Geri and Bob Quinn

The month of October finished with the all-time single month record for closed condo sales in Cape Coral, with 100 condos changing hands, as closed sales for the month were up huge versus October 2019. The average median sales prices for Cape condos over the first 10 months of 2020 were also solidly higher across the board compared to the first 10 months of last year. While the monthly supply of unsold condos was mostly lower than normal, creating tight market conditions, included were record low supply levels for saltwater access canal condos.

The inventory numbers have shifted into a seller’s market in the second half of this year, however, we would note that the shift to a lower supply in dry lot condos has been slower than the rest of the market, leaving this segment in more of a neutral market. There are currently 197 active condo listings in the Cape, ranging in price from $89,000 to $2.0 million, including one foreclosure listed at $220,000. Heading into December, there were 95 condos currently under contract with buyers as pending sales. The market details are shown below.

In the overall Cape Coral condominium market, there were 100 closed sales in October, which was 88.68 percent higher than the 53 closed sales in October 2019, and 40.85 percent above the 71 closed sales in September of this year. In the first 10 months of 2020, there have been a total of 622 closed condo sales in the Cape, which was up 7.43 percent versus the total of 579 condo sales over the first 10 months of 2019. 

The median sales price in the Cape’s overall condo market was $181,500 in October, or 18.63 percent higher than the $153,000 posted in October 2019, and up 4.91 percent from $173,000 in September of this year. In the first 10 months of 2020, the overall median sales price for condos in the Cape has averaged $172,377 per month, or 6.75 percent higher than the average of $161,475 per month in the first 10 months of 2019. 

The overall monthly supply of unsold condos in the Cape came in at 3 months in October, or 50 percent lower than the 6 months of supply in October 2019, and 40 percent below the 5 months of unsold supply in September of this year. In the first 10 months of 2020, the unsold supply in the overall Cape Coral condo market averaged 6.3 months, which was 8.7 percent below the average of 6.9 months of supply in the first 10 months of 2019.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, there were 53 closed sales in October, which was 96.3 percent higher than the 27 closed sales in October 2019, and 47.22 percent above the 36 closed sales in September of this year. In the first 10 months of 2020, there have been a total of 350 closed condo sales in this segment, which was up 21.53 percent versus the total of 288 gulf access canal condo sales in the first 10 months of 2019. 

The median sales price in the Cape’s gulf access condo segment was $220,000 in October, or 25.71 percent higher than the $175,000 posted in October 2019, and up 11.39 percent from $197,500 in September of this year. In the first 10 months of 2020, the median sales price for condos in this segment has averaged $193,500 per month, or 7.9 percent higher than the average of $179,325 per month in the first 10 months of 2019. 

The monthly supply of unsold gulf access canal condos in the Cape came in at 3 months in October, which was down 57.14 percent compared to the 7 months of supply in October 2019, and 25 percent below the 4 months of unsold supply in September of this year. In the first 10 months of 2020, the unsold condo supply in this segment averaged 6 months, or 31.03 percent less than the average of 8.7 months of supply in the first 10 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 34 closed sales in October, which was 100 percent higher than the 17 closed sales in October 2019, and 47.83 percent above the 23 closed sales in September of this year. In the first 10 months of 2020, there have been a total of 199 closed condo sales in this segment, which was up 26.75 percent versus the total of 157 sailboat access canal condo sales in the Cape over the first 10 months of 2019. 

 The median sales price in the Cape’s sailboat access condo segment was $238,500 in October, or 30.33 percent higher than the $183,000 posted in October 2019, but down 0.58 percent from $239,900 in September of this year. In the first 10 months of 2020, the median sales price for condos in this segment has averaged $221,350 per month, or 7.06 percent higher than the average of $206,750 per month in the first 10 months of 2019. 

The monthly supply of unsold sailboat access condos in the Cape was 3 months in October, which was down 62.5 percent compared to the 8 months of supply in October 2019, and 25 percent lower than the 4 months of unsold supply in September of this year. In the first 10 months of 2020, the unsold condo supply in this segment averaged 7.2 months, or 31.43 percent less than the average of 10.5 months of supply in the first 10 months of 2019.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 39 closed sales in October, which was 69.57 percent higher than the 23 closed sales in October 2019, and 30 percent above the 30 closed sales in September of this year. In the first 10 months of 2020, there have been a total of 217 closed condo sales in this segment, which was down 5.65 percent versus the total of 230 dry lot condo sales in the Cape over the first 10 months of 2019. 

The median sales price in the Cape’s dry lot condo segment was $148,000 in October, or 14.73 percent higher than the $129,000 posted in October 2019, and up 28.14 percent from $115,500 in September of this year. In the first 10 months of 2020, the median sales price for condos in this segment has averaged $137,315 per month, or 3.48 percent higher than the average of $132,700 per month in the first 10 months of 2019. 

The monthly supply of unsold dry lot condos in the Cape came in at 4 months in October, which was flat with the 4 months of supply in October 2019, but 20 percent below the 5 months of unsold supply in September of this year. In the first 10 months of 2020, the unsold condo supply in this segment averaged 6.5 months, or 25 percent higher than the average of 5.2 months of supply over the first 10 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. 30, 2020. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, villas and townhouses, and it does not include any single-family homes, 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 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.)