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Cape’s August home sales dip, median sales prices up

By BOB & GERI QUINN - Homing In | Sep 23, 2021

Geri and Bob Quinn

We have generally seen the dip in the number of closed sales we were expecting in the Cape Coral single-family home market in both July and August, while also remaining on pace for yet another record setting year in home sales. In fact, our market would need to completely unravel over the last four months of this year for us not to beat the all-time record of 6,080 closed home sales set in 2020.

Median sales prices have rocketed higher this year when compared to last year, and through August, the month-by-month average for median sales prices in 2021 has continued to march its way higher. The number of active listings has improved over the past several months, although they remain abnormally low for our market.

On Tuesday, Sept. 21, there were 540 active Cape Coral single-family homes listed for sale through a Realtor in the Multiple Listing Service at prices ranging from $215,000 on up to the $5.995 million home that has now been on the market for 155 days. This compares to the 551 active listings on Sept. 14, when the lowest priced home was listed for $195,000. Two weeks ago, there were 539 homes listed for sale in the Cape, so we seem to be treading water in this range after climbing up from the 513 active listings on Aug. 17, and the 440 homes listed for sale back on June 23, when the lowest priced home in the Cape was listed for $175,000. There are currently 949 homes under contract with buyers as pending sales, up from the 936 pending sales in the pipeline a week ago. Foreclosure and short sale activity in the Cape remains minimal.

In the overall Cape Coral single-family home market, there were 519 closed home sales in August, which was 7.5 percent lower than the 561 closed sales in August 2020, and 8.9 percent below the 570 closed sales in July of this year. In the first eight months of 2021, there were a total of 4,753 closed sales in the Cape’s overall single-family home market, which was 28.5 percent more than the 3,700 closed sales in the first eight months of 2020. We only need to average 332 closed sales per month over the last four months of this year to top the record number of closed Cape Coral home sales set last year.

The median sales price in the overall Cape Coral single-family home market was $360,000 in August, or 25.7 percent higher than the $286,500 posted in August 2020, and 3 percent above the $349,450 in July of this year. In the first eight months of 2021, the overall median sales price for single-family homes in the Cape averaged $335,794 per month, which was 29.8 percent more than the average of $258,688 per month in the first eight 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 58 closed home sales in August, which was 17.1 percent lower than the 70 closed sales in August 2020, but 1.8 percent above the 57 sales in July of this year. In the first eight months of 2021, we had 576 closed sales in this segment, or 39.5 percent more than the 413 sales in the first eight months of 2020.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $685,000 in August, which topped the $462,500 posted in August 2020 by 48.1 percent, and it was 3.5 percent above the $662,000 in July of this year. In the first eight months of this year, the median sales price in this segment averaged $614,869 per month, or 37.1 percent above the average of $448,369 per month in the first eight 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 52 closed home sales in August. This was 22.4 percent lower than the 67 closed sales in August 2020, but 20.9 percent above the 43 sales in July of this year. In the first eight months of 2021, there were 526 closed sales in this segment, or 37 percent above the 384 sales in the first eight months of 2020.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $686,000 in August, or 49.9 percent above the $457,500 in August 2020, but 7.9 percent lower than the $745,000 in July of this year. In the first eight months of 2021, the median sales price in this segment averaged $664,444 per month, or 39.6 percent more than the average of $475,877 per month in the first eight months of 2020.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, which consists of landlocked canals and lakes with no boating access to the river or the Gulf of Mexico, there were 49 closed home sales in August. This was 32.9 percent lower than the 73 closed sales in August 2020, and down 24.6 percent from the 65 closed sales in July of this year. In the first eight months of 2021, there were 511 closed sales in this segment, or 13.8 percent more than the 449 sales in the first eight months of 2020.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $415,900 in August, or 32 percent above the $315,000 posted in August 2020, and 0.98 percent lower than the $420,000 in July of this year. In the first eight months of 2021, the median sales price in this segment averaged $392,600 per month, or 26.9 percent more than the average of $309,256 per month in the first eight months of 2020.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 358 closed home sales in August, which was 2.9 percent higher than the 348 closed sales in August 2020, but it was 10.7 percent below the 401 closed sales in July of this year. In the first eight months of 2021, there were 3,109 closed sales in this segment, or 28.5 percent more than the 2,420 closed sales in the first eight months of 2020.

The median sales price in this segment was $314,950 in August, or 28.6 percent above the $244,950 posted in August 2020, and up 4.1 percent from $302,500 in July of this year. In the first eight months of 2021, the median sales price for dry lot homes in the Cape averaged $282,994 per month, or 23.4 percent more than the average of $229,338 per month in the first eight 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 Sept. 19, 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 42 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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