The main takeaways from the Cape Coral condominium market are that the COVID-19 shutdown lows for the number of closed sales occurred in May, which led to very weak second quarter numbers. However, at the same time, the rebound took hold underneath the surface of the market in the form of condos going under contract with buyers as pending sales, creating a pipeline for closed sales this summer. This was reflected in the June numbers, as shown below, and in the preliminary closed condo sales numbers for July which will set an all-time record high for the month.

As a side note, the preliminary July numbers for closed single-family home sales in the Cape rocked its way to a new record high for the month, and the pipeline of pending sales indicates the possibility of new records being set in August and September. Median sales prices for Cape Coral condos have remained firm.

In the overall Cape Coral condo market, there were 50 closed sales in June, which was 13.79 percent lower than the 58 sales in June 2019, but 38.89 percent higher than the 36 closed sales in May of this year. In the second quarter, there were a total of 131 closed sales in the Cape’s overall condo market, or 37.91 percent less than the 211 sales in the second quarter of 2019, and 26.4 percent below the 178 sales recorded in the first quarter of this year. In the first half of 2020, there were a total of 309 closed condo sales in the Cape, or 14.4 percent less than the total of 361 condo sales in the first six months of last year.   

The median sales price in the Cape’s overall condo market was $154,000 in June, or 8.06 percent lower than the $167,500 posted in June 2019, and down 3.82 percent from $160,124 in May of this year. In the second quarter, the median sales price in the Cape’s overall condo market averaged $162,875 per month, which was 0.23 percent less than the average of $163,250 per month in the second quarter of 2019, and 6.15 percent below the average of $173,550 per month posted in the first quarter of this year. In the first half of 2020, the median sales price for Cape condos averaged $168,212 per month, which was 2.96 percent more than the average of $163,375 per month in the first six months of last year.   

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, there were 28 closed sales in June, which was 12 percent higher than the 25 sales in June 2019, and 55.56 percent more than the 18 closed sales in May of this year. In the second quarter, a total of 71 condos were sold in this segment, or 33 percent less than the 106 sales in the second quarter of 2019, and 31.73 percent below the 104 sales recorded in the first quarter of this year. In the first half of 2020, a total of 175 gulf access canal condo sales closed in the Cape, which was 2.23 percent less than the total of 179 gulf access condo sales in the first six months of last year.   

The median sales price in the Cape’s gulf access condo segment was $170,750 in June, or 7.7 percent less than the $185,000 posted in June 2019, and down 1.01 percent from $172,500 in May of this year. In the second quarter, the median sales price in this segment averaged $182,750 per month, which was 3.05 percent lower than the average of $188,500 per month in the second quarter of 2019, and 4.03 percent below the average of $190,417 per month posted in the first quarter of this year. In the first half of 2020, the median sales price for Cape Coral gulf access condos averaged $186,583 per month, or 2.4 percent more than the average of $182,208 per month in the first six months of last year.   

Sailboat access canal condos

In the Cape Coral sailboat access canal condo segment, which is a subgroup of gulf access condos, there were 14 closed sales in June, which was even with the 14 closed sales in June 2019, and 100 percent higher than the 7 closed sales in May of this year. In the second quarter, there were a total of 37 condos sold in this segment, or 41.27 percent less than the 63 sales in the second quarter of 2019, and 38.33 percent below the 60 sales recorded in the first quarter of this year. In the first half of 2020, there were a total of 97 closed sailboat access canal condo sales in the Cape, or 3 percent less than the total of 100 closed sailboat access condo sales in the first six months of last year.   

The median sales price in the Cape’s sailboat access condo segment was $223,950 in June, which was 19.92 percent higher than the $186,750 posted in June 2019, but down 2.16 percent from $228,900 in May of this year. In the second quarter, the median sales price in this segment averaged $223,867 per month, which was 0.61 percent lower than the average of $225,250 per month in the second quarter of 2019, but 8.85 percent above the average of $205,667 per month posted in the first quarter of this year. In the first half of 2020, the median sales price for sailboat access Cape condos averaged $214,767 per month, or 0.26 percent more than the average of $214,208 per month in the first six months of last year. 

Dry lot canal condos

In the Cape Coral dry lot (non-canal) condo segment, there were 19 closed sales in June, which was 20.83 percent lower than the 24 closed sales in June 2019, but 18.75 percent more than the 16 closed sales in May of this year. In the second quarter, there were a total of 50 condos sold in this segment, or 40.48 percent less than the 84 sales in the second quarter of 2019, and 12.28 percent below the 57 sales recorded in the first quarter of this year. In the first half of 2020, a total of 107 Cape dry lot condos were sold, which was down 25.69 percent from the total of 144 dry lot condos sold in the first six months of last year.  

The median sales price in the Cape’s dry lot condo segment was $131,000 in June, or 4.38 percent lower than the $137,000 posted in June 2019, and down 9.66 percent from $145,000 in May of this year. In the second quarter, the median sales price in this segment averaged $138,667 per month, which was 7.22 percent higher than the average of $129,333 per month in the second quarter of 2019, and 9.36 percent above the average of $126,800 per month posted in the first quarter of this year. In the first half of 2020, the median sales price for dry lot condos in the Cape averaged $132,733 per month, or 0.62 percent more than the average of $131,917 per month in the first six months of last year. 

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Aug. 2, 2020. 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 data for single-family homes, foreclosures, or short sales, 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.)