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Cape’s third quarter home sales slow a bit, prices up

By BOB & GERI QUINN - Homing In | Oct 21, 2021

Geri and Bob Quinn

The quick takeaways in the Cape Coral single-family home market were that the closed home sales in the third quarter of this year were lower when compared to both the third quarter of 2020, and to the second quarter of this year, as expected. But for the first nine months of 2021, the closed home sale numbers are running well ahead of last year and on pace to easily top the all-time record number of sales set in 2020. Median sales prices had big time increases when compared to the third quarter of last year, but the price increases have moderated a bit versus the second quarter of this year.

As of Oct. 19, there were 588 active Cape Coral single-family homes listed for sale in the Multiple Listing Service at prices ranging from $212,500 to $5.995 million. There were also 970 homes under contract with buyers as pending sales at list prices ranging from $204,900 to $4 million. This compares to back on July 20, when there were 466 active listings for single-family homes in the Cape, with one home listed for sale at $165,000 and the remaining homes with asking prices ranging from $220,000 to $5.995 million. At that time, there were 879 homes under contract with buyers as pending sales. Distressed home sales remain minimal.

In the overall Cape Coral single-family home market, there were 564 closed home sales in September, which was down 4.4 percent from the 590 homes sold in September 2020, but up 8.1 percent from the 522 sales in August of this year. In the third quarter of this year, there were 1,657 closed sales, which was 6.4 percent below the 1,771 homes sold in the third quarter of 2020, and 20.8 percent lower than the 2,091 sales in the second quarter of this year. In the first nine months of 2021, there were a total of 5,322 closed home sales in the overall Cape Coral market, for a 24.1 percent increase versus the 4,290 sales in the first nine months of 2020.

The median sales price in the overall Cape Coral single-family home market was $366,250 in September, which was up 31 percent from the $279,675 posted in September 2020, and 1.74 percent higher than the $360,000 in August of this year. In the third quarter, the median sales price averaged $358,717 per month, or up 27.5 percent from the average of $281,375 per month in the third quarter of 2020, and up 3.5 percent from the average of $346,667 per month in the second quarter of this year. In the first nine months of 2021, the Cape’s overall median home sales price averaged $339,228 per month, for a 30 percent increase versus the average median sales price of $261,019 per month in the first nine 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 52 closed sales in September, which was 38.1 percent lower than the 84 closed sales in September 2020, and 10.3 percent below the 58 sales in August of this year. In the third quarter of 2021, there were 167 closed sales in this segment, which was 31.3 percent lower than the 243 closed sales in the third quarter of 2020, and 32.4 percent below the 247 closed sales in the second quarter of this year. In the first nine months of this year, there were a total of 628 indirect gulf access canal homes sold in the Cape, or 26.4 percent more than the 497 sales in the first nine 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 September, which was up 45 percent from the $458,500 posted in September 2020, but 2.9 percent lower than the $685,000 in August of this year. In the third quarter of this year, the median sales price in this segment averaged $670,667 per month, which was 47.3 percent above the average of $455,333 per month in the third quarter of 2020, and 6.1 percent higher than the average of $632,000 per month in the second quarter of this year. In the first nine months of this year, the median sales price averaged $620,439 per month in this segment, which was 38 percent more than the average median sales price of $449,494 per month in the first nine 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 56 closed sales in September, which was 6.7 percent lower than the 60 sales in September 2020, but 7.7 percent above the 52 sales in August of this year. In the third quarter of this year, there were 151 closed sales in this segment, which was 18.4 percent below the 185 sales in the third quarter of 2020, and 40.1 percent lower than the 252 sales in the second quarter of this year. In the first nine months of this year, there were a total of 582 direct sailboat access canal homes sold in the Cape, or 31.1 percent more than the 444 sales in the first nine months of 2020.

The median sales price in the Cape’s single-family direct sailboat access canal home segment came in at $730,000 in September, which was up 64 percent from $445,000 in September of 2020, and up 6.4 percent compared to $686,000 in August of this year. In the third quarter of this year, the median sales price in this segment averaged $720,333 per month, which was up 62.38 percent from the average of $443,617 per month in the third quarter of 2020, and 6.4 percent above the average of $677,200 per month in the second quarter of this year. In the first nine months of this year, the median sales price averaged $671,728 per month in this segment, which was up 42.2 percent versus the average median sales price of $472,446 per month in the first nine months of 2020.

Freshwater canal homes

In the Cape’s single-family freshwater canal home segment, which includes landlocked canals and lakes with no boating access to open water, there were 70 closed sales in September, which was 5.4 percent lower than the 74 sales in September 2020, but 42.9 percent above the 49 sales in August of this year. In the third quarter of this year, there were 185 closed sales in this segment, which was 18.5 percent below the 227 sales in the third quarter of 2020, and 13.6 percent lower than the 214 sales in the second quarter of this year. In the first nine months of this year, there were a total of 582 freshwater canal homes sold in the Cape, or 11.3 percent more than the 523 sales in the first nine months of 2020.

The median sales price in the Cape Coral single-family freshwater canal and lake home segment came in at $425,000 in September, which was up 33 percent from the $319,500 posted in September 2020, and 2.2 percent above the $415,900 in August of this year. In the third quarter of this year, the median sales price in this segment averaged $420,300 per month, or 32.7 percent higher than the average of $316,750 per month in the third quarter of 2020, and 6 percent above the average median sales price of $396,650 per month in the second quarter of this year. In the first nine months of this year, the median sales price averaged $396,200 per month in this segment, which was 27.6 percent more than the average median sales price of $310,394 per month in the first nine months of 2020.

Due to space limitations, we will have the closed sales and median sales price data for the Cape Coral dry lot home segment in our column next week.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Oct. 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 42 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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