Geri and Bob Quinn

The simple takeaways from the Cape’s single-family home market in November are that we have already topped last year’s record number of 5,340 closed sales with one month remaining in 2020, while median sales prices have continued their steady march higher. We also continue to see strong demand from out-of-town buyers, which has continued to put a strain on our dwindling supply of homes available for sale on our market.

We’ll have more about this tight supply next week, which has been made worse this year by a combination of things, including the fact that we came into 2020 with a lower than normal inventory. This situation was made worse by the COVID-19 shutdowns beginning in mid-March, which was then followed by a record number of sales during the second half of this year. In addition, some sellers have hesitated to list their homes for sale over concerns about having people traipsing through their home during a pandemic, along with the fact they may have a problem finding another home to buy if their existing home sells quickly, which is often the case. 

To illustrate the tight supply, on Dec. 21, there were 632 active single-family homes listed for sale at list prices ranging from $161,500 to $3,995,000 in the Cape. Of note, in recent years our unsold supply has typically exceeded 1,000 homes. About a month ago, there were 664 active single-family home listings in Cape Coral, and three months ago, there were 746 active single-family homes listed for sale here in the Cape at prices ranging from $157,000 to $3,995,000. So our already tight supply of active listings has declined further by 15.28 percent in the past three months, creating more competition between buyers for what has been an even more limited supply of reasonably-priced, move-in ready homes. 

In the overall Cape Coral single-family home market, the number of closed home sales for November came in at 515, which was 31.04 percent higher than the 393 sales in November 2019, but down 17.73 percent from the 626 sales in October of this year. In the first 11 months of 2020, there have been a total of 5,419 closed home sales in the Cape, which was up 11.2 percent versus the total of 4,873 sales over the first 11 months of last year. 

The median sales price in the Cape’s overall single-family home market was $299,000 in November, or 21.78 percent above the $245,520 in November of 2019, and 6.79 percent above the $280,000 posted in October of this year. In the first 11 months of 2020, the overall median sales price for Cape Coral single-family homes has averaged $266,445 per month, or 9.21 percent higher than the average of $243,968 per month in the first 11 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 November came in at 142, which was 77.5 percent above the 80 sales in November 2019, but 2.07 percent below the 145 sales in October of this year. In the first 11 months of 2020, there have been a total of 1,260 gulf access home sales in the Cape, which was up 22.57 percent versus the total of 1,028 sales in the first 11 months of 2019.    

The median sales price in the Cape’s single-family gulf access canal home segment came in at $530,000 in November, or 20.59 percent more than the $439,500 from November 2019, and 1.92 percent above the $520,000 in October of this year. In the first 11 months of 2020, the median sales price in this segment averaged $471,682 per month, or 8.47 percent higher than the average of $434,859 per month in the first 11 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 November came in at 62, which was 82.35 percent higher than the 34 sales in November 2019, but 7.46 percent lower than the 67 sales in October of this year. In the first 11 months of 2020, there have been a total of 573 sailboat access home sales in the Cape, which was up 18.63 percent versus the total of 483 sailboat access home sales in the first 11 months of 2019.   

The median sales price in the Cape’s single-family sailboat access canal home segment came in at $517,500 in November, or 32.35 percent above the $391,000 from November 2019, but 6.76 percent below the $555,000 in October of this year. In the first 11 months of 2020, the median sales price has averaged $484,047 per month in this segment, or 10.84 percent above the average of $436,727 per month in the first 11 months of 2019. 

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, there were 66 closed home sales in November, which was 94.18 percent above the 34 sales in November 2019, but 2.94 percent below the 68 sales in October of this year. In the first 11 months of 2020, there have been a total of 656 home sales in this segment, which was up 24.95 percent versus the total of 525 freshwater canal home sales in the first 11 months of 2019.  

The median sales price in the Cape’s single-family freshwater canal home segment came in at $330,000 in November, or 15.79 percent higher than the $285,000 posted in November 2019, but down 1.05 percent from $333,500 in October of this year. In the first 11 months of 2020, the median sales price has averaged $314,323 per month in this segment, or 8.45 percent higher than the average of $289,832 per month in the first 11 months of 2019. 

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, the number of closed home sales in November came in at 307, which was 10.04 percent above the 279 sales from November 2019, but 25.67 percent below the 413 sales in October of this year. In the first 11 months of 2020, there have been a total of 3,498 dry lot home sales in the Cape, or  5.55 percent higher than the total of 3,314 dry lot sales in the first 11 months of 2019. 

The median sales price in the Cape’s single-family dry lot home segment was $250,900 in November, or 11.51 percent higher than the $225,000 posted in November 2019, and 3.92 percent above the $241,440 in October of this year. In the first 11 months of 2020, the median sales price in this segment has averaged $233,345 per month, which was 6.09 percent above the average of $219,941 per month in the first 11 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. 20, 2020, unless otherwise noted. 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.