Back on Aug. 1, when we took a peek at the preliminary Cape Coral single-family home sales numbers for the month of July, we saw that we had the best month of July ever for closed home sales. We were not surprised by this, because as we have been mentioning, there has been a build-up in the pipeline of homes going under contract with buyers as pending sales. But by the time we pulled the “final” closed sales numbers for July on Aug. 16, specifically for this column, they had climbed to 611 for the month, making the results for this July the best single overall month ever, for closed home sales in the Cape.

The reason we call these the “final” numbers is because they continue to be updated, corrected and adjusted in the system throughout the year, so they could still go a bit higher. 

Looking ahead, there are still some 1,156 pending sales in the pipeline (1,179 if we include short sales and foreclosures), most of which should be recorded as final closed sales within the next 30 to 45 days. This would indicate that our market results for closed sales should stay strong through August and well into September. In addition, we are still seeing very strong interest from out-of-town buyers, which has the potential to boost sales in the Cape well past the upcoming election.

Right now, the potential weak links in the market would seem to be related to concerns about the coronavirus and travel restrictions, along with the fact that the number of active Cape Coral single-family home listings, currently at 858 (865 including short sales and foreclosures), are running low. We will go deeper into this next week when we cover the unusually low monthly supply of homes sitting on the market unsold.  

In the overall Cape Coral single-family home market, the number of closed home sales for July came in at 611, which was 21.96 percent higher than the 501 sales in July 2019, and 27.56 percent above the 479 sales in June of this year. In the first seven months of 2020, there have been a total of 3,116 closed home sales in the Cape, which was down 1.36 percent versus the total of 3,159 sales over the first seven months of last year. 

The median sales price in the Cape’s overall single-family home market was $275,000 in July, or 13.64 percent higher than the $242,000 posted in July 2019, and 10 percent above the $250,000 in June of this year. In the first seven months of 2020, the overall median sales price has averaged $254,400 per month, or 4.56 percent higher than the average of $243,305 per month in the first seven 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 July came in at 150, which was 76.47 percent higher than the 85 sales in July 2019, and 56.25 percent above the 96 sales in June of this year. In the first seven months of 2020, there have been a total of 679 gulf access home sales in the Cape, which was up a fraction versus the total of 678 gulf access home sales in the first seven months of 2019.   

The median sales price in the Cape’s single-family gulf access home segment came in at $456,000 in July, or 10.68 percent higher than the $412,000 posted in July 2019, but 1.94 percent below the $465,000 in June of this year. In the first seven months of 2020, the median sales price in this segment averaged $461,929 per month, or 7.53 percent higher than the average of $429,564 per month in the first seven 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 July came in at 56, which was 33.33 percent higher than the 42 sales in July 2019, and 30.23 percent higher than the 43 sales in June of this year. In the first seven months of 2020, there have been a total of 314 sailboat access home sales in the Cape, which was down 2.48 percent versus the total of 322 sailboat access home sales in the first seven months of 2019.   

The median sales price in the Cape’s single-family sailboat access canal home segment came in at $435,000 in July, which was 1.14 percent below the $440,000 posted in both July 2019, and in June of this year. In the first seven months of 2020, the median sales price has averaged $480,046 per month in this segment, or 7.94 percent above the average of $444,714 per month in the first seven months of 2019. 

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the number of closed home sales for July came in at 79, which was 29.51 percent higher than the 61 sales in July 2019, and 36.21 percent above the 58 sales in June of this year. In the first seven months of 2020, there have been a total of 373 home sales in this segment, which was up 4.78 percent versus the total of 356 freshwater canal home sales in the first seven months of 2019.  

The median sales price in the Cape’s single-family freshwater canal home segment came in at $315,000 in July, or 14.55 percent higher than the $275,000 posted in July 2019, but down 2.61 percent from the $323,450 in June of this year. In the first seven months of 2020, the median sales price has averaged $308,407 per month in this segment, or 7.02 percent higher than the average of $288,179 per month in the first seven 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 July came in at 381, which was 7.32 percent higher than the 355 sales in July 2019, and 17.59 percent above the 324 sales in June of this year. In the first seven months of 2020, there have been a total of 2,059 dry lot home sales in the Cape, which was down 2.88 percent versus the total of 2,120 dry lot sales in the first seven months of 2019. 

The median sales price in the Cape’s single-family dry lot home segment was $239,445 in July, or 8.84 percent higher than the $220,000 posted in July 2019, and 5.19 percent above the $227,621 in June of this year. In the first seven months of 2020, the median sales price has averaged $227,174 per month in this segment, or 4.15 percent above the average of $218,129 per month in the first seven 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 Aug. 16, 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.)