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February home sales, prices continue upward squeeze

By BOB & GERI QUINN - Homing In | Mar 25, 2021

Geri and Bob Quinn

The main takeaways in the Cape Coral single-family home market in the first two months of 2021, continue to revolve around the record level of closed sales, the shrinking supply of homes available on the market and the strong out-of-town buyer demand squeezing prices higher. The inventory dilemma for buyers is also being compounded by reported delays in new home construction due to rising material prices, along with supply shortages for items such as windows and appliances. Basically, COVID-19 has created a situation where the demand to move to Southwest Florida is outstripping the supply on just about every level.      

As of March 24, there were 314 active listings of Cape Coral single-family homes through a Realtor in the Multiple Listing Service at prices ranging from $209,900 to $3.85 million. A month ago, on Feb. 24, there were 354 active listings for single-family homes in the MLS at prices ranging from $165,000 to $3.995 million. So prices for homes in the lower end of our market have continued to squeeze higher, while the inventory of homes available for sale has declined by 11.3 percent in this time frame. Three months ago, on Dec. 21, there were 632 active single-family home listings in the Cape with the lowest priced “regular” listing at $161,500 (635 listings if we include foreclosures with the lowest priced at $137,000), so our regular inventory is 50.32 percent lower than it was just three months ago.  

In the overall Cape Coral single-family home market, there were 466 closed home sales in February, which was 24.27 percent higher than the 375 closed sales in February 2020, and 6.15 percent more than the 439 closed sales in January of this year. In the first two months of 2021, there were a total of 905 closed sales in the Cape’s overall single-family home market, which was 31.35 percent higher than the 689 closed sales in January and February 2020. This was the highest level of closed home sales over the first two months of any year in history in the overall Cape Coral single-family home market. 

The median sales price in the overall Cape Coral single-family home market was $310,000 in February, or 22.05 percent higher than the $254,000 posted in February 2020, and up 1.01 percent from $306,900 in January of this year. In the first two months of 2021, the overall median sales price for single-family homes in the Cape averaged $308,450 per month, which was 23.63 percent higher than the average of $249,500 per month in January and February 2020. This was the first time in Cape Coral history that the median sales price for single-family homes in our overall market topped $300,000 in both January and February, surpassing the $284,725 per month average median sales price from back in the first two months of 2006.  

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (with bridges in the canal system), there were 71 closed home sales in February, which was 61.36 percent higher than the 44 closed sales in February 2020, and 33.96 percent above the 53 closed sales in January of this year. In the first two months of 2021, there were 124 closed sales in this segment, or 74.65 percent more than the 71 sales in January and February 2020.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $549,000 in February, which topped the $459,950 in February 2020 by 19.36 percent, but came in 3.51 percent lower than the $569,000 in January of this year. In the first two months of this year, the median sales price in this segment averaged $559,000 per month, or 23.95 percent above the average of $450,975 per month in January and February 2020.

 

Direct sailboat access homes

In the Cape Coral single-family direct sailboat access canal home segment (no bridges to get out to open water), there were 53 closed home sales in February. This was 29.27 percent higher than the 41 closed sales in February 2020, but 17.19 percent below the 64 sales in January of this year. In the first two months of 2021, there were 117 closed sales in this segment, or 40.96 percent above the 83 sales in January and February 2020.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $600,000 in February, or 13.74 percent above the $527,500 in February 2020, but 7.69 percent below the $649,950 in January of this year. In the first two months of 2021, the median sales price in this segment averaged $624,975 per month, or 25.37 percent more than the average of $498,500 per month in January and February 2020.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, which consists of landlocked canals with no access to the river or the Gulf of Mexico by boat, there were 51 closed home sales in February. This was 15.91 percent higher than the 44 closed sales in February 2020, but down 15 percent from the 60 closed sales in January of this year. In the first two months of 2021, there were 111 closed sales in this segment, or 54.17 percent more than the 72 sales in January and February 2020.

The median sales price in the Cape’s single-family freshwater canal home segment was $355,000 in February, or 17.47 percent above the $302,200 posted in February 2020, but 2.74 percent lower than the $365,000 in January of this year. In the first two months of 2021, the median sales price in this segment averaged $360,000 per month, or 20.71 percent more than the average of $298,225 per month in January and February 2020.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 288 closed home sales in February, which was 17.07 percent higher than the 246 closed sales in February 2020, and 12.06 percent above the 257 closed sales in January of this year. In the first two months of 2021, there were 545 closed sales in this segment, or 19.26 percent more than the 457 sales in January and February 2020.

The median sales price in this segment was $260,000 in February, or 15.56 percent above the $225,000 posted in February 2020, and up 2.77 percent from $253,000 in January of this year. In the first two months of 2021, the median sales price for dry lot homes averaged $256,500 per month, or 14.69 percent more than the average of $223,653 per month in January and February 2020.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of March 21, 2021, 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.