, which was 5.86 percent above the average of $290,375 per month over the first half of 2019.

Due to space limitations, we will have the closed sales and median sales price numbers for the dry lot home segment in our column next week, along with the home inventory data.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of July 18, 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, unless otherwise noted. 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.)