Geri and Bob Quinn

There is no masking the current theme in the Cape Coral single-family home market now that the results of the third quarter are in the books. Featuring a big rebound from the COVID-19 shutdowns earlier this year, while being supported by stronger prices, record sales levels and a solid pipeline of pending sales waiting to close, our real estate market is firing on all cylinders. Toss in the fact we have a very tight supply of homes listed for sale, and we are left hoping for the normal influx of seasonal sellers listing their homes for sale to restock the shelves for the New Year.

With a major shift into a seller’s market this year, the only trick being thrown at sellers is that we are not in a market like we saw back in 2006, with rabid buyers willing to pay any price for a home. In fact, the treats have been going to the sellers who get their initial list prices properly aligned with the current market, thus attracting the interest of multiple buyers, while overpriced homes scare frightened buyers away like a ghostly haunted mansion.

Before we get to the unsold supply numbers, we will finish up last week’s column with the closed sale and median sales price numbers for dry lot homes.    

In the Cape Coral single-family dry lot (non-canal) home segment, there were 362 closed sales in September, which was 16.4 percent higher than the 311 sales posted in September 2019, and 5.23 percent above the 344 sales in August of this year. In the third quarter, we had a total of 1,090 closed home sales in this segment, or 9.88 percent more than the total of 992 sales in the third quarter of 2019, and up 26.89 percent from the 859 sales in the second quarter of this year. In the first nine months of 2020, there have been a total of 2,771 closed dry lot home sales in the Cape, which was 0.54 percent above the 2,756 closed sales over the first nine months of 2019.

The median sales price in the Cape’s single-family dry lot home segment was $239,040 in September, or 6.24 percent higher than the $225,000 posted in September 2019, but 2.43 percent below the $245,000 in August of this year. In the third quarter, the median sales price averaged $241,238 per month in this segment, or 9.41 percent higher than the average of $220,483 per month in the third quarter of 2019, and 6.65 percent above the average of $226,197 per month in the second quarter of this year. In the first nine months of 2020, the median sales price for Cape Coral dry lot homes averaged $230,495 per month, which was 5.39 percent above the average of $218,706 per month over the first nine months of 2019.

In the overall Cape Coral single-family home market, the monthly supply of unsold homes in September came in at 3 months, which was 40 percent lower than the 5 months of supply registered in September 2019, and 25 percent below the 4 months of supply in August of this year. In the third quarter of 2020, the level of unsold supply in the Cape has averaged 3.33 months, which was down 33.4 percent versus the average supply of 5 months in the third quarter of 2019, and down 37.52 percent from the average of 5.33 months of supply in the second quarter of this year. In the first nine months of 2020, the overall supply of unsold Cape Coral homes has averaged 5.11 months, or 20.65 percent less than the average of 6.44 months of supply over the first nine months of 2019. This puts our overall home market in a lower inventory seller’s market with less than 6 months of supply.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, the monthly supply of unsold homes for September came in at 4 months, which was 42.86 percent lower than the 7 months of supply registered in September 2019, and even with the 4 months of supply in August of this year. In the third quarter of 2020, the level of unsold supply in this segment averaged 4 months, which was down 45.43 percent versus the average supply of 7.33 months posted in both the third quarter of 2019, and in the second quarter of this year. In the first nine months of 2020, the unsold supply of Cape Coral gulf access canal homes has averaged 6.67 months, or 24.97 percent less than the average of 8.89 months of supply over the first nine months of 2019. Based on the lower third quarter results, we would consider this segment to be in a seller’s market. 

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, which is a subgroup of gulf access homes, the monthly supply of unsold homes for September came in at 4 months, which was 50 percent lower than the 8 months of supply in September 2019, and even with the 4 months of supply in August of this year. In the third quarter of 2020, the level of unsold supply in this segment averaged 4.33 months, which was 45.88 percent less than the average supply of 8 months in the third quarter of 2019, and down 43.55 percent from the average of 7.67 months of supply in the second quarter of this year. In the first nine months of 2020, the unsold supply of Cape Coral sailboat access canal homes has averaged 6.67 months, or 16.63 percent less than the average of 8 months of supply over the first nine months of 2019. Due to the plunge in the third quarter unsold supply, we would consider this segment to be in a seller’s market. 

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the monthly supply of unsold homes for September came in at 3 months, which was 50 percent lower than the 6 months of supply in September 2019, and even with the 3 months of supply in August of this year. In the third quarter of 2020, the level of unsold supply in this segment averaged 3 months, which was down 35.76 percent versus the average 4.67 months in the third quarter of 2019, and down 52.61 percent from the average of 6.33 months of supply in the second quarter of this year. In the first nine months of 2020, the unsold supply of Cape Coral freshwater canal homes has averaged 5.56 months, or 16.64 percent less than the average of 6.67 months of supply over the first nine months of 2019. This segment is also in a lower inventory seller’s market. 

Dry lot homes

In the Cape Coral single-family dry lot home segment, the monthly supply of unsold homes for September came in at 4 months, which was 20 percent lower than the 5 months of supply in September 2019, and even with the 4 months of supply from August of this year. In the third quarter of 2020, the level of unsold supply in this segment averaged 3.67 months, which was down 26.6 percent versus the average supply of 5 months in the third quarter of 2019, and 21.41 percent below the average of 4.67 months of supply in the second quarter of this year. In the first nine months of 2020, the unsold supply of Cape Coral dry lot homes has averaged 4.67 months, or 23.57 percent less than the average of 6.11 months of supply over the first nine months of 2019. This segment remains firmly in a seller’s market. 

(The sales data for this article was obtained from the Florida Realtors® Multiple Listing Service Matrix for Lee County, Fla., as of Oct. 19, 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. 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.)