Our focus this week is on the Cape Coral condo market, where overall sales are being weighed down a bit by a decline in dry lot condo sales, while the number of closed sales in the gulf and sailboat access condo segments are higher than last year over the first eight months of 2020. Median sales prices for Cape Coral condos through August are higher across the board versus last year, while the monthly levels of unsold condo supply in the Cape are lower, except in the dry lot condo segment, where the unsold supply is running much higher than normal for this time of year. The condo market details are shown below.   

Currently, as of Oct. 6, there were 194 condos listed for sale in the Cape, ranging in price from $79,999 to $2 million, with 77.32 percent of our condo market listed for less than $300,000. This includes 39 condos priced under $150,000 with only three of these units listed for under $100,000. There were 26 condos, or 13.4 percent of the Cape’s condo market, listed at $500,000 and above, with only two of these units priced above $1 million. The highest-priced condo sale in the Cape so far in 2020 was for $875,000 back in March. The sales pipeline has 143 condos currently under contract with buyers as pending sales.  

In the overall Cape Coral condominium market, there were 72 closed sales in August, which was 46.94 percent higher than the 49 closed sales in August 2019, and 4.35 percent above the 69 closed sales in July of this year. In the first 8 months of 2020, there have been a total of 450 closed condo sales in the Cape, which was down 5.26 percent versus the total of 475 condo sales over the first 8 months of 2019. 

The median sales price in the Cape’s overall condo market was $175,000 in August, or 4.48 percent higher than the $167,500 posted in August 2019, but down 5.41 percent from $185,000 in July of this year. In the first 8 months of 2020, the overall median sales price for condos in the Cape has averaged $171,159 per month, or 4.62 percent higher than the average of $163,594 per month in the first 8 months of 2019. 

The overall monthly supply of unsold condos in the Cape came in at 5 months in August, or 28.57 percent lower than the 7 months of supply in August 2019, and even with the 5 months of unsold supply in July of this year. In the first 8 months of 2020, the unsold supply in the overall Cape Coral condo market averaged 6.88 months, which was 3.51 percent below the average of 7.13 months of supply in the first 8 months of 2019.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, there were 44 closed sales in August, which was 83.33 percent higher than the 24 closed sales in August 2019, and 7.32 percent above the 41 closed sales in July of this year. In the first 8 months of 2020, there have been a total of 260 closed condo sales in this segment, which was up 10.17 percent versus the total of 236 gulf access canal condo sales in the first 8 months of 2019. 

The median sales price in the Cape’s gulf access condo segment was $194,500 in August, or 2.37 percent higher than the $190,000 posted in August 2019, but down 6.94 percent from $209,000 in July of this year. In the first 8 months of 2020, the median sales price for condos in this segment has averaged $190,375 per month, or 3.73 percent higher than the average of $183,531 per month in the first 8 months of 2019. 

The monthly supply of unsold gulf access canal condos in the Cape came in at 4 months in August, which was down 50 percent compared to the 8 months of supply in August 2019, and even with the 4 months of unsold supply in July of this year. In the first 8 months of 2020, the unsold condo supply in this segment averaged 6.63 months, or 26.33 percent less than the average of 9 months of supply in the first 8 months of 2019.

Sailboat access canal condos

In the Cape Coral sailboat access canal condo segment, which is a subgroup of gulf access condos, there were 26 closed sales in August, which was 116.67 percent higher than the 12 closed sales in August 2019, and 36.84 percent above the 19 closed sales in July of this year. In the first 8 months of 2020, there have been a total of 142 closed condo sales in this segment, which was up 10.08 percent versus the total of 129 sailboat access canal condo sales in the Cape over the first 8 months of 2019. 

 The median sales price in the Cape’s sailboat access condo segment was $224,000 in August, or 9.94 percent higher than the $203,750 posted in August 2019, and up 0.67 percent from $222,500 in July of this year. In the first 8 months of 2020, the median sales price for condos in this segment has averaged $216,888 per month, or 2.25 percent higher than the average of $212,125 per month in the first 8 months of 2019. 

The monthly supply of unsold sailboat access condos in the Cape was 4 months in August, which was down 63.64 percent compared to the 11 months of supply in August 2019, and 33.33 percent lower than the 6 months of unsold supply in July of this year. In the first 8 months of 2020, the unsold condo supply in this segment averaged 8.13 months, or 23.52 percent less than the average of 10.63 months of supply in the first 8 months of 2019.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 19 closed sales in August, which was 5.56 percent higher than the 18 closed sales in August 2019, but 13.64 percent below the 22 closed sales in July of this year. In the first 8 months of 2020, there have been a total of 148 closed condo sales in this segment, which was down 21.28 percent versus the total of 188 dry lot condo sales in the Cape over the first 8 months of 2019. 

The median sales price in the Cape’s dry lot condo segment was $153,000 in August, or 31.33 percent higher than the $116,500 posted in August 2019, but down 4.52 percent from $160,250 in July of this year. In the first 8 months of 2020, the median sales price for condos in this segment has averaged $138,706 per month, or 5.38 percent higher than the average of $131,625 per month in the first 8 months of 2019. 

The monthly supply of unsold dry lot condos in the Cape came in at 8 months in August, which was 60 percent higher than the 5 months of supply in August 2019, and 14.29 percent above the 7 months of unsold supply in July of this year. In the first 8 months of 2020, the unsold condo supply in this segment averaged 7 months, or 30.11 percent higher than the average of 5.38 months of supply over the first 8 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 Oct. 4, 2020, unless otherwise noted. 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 single-family homes, 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 41 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.)