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August home sales and prices stay strong in the Cape

By BOB and GERI QUINN - Homing In | Sep 24, 2020

The number of closed single-family home sales in Cape Coral during the month of August were down a bit from this July, except in sailboat access canal homes, which came in higher. At the same time, in our overall market the number of closed home sales this August easily set a new record as the best August ever. This continued strong recovery in closed home sales coming off of the COVID-19 shutdown lows from back in May has put us back on track to meet, or beat, the record number of sales set in the Cape during 2019.

Median home sales prices have also remained very firm-to-higher over the first eight months of 2020. 

As of Sept. 22, there were 746 active listings of single-family homes for sale in the Cape (751 if we include short sales and foreclosures), at current list prices ranging from a low of $157,000 to a high of $3.995 million. These 746 active listings include 355 homes, or 47.59 percent of the total listings, that are priced at $350,000 and under, with 155 of these 355 listings priced under $250,000 and only 37 of them, or 4.96 percent of our market listed for under $200,000. There are several factors that help illustrate how a tight supply of available homes can impact our market. First, anecdotally, we find that roughly 85 percent of the buyers who reach out to us for information about homes in Cape Coral begin by looking for a home priced below $350,000. And, as noted above, about 47.59 percent of our current active listings fall into this price range, while roughly 74 percent of the closed home sales so far in 2020 have been at $350,000 and below. This combination of a tight supply and a high demand for homes listed for under $350,000 is why a reasonably-priced, well-maintained, clean, uncluttered, move-in ready home with some updates, will almost always go under contract with a buyer in a matter of days or weeks. Anything on the market for around $350,000 or less that does not sell in the first 30 days is most likely overpriced. 

In the overall Cape Coral single-family home market, the number of closed home sales for August came in at 549, which was 12.27 percent higher than the 489 sales in August 2019, but 11.45 percent below the 620 sales in July of this year. In the first eight months of 2020, there have been a total of 3,679 closed home sales in the Cape, which was up 0.85 percent versus the total of 3,648 sales over the first eight months of last year. 

The median sales price in the Cape’s overall single-family home market was $288,500 in August, or 20.21 percent higher than the $240,000 posted in August 2019, and 3.80 percent above the $277,950 in July of this year. In the first eight months of 2020, the overall median sales price for single-family homes has averaged $259,031 per month, or 6.64 percent higher than the average of $242,892 per month in the first eight 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 August came in at 139, which was 33.65 percent higher than the 104 sales in August 2019, but 10.32 percent below the 155 sales in July of this year. In the first eight months of 2020, there have been a total of 824 gulf access home sales in the Cape, which was up 5.37 percent versus the total of 782 home sales in the first eight months of 2019.   

The median sales price in the Cape’s single-family gulf access home segment came in at $460,000 in August, or 7.73 percent higher than the $427,000 posted in August 2019, and 2.22 percent above the $450,000 in July of this year. In the first eight months of 2020, the median sales price in this segment averaged $460,625 per month, or 7.31 percent higher than the average of $429,244 per month in the first eight 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 August came in at 67, which was 45.65 percent higher than the 46 sales in August 2019, and 15.52 percent higher than the 58 sales in July of this year. In the first eight months of 2020, there have been a total of 384 sailboat access home sales in the Cape, which was up 4.35 percent versus the total of 368 sailboat access home sales in the first eight months of 2019.   

The median sales price in the Cape’s single-family sailboat access canal home segment came in at $457,500 in August, which was 21.19 percent above the $377,500 posted in August 2019, and 6.81 percent higher than the $428,350 in July of this year. In the first eight months of 2020, the median sales price has averaged $475,877 per month in this segment, or 9.07 percent above the average of $436,313 per month in the first eight months of 2019. 

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the number of closed home sales for August came in at 72, which was 22.03 percent higher than the 59 sales in August 2019, but 10 percent below the 80 sales in July of this year. In the first eight months of 2020, there have been a total of 447 home sales in this segment, which was up 7.71 percent versus the total of 415 freshwater canal home sales in the first eight months of 2019.  

The median sales price in the Cape’s single-family freshwater canal home segment came in at $317,500 in August, or 0.75 percent lower than the $319,900 posted in August 2019, but up 0.55 percent from the $315,750 in July of this year. In the first eight months of 2020, the median sales price has averaged $309,631 per month in this segment, or 5.99 percent higher than the average of $292,144 per month in the first eight 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 August came in at 338, which was 3.68 percent higher than the 326 sales in August 2019, but 11.98 percent below the 384 sales in July of this year. In the first eight months of 2020, there have been a total of 2,403 dry lot home sales in the Cape, which was down 1.76 percent versus the total of 2,446 dry lot sales in the first eight months of 2019. 

The median sales price in the Cape’s single-family dry lot home segment was $245,000 in August, or 13.19 percent higher than the $216,450 posted in August 2019, and 2.22 percent above the $239,673 in July of this year. In the first eight months of 2020, the median sales price has averaged $229,427 per month in this segment, or 5.28 percent above the average of $217,919 per month in the first eight 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 Sept. 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, 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.)