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Blistering pace for Cape home sales and median sales prices

By BOB & GERI QUINN - Homing In | Apr 22, 2021

Geri and Bob Quinn

The main takeaways in the Cape Coral single-family home market during the first quarter of 2021 continued to be the record number of closed homes sales and the blistering pace in the ascent to new all-time record high median sales prices. Of note, this is the first time in our overall market that the median sales price has been above $300,000 in each of the first three months of any year. We continue to see very competitive, multiple offer situations on a number of homes when they first hit the market as new listings, as the low inventory of available homes is failing to meet the strong demand from out-of-town buyers. As of April 21, there were 347 active listings (348 with foreclosures) for single-family homes in the Cape, ranging in price from $195,000 to $5,995,000. Keep in mind this is just a snapshot of the active listings at a given moment, and the number of active listings changes throughout the day, so there may actually be more homes listed and selling for under $200,000 than we are showing here. There are 1,245 pending sales still in the pipeline (1,254 with foreclosures).        

In the overall Cape Coral single-family home market, there were 655 closed home sales in March, which was up 18.87 percent from the 551 homes sold in March 2020, and it was 39.36 percent above the 470 sales in February of this year. In the first quarter of 2021, there were 1,564 closed sales, which was 26.13 percent above the 1,240 homes sold in the first three months of 2020, but 12.58 percent below the 1,789 sales in the fourth quarter of 2020. 

The median sales price in the overall Cape Coral single-family home market was $321,000 in March, which was up 25.34 percent from the $256,100 posted in March 2020, and 3.55 percent higher than the $310,000 in February of this year. In the first quarter, the median sales price averaged $312,633 per month, which was 24.21 percent above the average of $251,700 per month in the first quarter of 2020, and up 8.22 percent from the average of $288,875 in the fourth quarter of 2020.   

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning with bridges in the canal system), there were 89 closed sales in March, which was 64.81 percent higher than the 54 closed sales in March 2020, and 25.35 percent above the 71 sales in February of this year. In the first quarter of 2021, there were 213 closed sales in this segment, which topped the 125 closed sales in the first quarter of 2020 by 70.4 percent, but came in 7.39 percent below the 230 closed sales in the fourth quarter of 2020.  

The median sales price in the Cape’s single-family indirect gulf access canal home segment came in at $560,000 in March, which was up 28 percent from the $437,500 posted in March 2020, and 2.0 percent higher than the $549,000 in February of this year. In the first quarter of this year, the median sales price in this segment averaged $559,333 per month, which was 25.28 percent above the average of $446,483 per month in the first quarter of 2020, and 6.71 percent higher than the average of $524,167 per month in the fourth quarter of 2020. 

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (meaning no bridges in the canals to get out to open water), there were 62 closed sales in March, which was 14.81 percent higher than the 54 sales in March 2020, and 16.98 percent above the 53 sales in February of this year. In the first quarter of this year, there were 179 closed sales in this segment, which beat the 137 sales in the first quarter of 2020 by 30.66 percent, but came in 11.39 percent below the 202 closed sales in the fourth quarter of 2020. 

The median sales price in the Cape’s single-family direct sailboat access canal home segment came in at $603,000 in March, which was up 37 percent from $440,000 in March 2020, and up a fraction compared to $600,000 in February of this year. In the first quarter of this year, the median sales price in this segment averaged $617,650 per month, which was up 28.95 percent from the average of $479,000 per month in the first quarter of 2020, and 9.16 percent above the average of $565,833 per month in the fourth quarter of 2020. 

Freshwater canal homes

In the Cape’s single-family freshwater canal home segment, there were 70 closed sales in March, which was 6.67 percent lower than the 75 sales in March 2020, but 34.62 percent above the 52 sales in February of this year. In the first quarter of this year, there were 182 closed sales in this segment, which was 23.81 percent above the 147 sales in the first quarter of 2020, but 14.15 percent below the 212 sales in the fourth quarter of 2020. 

The median sales price in the Cape Coral single-family freshwater canal home segment came in at $394,950 in March, which was up 21.56 percent from the $324,900 posted in March 2020, and 11.27 percent above the $354,950 in February of this year. In the first quarter of 2021, the median sales price in this segment averaged $371,633 per month, beating the average of $307,117 per month in the first quarter of 2020 by 21 percent, and finishing up 12.9 percent above the average median sales price of $329,167 per month in the fourth quarter of 2020. 

Dry lot homes

In the Cape’s single-family dry lot (non-canal) home segment, there were 425 closed sales in March, which was 15.8 percent higher than the 367 sales in March 2020, and 46 percent above the 291 closed sales in February of this year. There were 973 closed sales in this segment during the first quarter of this year, which beat the 824 sales in the first quarter of 2020 by 18.08 percent, while coming in 13.82 percent below the 1,129 closed sales in the fourth quarter of 2020. 

The median sales price in the Cape Coral single-family dry lot home segment came in at $269,000 in March, which was up 19.56 percent from the $225,000 posted in March 2020, and up 3.46 percent from $260,000 in February of this year. In the first quarter of this year, the median sales price in this segment averaged $260,667 per month, or 16.32 percent above the average of $224,102 per month in the first quarter of 2020, and 5.47 percent higher than the average of $247,143 per month in the fourth quarter of 2020. 

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of April 19, 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 with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.