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Cape home sales and prices surge in second quarter

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

Geri and Bob Quinn

We experienced a significant surge in closed sales and median sales prices in the Cape’s single-family home market in the second quarter of this year, even when considering the easy comparisons to the COVID shutdown lows in the second quarter of 2020, as our market boom continues at a record setting pace so far in 2021. Although we have seen glimpses of some slowing, our desirable location continues to attract more buyers than sellers, at least for now. However, some experts are raising caution flags based on recent economic reports showing a worsening national sentiment among homebuyers and homebuilders due to rapidly rising prices and continued supply shortages. As a growing number of people say they plan to put off major purchases over the next six months, we will be watching for any developing trends in our market. At the same time, recent sharp declines in interest rates may offset some of this negative sentiment and help keep more buyers in the game.

As of July 20, there were 466 active listings in the MLS for single-family homes in the Cape at list prices ranging from $165,000 to $5.995 million. The listing at $165,000 has been under contract twice, but both deals have fallen through due to major issues with the home. It is the only home currently priced below $220,000. There are 879 homes under contract with buyers as pending sales, which should become closed sales in the next 30 to 60 days.

In the overall Cape Coral single-family home market, there were 709 closed home sales in June, which was up 46.49 percent from the 484 homes sold in June 2020, and it was 11.3 percent above the 637 sales in May of this year. In the second quarter of 2021, there were 2,084 closed sales, which was 62.94 percent above the 1,279 homes sold in the second quarter of 2020, and 32.49 percent above the 1,573 sales in the first quarter of 2021. In the first half of this year, there were a total of 3,657 home sales in the overall Cape market, for a 45.18 percent increase compared to the 2,519 sales in the first six months of 2020.

The median sales price in the overall Cape Coral single-family home market was $350,000 in June, which was up 40 percent from the $250,000 posted in June 2020, but 1.41 percent lower than the $355,000 in May of this year. In the second quarter, the median sales price averaged $346,667 per month, which was 38.68 percent above the average of $249,983 per month in the second quarter of 2020, and up 11 percent from the average of $312,300 in the first quarter of 2020. In the first half of this year, the overall median sales price averaged $329,483 per month in the Cape, which was a 31.35 percent increase versus the average median sales price of $250,842 per month in the first six months 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 June, which was 74.51 percent higher than the 51 closed sales in June 2020, and 9.88 percent above the 81 sales in May of this year. In the second quarter of 2021, there were 247 closed sales in this segment, which topped the 129 closed sales in the second quarter of 2020 by 91.47 percent, while coming in 15.42 percent above the 214 closed sales in the first quarter of this year. In the first half of 2021, there were a total of 461 indirect gulf access canal homes sold in the Cape, for an 81.5 percent increase compared to the 254 sales in the first six months of 2020.

The median sales price in the Cape’s single-family indirect gulf access canal home segment came in at $665,000 in June, which was up 43 percent from the $465,000 posted in June 2020, and 9 percent higher than the $610,000 in May of this year. In the second quarter of this year, the median sales price in this segment averaged $632,000 per month, which was 41.49 percent above the average of $446,667 per month in the second quarter of 2020, and 13.13 percent higher than the average of $558,650 per month in the first quarter of 2021. In the first half of this year, the median sales price averaged $595,325 per month in this segment, which was a 33.31 percent increase versus the average median sales price of $446,575 per month in the first six months 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 67 closed sales in June, which was 55.81 percent higher than the 43 sales in June 2020, but 31.63 percent below the 98 sales in May of this year. In the second quarter of this year, there were 252 closed sales in this segment, which beat the 122 sales in the second quarter of 2020 by 106.56 percent, and it was 40.78 percent above the 179 closed sales in the first quarter of 2021. In the first half of 2021, there were a total of 431 direct sailboat access canal homes sold in the Cape, for an increase of 66.41 percent compared to the 259 sales in the first six months of 2020.

The median sales price in the Cape’s single-family direct sailboat access canal home segment came in at $695,000 in June, which was up 57.95 percent from $440,000 in June 2020, and up 12.7 percent compared to $616,700 in May of this year. In the second quarter of this year, the median sales price in this segment averaged $677,200 per month, which was up 36.89 percent from the average of $494,721 per month in the second quarter of 2020, and 9.64 percent above the average of $617,650 per month in the first quarter of 2021. In the first half of this year, the median sales price averaged $647,425 per month in this segment, which was a 32.98 percent increase versus the average median sales price of $486,861 per month in the first six months of 2020.

Freshwater canal homes

In the Cape’s single-family freshwater canal home segment, there were 70 closed sales in June, which was 20.69 percent higher than the 58 sales in June 2020, and 14.75 percent above the 61 sales in May of this year. In the second quarter of this year, there were 213 closed sales in this segment, which was 42.95 percent above the 149 sales in the second quarter of 2020, and 16.39 percent higher than the 183 sales in the first quarter of this year. In the first half of 2021, there were a total of 396 freshwater canal homes sold in the Cape, for an increase of 33.78 percent compared to the 296 sales in the first six months of 2020.

The median sales price in the Cape Coral single-family freshwater canal home segment came in at $390,000 in June, which was up 20.58 percent from the $323,450 posted in June 2020, but 2.5 percent below the $400,000 in May of this year. In the second quarter of 2021, the median sales price in this segment averaged $396,650 per month, beating the average of $307,317 per month in the second quarter of 2020 by 29.07 percent, and finishing 6.73 percent above the average median sales price of $371,650 per month in the first quarter of this year. In the first half of this year, the median sales price averaged $384,150 per month in this segment, which was a 25 percent increase versus the average median sales price of $307,217 per month in the first six months of 2020.

We will provide the closed sales and median sales prices for dry lot homes next week.

The sales data for this article was obtained from the Florida Realtors® Multiple Listing Service Matrix for Lee County, Fla., as of July 18, 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.

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