Geri and Bob Quinn

In recent columns we have mentioned that some of the craziness in this year’s buyer frenzy seemed to be subsiding a bit and that we expected to see some degree of a slowdown in the number of closed sales in the second half of this year. Over the past several months, we have also been pointing out that the sales comparisons in the first half of this year, especially in the second quarter, were going up against last year’s weak sales numbers during the COVID shutdowns, which made for much easier year-over-year sales comparisons.

And, as we said in our column back on June 25, while discussing the record setting home sales numbers posted after Florida opened back up for business in 2020, “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.”

Well, in the recently completed month of July, all of this is exactly what happened in the Cape’s single-family home market. We will plan to dig deeper into this in our column next week, along with what may be next in our real estate market and the U.S. economy for the remainder of 2021.

As of Aug. 17, there were 513 active Cape Coral single-family home listings through a Realtor in the Multiple Listing Service at prices ranging from $215,000 to $5.995 million. As a comparison, on June 23, there were 440 such active listings in the Cape at prices ranging from $175,000 to $5.995 million. In our past market snapshots of the active listings, our low number was on March 24 with 314 listings, and by comparison we had 632 active listings about eight months ago on Dec. 21, 2020. In our column back on June 25, we also noted that the pipeline of pending sales had dipped below 1,000 homes under contract with buyers for the first time in recent memory, as it fell to a still solid 966 homes. As of Aug. 17, there were 896 single-family homes in the Cape under contract with buyers as pending sales. Short sales and foreclosures still remain only a tiny fraction of our current market.

In the overall Cape Coral single-family home market, there were 559 closed home sales in July, which was 9.8 percent lower than the 620 closed sales in July 2020, and 21.5 percent below the 712 closed sales in June of this year. In the first seven months of 2021, there were a total of 4,220 closed sales in the Cape’s overall single-family home market, which was 34.4 percent higher than the 3,139 closed sales in the first seven months of 2020.

The median sales price in the overall Cape Coral single-family home market was $349,900 in July, or 25.9 percent higher than the $277,950 posted in July 2020, and all but even with the $350,000 in June of this year. In the first seven months of 2021 the overall median sales price for single-family homes in the Cape averaged $332,400 per month, which was 30.5 percent higher than the average of $254,714 per month in the first seven 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 57 closed home sales in July, which was 36 percent lower than the 89 closed sales in both July 2020, and in June of this year. In the first seven months of 2021, there were 518 closed sales in this segment, or 51 percent more than the 343 sales in the first seven months of 2020.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $662,000 in July, which topped the $445,000 posted in July 2020 by 48.8 percent, but it was 0.50 percent below the $665,000 in June of this year. In the first seven months of this year, the median sales price in this segment averaged $604,850 per month, or 35.5 percent above the average of $446,350 per month in the first seven 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 40 closed home sales in July. This was 31 percent lower than the 58 closed sales in July 2020, and 40.3 percent below the 67 sales in June of this year. In the first seven months of 2021, there were 471 closed sales in this segment, or 48.6 percent above the 317 sales in the first seven months of 2020.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $749,375 in July, or 74.9 percent above the $428,350 in July 2020, and 7.8 percent higher than the $695,000 in June of this year. In the first seven months of 2021, the median sales price in this segment averaged $661,989 per month, or 38.3 percent more than the average of $478,502 per month in the first seven 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 65 closed home sales in July. This was 18.8 percent lower than the 80 closed sales in July 2020, and down 8.5 percent from the 71 closed sales in June of this year. In the first seven months of 2021, there were 462 closed sales in this segment, or 22.9 percent more than the 376 sales in the first seven months of 2020.

The median sales price in the Cape’s single-family freshwater canal home segment was $420,000 in July, or 33 percent above the $315,750 posted in July 2020, and 7.7 percent higher than the $390,000 in June of this year. In the first seven months of 2021, the median sales price in this segment averaged $389,271 per month, or 26.2 percent more than the average of $308,436 per month in the first seven months of 2020.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 393 closed home sales in July, which was 2.3 percent higher than the 384 closed sales in July 2020, but it was 18.3 percent below the 481 closed sales in June of this year. In the first seven months of 2021, there were 2,740 closed sales in this segment, or 32.2 percent more than the 2,072 closed sales in the first seven months of 2020.

The median sales price in this segment was $305,000 in July, or 27.3 percent above the $239,673 posted in July 2020, and up 3.4 percent from $295,000 in June of this year. In the first seven months of 2021, the median sales price for dry lot homes in the Cape averaged $278,714 per month, or 22.7 percent more than the average of $227,108 per month in the first seven 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 Aug. 15, 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.