Geri and Bob Quinn

The big takeaway in the Cape’s condo market during April was the surge to a record in the total number of closed condo sales in a single month. This impressive sales number, shown below, is likely to be the single month peak level for closed condo sales in all of 2021, as the preliminary sales numbers for the month of May, while also very strong, look to be quite a bit lower.

It should be noted that on a percentage basis, the increases in the number of closed condo sales in the Cape for this April and May will be huge versus last year’s COVID-19 shutdown numbers. Median sales prices for condos remained higher, hovering near record levels, while the availability of condos for sale remains extremely tight in this seller’s market.

As of June 9, there were only 50 Cape Coral condos listed for sale through the Multiple Listing Service at prices ranging from $95,000 to $1.025 million. This included only one condo listed below $100,000 and two condos listed above $500,000. Everything else was priced at $419,900 and under, with “saltwater canal condos” making up 30 of the 50 active listings. There were 127 pending condo sales under contract with buyers (129 with foreclosures).

In the overall Cape condo market, there were 130 closed sales in the month of April, which was 188.89 percent higher than the 45 closed condo sales in April 2020, and 14.04 percent above the 114 sales in March of this year. In the first four months of this year, there were a total of 371 condos sold overall in the Cape, up 66.37 percent from the 223 condo units sold in the first four months of 2020.

The April median sales price came in at $201,750 for the overall Cape Coral condo market, which was 15.62 percent above the $174,500 posted in April 2020, but it was 2.89 percent lower than the $207,750 in March of this year. In the first four months of 2021, the median sales price averaged $199,100 per month in our overall condo market, or 14.56 percent above the average of $173,788 per month in the first four months of 2020.

The overall monthly supply of unsold condos in the Cape came in at 2 months in April, which was 75 percent lower than the 8 months of supply registered in April 2020, and even with the 2 months of unsold supply in March of this year. In the first four months of 2021, the level of overall unsold condo supply averaged 3.25 months, or 51.85 percent less than the average of 6.75 months of supply in the first four months of 2020.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 54 closed sales in April, which was 116 percent higher than the 25 condos sold in April 2020, and 1.89 percent above the 53 sales in March of this year. In the first four months of 2021, there were a total of 170 gulf access condos sold in the Cape, or 31.78 percent more than the 129 units sold in the first four months of 2020.

The April median sales price came in at $252,500 for the Cape’s gulf access condo segment, which was 23.17 percent above the $205,000 posted in April 2020, and 7.91 percent higher than the $234,000 in March of this year. In the first four months of 2021, the median sales price for gulf access condos averaged $228,063 per month, which was up 17.52 percent versus the average of $194,063 per month in the first four months of 2020.

The level of unsold supply for Cape Coral gulf access canal condos came in at 2 months in April, which was 71.43 percent less than the 7 months of supply in April 2020, and even with the 2 months of unsold supply in March of this year. In the first four months of 2021, the level of unsold gulf access condo supply averaged 3 months, or 55.56 percent less than the average of 6.75 months of supply in the first four months of 2020.

Direct sailboat access canal condos

In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos where boaters have no bridges to go under in the canal system, there were 25 closed sales in April. This was up 56.25 percent from the 16 condos sold in April 2020, but 24.24 percent below the 33 sold in March of this year. In the first four months of 2021, there were a total of 92 sailboat access condos sold in the Cape, which was 21.05 percent more than the 76 sailboat access condo units sold in the first four months of 2020.

The April median sales price came in at $300,000 for the Cape’s sailboat access condo segment, which was 37.14 percent above the $218,750 posted in April of 2020, and up 4.17 percent from $288,000 in March of this year. In the first four months of 2021, the median sales price for sailboat access condos averaged $278,425 per month, which was up 33.26 percent versus the average of $208,938 per month in the first four months of 2020.

The level of unsold supply for Cape Coral sailboat access canal condos came in at 2 months in April, which was 71.43 percent less than the 7 months of supply in April 2020, but even with the 2 months of unsold supply in March of this year. In the first four months of 2021, the level of unsold sailboat access condo supply averaged 3 months, or 58.62 percent below the average of 7.25 months of supply in the first four months of 2020.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 61 closed sales in April, which was 306.67 percent higher than the 15 condos sold in April 2020, and 32.61 percent above the 46 sales in March of this year. In the first four months of 2021, there were a total of 160 dry lot condos sold in the Cape, which was 122.22 percent more than the 72 dry lot condo units sold in the first four months of 2020.

The April median sales price came in at $170,000 for the Cape’s dry lot condo segment, which was 21.43 percent above the $140,000 posted in April 2020, and 2.75 percent more than the $165,444 in March of this year. In the first four months of 2021, the median sales price for dry lot condos in the Cape averaged $154,736 per month, or 18.94 percent above the average of $130,100 per month in the first four months of 2020.

The level of unsold supply for Cape Coral dry lot condos came in at 2 months in April, which was 75 percent less than the 8 months of supply in April 2020, and 33.33 percent below the 3 months of unsold supply in March of this year. In the first four months of 2021, the level of unsold dry lot condo supply averaged 4 months, or 40.74 percent less than the average of 6.75 months of supply in the first four months of 2020.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of June 6, 2021, unless otherwise noted. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, townhouses, and villas and it does not include any single-family homes, 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.