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Cape condo sales, prices post huge year-to-date gains

By BOB & GERI QUINN - Homing In | Sep 2, 2021

Geri and Bob Quinn

Through the month of July, the Cape Coral condo market remained deeply entrenched in a low inventory seller’s market, with median sales prices and closed condo sales up huge amounts through the first seven months of this year versus a year ago. We did, however, see a dip in median sales prices and in the number of closed condo sales from June to July.

As of Aug. 31, there were 63 active condo listings in Cape Coral through the Multiple Listing Service at current list prices ranging from $92,200 for a 708-square-foot, one-bedroom, one-bathroom unit with no amenities to $1.1 million for a luxury riverfront penthouse condo in the Southeast Cape. Of note, the second highest-priced condo in the Cape is going for $625,000 and the current median list price for condos is $239,900.

As a comparison, back on July 5, there were only 47 condos listed for sale in the Cape ranging in price from $119,900 to $569,000 and the median list price was $225,500. There are currently 82 condos under contract with buyers as pending sales (83 including short sales), compared to the 111 pending sales in the pipeline back on July 5, and 127 pending condo sales when we took a market snapshot on June 9.

In the overall Cape condo market, there were 87 closed sales in the month of July, which was 26.1 percent higher than the 69 closed condo sales in July 2020, but 12.1 percent below the 99 sales in June of this year. In the first seven months of this year, there were a total of 647 condos sold overall in the Cape, up 71.2 percent from the 378 condo units sold in the first seven months of 2020.

The July median sales price came in at $214,900 for the overall Cape Coral condo market, which was 16.2 percent above the $185,000 posted in July 2020, but it was 2.3 percent lower than the $219,900 in June of this year. In the first seven months of 2021, the median sales price averaged $205,236 per month in our overall condo market, or 20.3 percent above the average of $170,611 per month in the first seven months of 2020.

The overall monthly supply of unsold condos in Cape Coral came in at two months in July, which was 60 percent lower than the five months of supply registered in July of 2020, and even with the two months of unsold supply in June of this year. In the first seven months of 2021, the level of overall unsold condo supply has averaged 2.71 months, or 62 percent less than the average of 7.14 months of supply in the first seven months of 2020.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 35 closed sales in July, which was 14.6 percent lower than the 41 condos sold in July 2020, and 23.9 percent below the 46 sales in June of this year. In the first seven months of 2021, there were a total of 293 saltwater canal condos sold in the Cape, or 35.6 percent more than the 216 units sold in the first seven months of 2020.

The July median sales price came in at $250,000 for the Cape’s saltwater canal condo segment, which was 19.6 percent above the $209,000 posted in July 2020, but 16.7 percent lower than the $300,000 in June of this year. In the first seven months of 2021, the median sales price for saltwater access condos averaged $244,607 per month, which was up 28.9 percent versus the average of $189,786 per month in the first seven months of 2020.

The level of unsold supply for Cape Coral saltwater access canal condos came in at 2 months in July, which was 60 percent less than the 5 months of supply in July 2020, and even with the 2 months of unsold supply in June of this year. In the first seven months of 2021, the level of unsold saltwater access canal condo supply averaged 2.57 months, or 64 percent less than the average of 7.14 months of supply in the first seven 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 21 closed sales in July. This was up 10.5 percent from the 19 condos sold in July 2020, but 25 percent below the 28 sold in June of this year. In the first seven months of 2021, there were a total of 163 direct sailboat access canal condos sold in the Cape, or 40.5 percent more than the 116 direct sailboat access condo units sold in the first seven months of 2020.

The July median sales price came in at $315,000 for the Cape’s sailboat access condo segment, which was 41.6 percent above the $222,500 posted in July 2020, but down 25.9 percent from $425,000 in June of this year. In the first seven months of 2021, the median sales price for sailboat access canal condos averaged $310,886 per month, which was up 44 percent versus the average of $215,871 per month in the first seven months of 2020.

The level of unsold supply for Cape Coral direct sailboat access canal condos came in at 2 months in July, which was 66.7 percent less than the 6 months of supply in July 2020, but 100 percent above the 1 month of unsold supply in June of this year. In the first seven months of 2021, the level of unsold sailboat access condo supply averaged 2.43 months, or 72.1 percent below the average of 8.71 months of supply in the first seven months of 2020.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 36 closed sales in July, which was 63.6 percent higher than the 22 condos sold in July 2020, but 16.3 percent below the 43 sales in June of this year. In the first seven months of 2021, there were a total of 278 dry lot condos sold in the Cape, which was 115.5 percent more than the 129 dry lot condo units sold in the first seven months of 2020.

The July median sales price came in at $160,000 for the Cape’s dry lot condo segment, which was virtually flat with the $160,250 posted in July 2020, and 3 percent lower than the $165,000 in June of this year. In the first seven months of 2021, the median sales price for dry lot condos in the Cape averaged $157,706 per month, or 15.4 percent more than the average of $136,664 per month in the first seven months of 2020.

The level of unsold supply for Cape Coral dry lot condos came in at 2 months in July, which was 71.4 percent less than the 7 months of supply in July 2020, and even with the 2 months of unsold supply in June of this year. In the first seven months of 2021, the level of unsold dry lot condo supply averaged 3.14 months, or 54.2 percent less than the average of 6.86 months of supply 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. 30, 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 42 years. Geri has been a full-time Realtors since 2005, and Bob joined Geri as a full-time Realtors in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.

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