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Cape’s May condo sales, prices up in seller’s market

By BOB & GERI QUINN - Homing In | Jul 8, 2021

Geri and Bob Quinn

As expected, there were big year-over-year changes in the Cape Coral condo numbers this May compared to the COVID-19 shutdown numbers recorded in May 2020. The number of closed condo sales and median sales prices were up by enormous amounts, while the monthly supply of unsold homes plummeted against the easy comparisons from the COVID lows a year ago. We did, however, see a drop off in May sales compared to April of this year, and we would expect to see less robust looking market comparisons for the balance of 2021 versus the second half market boom of last year, as the easier COVID comparisons go away.

As of July 5, there were only 47 Cape Coral condos listed for sale in the MLS (down from 50 on June 9) ranging from $119,900 to $569,000. There were only 20 units listed for $200,000 or less, while the median list price for Cape Coral condos stood at $225,500. There are currently 111 pending condo sales under contract down from 127 pending sales on June 9.

In the overall Cape condo market, there were 90 closed sales in the month of May, which was 150 percent higher than the 36 closed condo sales in May 2020, but 30.77 percent below the 130 sales in April of this year. In the first five months of this year, there were a total of 461 condos sold overall in the Cape, up 77.99 percent from the 259 condo units sold in the first five months of 2020.

The May median sales price came in at $205,450 for the overall Cape Coral condo market, which was 28.31 percent above the $160,124 posted in May 2020, and it was 1.83 percent higher than the $201,750 in April of this year. In the first five months of 2021, the median sales price averaged $200,370 per month in our overall condo market, or 17.14 percent above the average of $171,055 per month in the first five months of 2020.

The overall monthly supply of unsold condos in the Cape came in at 2 months in May, which was 80 percent lower than the 10 months of supply registered in May 2020, and even with the 2 months of unsold supply in April of this year. In the first five months of 2021, the level of overall unsold condo supply averaged 3 months, or 59.46 percent less than the average of 7.4 months of supply in the first five months of 2020.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 42 closed sales in May, which was 133.33 percent higher than the 18 condos sold in May 2020, but 22.22 percent below the 54 sales in April of this year. In the first five months of 2021, there were a total of 212 gulf access condos sold in the Cape, or 44.22 percent more than the 147 units sold in the first five months of 2020.

The May median sales price came in at $250,000 for the Cape’s gulf access condo segment, which was 44.93 percent above the $172,500 posted in May 2020, but 0.99 percent lower than the $252,500 in April of this year. In the first five months of 2021, the median sales price for gulf access condos averaged $232,450 per month, which was up 22.50 percent versus the average of $189,750 per month in the first five months of 2020.

The level of unsold supply for Cape Coral gulf access canal condos came in at 2 months in May, which was 81.82 percent less than the 11 months of supply in May 2020, and even with the 2 months of unsold supply in April of this year. In the first five months of 2021, the level of unsold gulf access condo supply averaged 2.8 months, or 63.16 percent less than the average of 7.6 months of supply in the first five 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 22 closed sales in May. This was up 214.29 percent from the 7 condos sold in May 2020, but 12 percent below the 25 sold in April of this year. In the first five months of 2021, there were a total of 114 sailboat access condos sold in the Cape, which was 37.35 percent more than the 83 sailboat access condo units sold in the first five months of 2020.

The May median sales price came in at $322,500 for the Cape’s sailboat access condo segment, which was 40.89 percent above the $228,900 posted in May 2020, and up 7.50 percent from $300,000 in April of this year. In the first five months of 2021, the median sales price for sailboat access condos averaged $287,240 per month, which was up 34.90 percent versus the average of $212,930 per month in the first five months of 2020.

The level of unsold supply for Cape Coral sailboat access canal condos came in at 2 months in May, which was 88.24 percent less than the 17 months of supply in May 2020, but even with the 2 months of unsold supply in April of this year. In the first five months of 2021, the level of unsold sailboat access condo supply averaged 2.8 months, or 69.57 percent below the average of 9.2 months of supply in the first five months of 2020.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 39 closed sales in May, which was 143.75 percent higher than the 16 condos sold in May 2020, but 36.07 percent below the 61 sales in April of this year. In the first five months of 2021, there were a total of 199 dry lot condos sold in the Cape, which was 126.14 percent more than the 88 dry lot condo units sold in the first five months of 2020.

The May median sales price came in at $160,000 for the Cape’s dry lot condo segment, which was 10.34 percent above the $145,000 posted in May 2020, but 5.88 percent less than the $170,000 in April of this year. In the first five months of 2021, the median sales price for dry lot condos in the Cape averaged $155,789 per month, or 17.06 percent above the average of $133,080 per month in the first five months of 2020.

The level of unsold supply for Cape Coral dry lot condos came in at 2 months in May, which was 71.43 percent less than the 7 months of supply in May 2020, and even with the 2 months of unsold supply in April of this year. In the first five months of 2021, the level of unsold dry lot condo supply averaged 3.6 months, or 47.06 percent less than the average of 6.8 months of supply 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 July 1, 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.

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