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New record for Cape home sales in 2020, prices higher

By BOB and GERI QUINN - Homing In | Jan 21, 2021

Geri and Bob Quinn

Following the COVID-19 shutdowns last year, a strong second half in 2020 launched single-family home sales in Cape Coral to record setting levels, as strong demand from out-of-town buyers continued to erode the inventory of available homes on the market. This growing imbalance in the supply versus the demand for homes was one of the factors that helped push median sales prices higher in 2020. The depleted level of supply is also likely to be the first big real estate story of 2021, as there were only 502 Cape Coral single-family homes listed for sale in the Multiple Listing Service (505 including foreclosures) as of Jan. 18.   

In the overall Cape Coral single-family home market, there were 632 closed home sales in December, which was up 35.33 percent from the 467 homes sold in December 2019, and it was 20.84 percent above the 523 sales in November 2020. In the fourth quarter of 2020, there were 1,783 closed sales, which was 42.75 percent higher than the 1,249 homes sold in the fourth quarter of 2019, and 0.79 percent above the 1,769 sales in the third quarter of 2020. For the year, there were 6,076 single-family homes sold in the Cape, which was 13.78 percent above the 5,340 homes sold during 2019, setting a new record.   

The median sales price in the overall Cape Coral single-family home market was $287,750 in December, which was up 13.29 percent from the $254,000 posted in December 2019, but 3.76 percent lower than the $299,000 in November 2020. In the fourth quarter, the median sales price averaged $288,917 per month, which was 15.95 percent above the average of $249,173 per month in the fourth quarter of 2019, and up 2.5 percent from the average of $281,875 in the third quarter of 2020. For the year, the median sales price in the Cape’s overall single-family home market averaged $268,123 per month in 2020, to finish 9.53 percent above the average median sales price of $244,804 per month for the year in 2019.   

Gulf access canal homes

In the Cape’s single-family gulf access canal home segment, there were 159 closed sales in December, which was 45.87 percent higher than the 109 closed sales in December 2019, and 11.97 percent above the 142 sales in November 2020. In the fourth quarter of 2020, there were 446 closed sales in this segment, which topped the 264 closed sales in the fourth quarter of 2019 by 68.94 percent, while coming in slightly above the 443 sales in the third quarter of 2020. For the year, there were a total of 1,419 gulf access homes sold in 2020, which was 24.8 percent higher versus the 1,137 homes sold for the year in 2019. 

The median sales price in the Cape Coral single-family gulf access canal home segment came in at $565,000 in December, which was up 28.7 percent from the $439,000 posted in December 2019, and 6.6 percent higher than the $530,000 in November 2020. In the fourth quarter of 2020, the median sales price in this segment averaged $538,333 per month, which was 21.11 percent above the average of $444,500 per month in the fourth quarter of 2019, and 18.45 percent higher than the average of $454,500 per month in the third quarter of 2020. For the year, the median sales price in the Cape’s single-family gulf access home segment averaged $479,458 per month in 2020, or 10.17 percent higher than the average median sales price of $435,204 per month for the full year in 2019.   

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, which is a subgroup of gulf access homes, there were 73 closed sales in December, which was 78 percent higher than the 41 sales in December 2019, and 17.74 percent above the 62 sales in November 2020. In the fourth quarter, there were 202 closed sales in this segment, which beat the 116 sales in the fourth quarter of 2019 by 74.14 percent, while topping the 185 closed sales in the third quarter of 2020 by 9.19 percent. For the year, there were a total of 646 sailboat access homes sold in 2020, which was 23.28 percent above the 524 homes sold in 2019. 

The median sales price in the Cape Coral single-family sailboat access canal home segment  came in at $625,000 in December, which was up 38.92 percent from the $449,900 posted in December 2019, and 20.77 percent above the $517,500 in November 2020. In the fourth quarter of 2020, the median sales price in this segment averaged $565,833 per month, which was up 30.49 percent from the average of $433,633 per month in the fourth quarter of 2019, and 27.55 percent above the average of $443,617 per month in the third quarter of 2020. For the year, the median sales price in the Cape’s single-family sailboat access home segment averaged $495,793 per month in 2020, or 13.24 percent more than the average of $437,825 per month for the year in 2019.   

Freshwater canal homes

In the Cape’s single-family freshwater canal home segment, there were 77 closed sales in December, which was 48 percent higher than the 52 sales in December 2019, and 16.67 percent above the 66 sales in November 2020. In the fourth quarter, there were 211 closed sales in this segment, which was 74.38 percent above the 121 sales in the fourth quarter of 2019, but 7 percent below the 227 sales in the third quarter of 2020. For the year, there were a total of 733 freshwater canal homes sold in 2020, which topped the 577 homes sold for the year in 2019 by 27 percent. 

The median sales price in the Cape Coral single-family freshwater canal home segment came in at $319,000 in December, which was up 8.6 percent from the $293,750 posted in December 2019, but down 3.33 percent from the $330,000 in November 2020. In the fourth quarter of 2020, the median sales price in this segment averaged $327,500 per month, beating the average of $287,583 per month in the fourth quarter of 2019 by 13.88 percent, and finishing up 3.39 percent from the average $316,750 per month median sales price in the third quarter of 2020. For the year, the median sales price in the Cape’s single-family freshwater canal home segment averaged $314,713 per month in 2020, or 8.46  percent higher than the average of $290,158 per month for the year in 2019.   

Dry lot homes

In the Cape’s single-family dry lot (non-canal) home segment, there were 395 closed sales in December, which was 29.08 percent higher than the 306 sales in December 2019, and 25.4 percent above the 315 closed sales in November 2020. There were 1,125 closed sales in this segment during the fourth quarter, which beat the 864 sales in the fourth quarter of 2019 by 30.21 percent, while edging 2.46 percent higher than the 1,098 closed sales in the third quarter of 2020. For the year, there were a total of 3,909 dry lot homes sold in 2020, which was 7.98 percent higher than the 3,620 dry lot homes sold in all of 2019. 

The median sales price in the Cape Coral single-family dry lot home segment came in at $248,900 in December, which was up 10.62 percent from the $225,000 posted in December 2019, but down 0.80 percent from $250,900 in November 2020. In the fourth quarter of 2020, the median sales price in this segment averaged $247,127 per month, or 9.67 percent above the average of $225,333 per month in the fourth quarter of 2019, and 2.44 percent higher than the average of $241,238 per month in the third quarter of 2020. For the year, the median sales price in the Cape’s single-family dry lot home segment averaged $234,620 per month in 2020, which was 6.47 percent higher than the average of $220,363 per month for the full year in 2019.   

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Jan. 18, 2021. 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 with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.