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Cape’s May home sales and prices up big versus 2020

By BOB & GERI QUINN - Homing In | Jun 24, 2021

Geri and Bob Quinn

As you look at the number of closed sales for each of the Cape’s single-family home segments for the month of May, shown below, keep in mind that the year ago comparisons are against the COVID-19 shutdown market lows in May 2020. Once this COVID market bottom was in place and Florida reopened for business, we went on to register a record setting pace of second half home sales leading us to another record year in closed sales, which accelerated into this year. Because of this COVID-related real estate market boom in the second half of last year, we are likely to experience more difficult year-over-year sales comparisons as we move deeper into 2021, which could make it look like our market is slowing down more than it actually is.

As always, we will be closely monitoring the local real estate market metrics and economic news, looking for any shifts from the new abnormal market conditions to something more normal.

As of June 23, there were 440 active Cape Coral single-family home listings through a Realtor in the Multiple Listing Service at prices ranging from $175,000 to $5.995 million. Of note, the active listings are up 15.48 percent from the 381 active listings on June 1, and they are up 23.25 percent compared to the 357 active listings about a month ago, on May 24. The Cape’s current active home listings are also up from the 314 listings posted on March 24 of this year, while still well below the 632 active listings from five months ago on Dec. 21, 2020. The pipeline of pending sales has dipped below 1,000 for the first time in recent memory, falling to a still solid 966 Cape Coral homes currently under contract with buyers, while foreclosures remain minimal. Despite this much needed uptick in the supply of homes listed for sale, our market supply still remains very tight.

In the overall Cape Coral single-family home market, there were 637 closed home sales in May, which was 77.44 percent higher than the 359 closed sales in May 2020, but 13.45 percent lower than the 736 closed sales in April of this year. In the first five months of 2021, there were a total of 2,943 closed sales in the Cape’s overall single-family home market, which was 44.69 percent higher than the 2,034 closed sales in the first five months of 2020.

The median sales price in the overall Cape Coral single-family home market was $355,000 in May, or 42 percent higher than the $250,000 posted in May 2020, and up 5.97 percent from $335,000 in April of this year. In the first five months of 2021 the overall median sales price for single-family homes in the Cape averaged $325,380 per month, which was 29.62 percent higher than the average of $251,020 per month in the first five months of 2020.

Indirect gulf access canal homes

In the Cape Coral single-family indirect Gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 81 closed home sales in May, which was 107.69 percent higher than the 39 closed sales in May 2020, and 5.19 percent above the 77 closed sales in April of this year. In the first five months of 2021, there were 372 closed sales in this segment, or 83.25 percent more than the 203 sales in the first five months of 2020.

The median sales price in the Cape’s single-family indirect Gulf access canal home segment was $610,000 in May, which topped the $440,000 posted in May 2020 by 38.64 percent, but it was 1.77 percent lower than the $621,000 in April of this year. In the first five months of this year, the median sales price in this segment averaged $581,390 per month, or 31.27 percent above the average of $442,890 per month in the first five months of 2020.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canals to reach open water), there were 98 closed home sales in May. This was 188.24 percent higher than the 34 closed sales in May 2020, and 12.64 percent above the 87 sales in April of this year. In the first five months of 2021, there were 364 closed sales in this segment, or 68.52 percent above the 216 sales in the first five months of 2020.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $616,700 in May, or 5.57 percent above the $584,163 in May 2020, but 14.34 percent lower than the $719,900 in April of this year. In the first five months of 2021, the median sales price in this segment averaged $637,910 per month, or 28.55 percent more than the average of $496,233 per month in the first five months of 2020.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, which consists of landlocked canals with no boating access to the river or the Gulf of Mexico, there were 61 closed home sales in May. This was 117.86 percent higher than the 28 closed sales in May 2020, but down 25.61 percent from the 82 closed sales in April of this year. In the first five months of 2021, there were 326 closed sales in this segment, or 37.55 percent more than the 237 sales in the first five months of 2020.

The median sales price in the Cape’s single-family freshwater canal home segment was $399,900 in May, or 33.52 percent above the $299,500 posted in May 2020, and virtually flat with the $399,950 in April of this year. In the first five months of 2021, the median sales price in this segment averaged $382,960 per month, or 25.94 percent more than the average of $304,070 per month in the first five months of 2020.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 396 closed home sales in May, which was 55.91 percent higher than the 254 closed sales in May 2020, but it was 18.69 percent below the 487 closed sales in April of this year. In the first five months of 2021, there were 1,860 closed sales in this segment, or 36.76 percent more than the 1,360 closed sales in the first five months of 2020.

The median sales price in this segment was $289,500 in May, or 28.67 percent above the $225,000 posted in May 2020, and up 3.21 percent from $280,500 in April of this year. In the first five months of 2021, the median sales price for dry lot homes in the Cape averaged $270,400 per month, or 20.41 percent more than the average of $224,561 per month in the first five 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 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.

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