Geri and Bob Quinn

The primary takeaway in the Cape Coral condominium market in the third quarter was that the number of closed condo sales vaulted higher across the board in all segments compared to both the third quarter of last year, and from the COVID-19 influenced second quarter of this year. One weakness in closed condo sales, which weighed a bit on the overall market, was found in the dry lot condo segment where the year-to-date numbers through Sept. 30 were running about 14 percent below last year. Median sales prices for the third quarter and year-to-date were also solidly higher versus 2019 in all condo segments. As of Nov. 3, there were 200 condos listed for sale in the Cape at prices ranging from $98,900 to $2 million, with 96 condos under contract with buyers as pending sales.

In the overall Cape Coral condo market, there were 70 closed sales in September, which was 37.25 percent higher than the 51 closed sales in September 2019, but 4.11 percent below the 73 closed sales in August of this year. In the third quarter, there were a total of 212 sales in the Cape’s overall condo market, or 28.48 percent higher than the 165 sales in the third quarter of 2019, and 61.83 percent more than the 131 sales recorded in the second quarter of this year. In the first nine months of 2020, there have been a total of 521 units sold in the Cape Coral condo market, which was 0.95 percent below the 526 condos sold overall in the first nine months of 2019.  

The median sales price in the Cape’s overall condo market was $171,500 in September, or 12.09 percent higher than the $153,000 posted in September 2019, but down 2 percent from $175,000 in August of this year. In the third quarter, the median sales price in our overall condo market averaged $177,167 per month, which was 10.38 percent higher than the average of $160,500 per month in the third quarter of 2019, and 8.77 percent above the average of $162,875 per month posted in the second quarter of this year. In the first nine months of 2020, the median sales price in the overall Cape Coral condo market averaged $171,197 per month, or 5.41 percent higher than the average of $162,417 per month in the first nine months of 2019.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, there were 35 closed sales in September, which was 40 percent higher than the 25 closed sales in September 2019, but 22.22 percent less than the 45 closed sales in August of this year. In the third quarter, there were a total of 121 condos sold in this segment, or 47.56 percent higher than the 82 sales in the third quarter of 2019, and 70.42 percent more than the 71 sales recorded in the second quarter of this year. In the first nine months of 2020, there have been a total of 296 gulf access condo units sold in the Cape, which was 13.41 percent above the 261 gulf access condos sold in the first nine months of 2019.  

The median sales price in the Cape’s gulf access condo segment was $190,000 in September, or 26.67 percent higher than the $150,000 posted in September of 2019, and up 0.53 percent from $189,000 in August of this year. In the third quarter, the median sales price in this segment averaged $196,000 per month, which was 12 percent higher than the average of $175,000 per month in the third quarter of 2019, and 7.25 percent above the average of $182,750 per month posted in the second quarter of this year. In the first nine months of 2020, the median sales price in the Cape Coral gulf access condo segment averaged $189,722 per month, or 5.51 percent higher than the average of $179,806 per month in the first nine 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 23 closed sales in September, which was 109.1 percent higher than the 11 closed sales in September 2019, but 11.54 percent below the 26 closed sales in August of this year. In the third quarter, there were a total of 68 condos sold in this segment, or 70 percent more than the 40 sales in the third quarter of 2019, and 83.78 percent above the 37 sales recorded in the second quarter of this year. In the first nine months of 2020, there have been a total of 165 units sold in the Cape Coral sailboat access condo segment, which was 17.86 percent above the 140 sailboat access condos sold in the first nine months of 2019.  

The median sales price in the Cape’s sailboat access condo segment was $239,900 in September, which was 27.95 percent higher than the $187,500 posted in September 2019, and up 7.1 percent from $224,000 in August of this year. In the third quarter, the median sales price in this segment averaged $228,800 per month, which was 14.54 percent higher than the average of $199,750 per month in the third quarter of 2019, and 2.2 percent above the average of $223,867 per month posted in the second quarter of this year. In the first nine months of 2020, the median sales price in the Cape Coral sailboat access condo segment averaged $219,444 per month, or 4.8 percent higher than the average of $209,389 per month in the first nine months of 2019.

Dry lot canal condos

In the Cape Coral dry lot (non-canal) condo segment, there were 30 closed sales in September, which was 57.89 percent higher than the 19 closed sales in both September 2019, and in August of this year. In the third quarter, there were a total of 71 condos sold in this segment, or 12.7 percent more than the 63 sales in the third quarter of 2019, and 42 percent above the 50 sales recorded in the second quarter of this year. In the first nine months of 2020, there have been a total of 178 dry lot condo units sold in the Cape, which was 14.01 percent below the 207 dry lot condos sold in the first nine months of 2019.  

The median sales price in the Cape’s dry lot condo segment was $115,500 in September, or 20.34 percent below the $145,000 posted in September 2019, and down 24.51 percent from $153,000 in August of this year. In the third quarter, the median sales price in this segment averaged $142,917 per month, which was 5.47 percent higher than the average of $135,500 per month in the third quarter of 2019, and 3.06 percent above the average of $138,667 per month posted in the second quarter of this year. In the first nine months of 2020, the median sales price for Cape Coral dry lot condos averaged $136,128 per month, or 2.27 percent above the average of $133,111 per month in the first nine 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 Nov. 1, 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 data for single-family homes, foreclosures or short sales. 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 Realtor20 in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)