Geri and Bob Quinn

Despite an October dip in sales, the yearly total number of closed single-family home sales in Cape Coral through the end of October were only 207 sales shy of matching last year’s record of 6,080 home sales with two months to go in this year. This record-setting sales total in 2021 illustrates the incredible demand from out-of-town buyers, which, combined with the continued tight supply of homes has led to large increases in our record level of median sales prices.

As a point of interest, according to a recent report from the Florida Realtors Association, the number of closed single-family home sales for the month of October totaled 27,628 across all of Florida, which was down 6.8 percent versus October 2020. This report also indicated that the statewide median sales price for existing single-family homes in October was up 17.7 percent to $358,950 compared to a year ago. As you will see below, the Cape’s October median sales prices far outpaced the statewide average.

As of Nov. 22, there were 545 active Cape Coral single-family homes listed for sale through a Realtor in the Multiple Listing Service at prices ranging from $212,500 to $5.995 million. Of these 545 current listings, 25 of them, or 4.6 percent of our market, had asking prices under $300,000 and another 68 listings, or 12.5 percent of our market, were priced at $1 million and above. The median list price was $480,000. About a month ago, on Oct. 26, there were 588 single-family homes listed for sale in the Cape offered in the same price range, with 46 of these homes listed at $300,000 and below, while 75 homes were listed for $1 million and above. There are currently 1,005 homes under contract with buyers as pending sales (1,008 pendings when foreclosures are included). On Oct. 26, there were 1,002 pending sales in the pipeline.

In the overall Cape Coral single-family home market, there were 544 closed home sales in October, which was 13.4 percent lower than the 628 closed sales in October 2020, and 4.2 percent below the 568 sales in September of this year. In the first 10 months of 2021, there were a total of 5,873 closed sales in the Cape’s overall single-family home market, which was 19.4 percent more than the 4,918 closed sales in the first 10 months of 2020.

The median sales price in the overall Cape Coral single-family home market was $370,000 in October, or 32.1 percent higher than the $280,000 posted in October 2020, and 1.2 percent above the $365,500 in September of this year. In the first 10 months of 2021, the overall median sales price for single-family homes in the Cape averaged $342,105 per month, which was 30.1 percent more than the average of $262,918 per month in the first 10 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 53 closed home sales in October, which was 23.2 percent lower than the 69 closed sales in October 2020, and even with the 53 sales in September of this year. In the first 10 months of 2021, we had 682 closed sales in this segment, or 20.5 percent more than the 566 sales in the first 10 months of 2020.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $705,000 in October, which topped the $490,000 posted in October 2020 by 43.9 percent, and it was 6 percent above the $665,000 in September of this year. In the first 10 months of this year, the median sales price in this segment averaged $628,895 per month, or 38.7 percent above the average of $453,545 per month in the first 10 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 45 closed home sales in October. This was 32.8 percent lower than the 67 closed sales in October 2020, and 19.6 percent below the 56 sales in September of this year. In the first 10 months of 2021, there were 626 sales in this segment, or 22.5 percent more than the 511 sales in the first 10 months of 2020.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $737,500 in October, or 32.9 percent above the $555,000 in October 2020, and 1 percent higher than the $730,000 in September of this year. In the first 10 months of 2021, the median sales price in this segment averaged $678,743 per month, or 41.2 percent more than the average of $480,701 per month in the first 10 months of 2020.

Freshwater canal and lake homes

In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canals and lakes with no boating access to the river or the Gulf of Mexico, there were 67 closed home sales in October. This was 1.5 percent lower than the 68 closed sales in October 2020, and down 5.6 percent from the 71 closed sales in September of this year. In the first 10 months of 2021, there were 650 closed sales in this segment, or 10 percent more than the 591 sales in the first 10 months of 2020.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $440,000 in October, or 31.9 percent above the $333,500 posted in October 2020, and 3.5 percent higher than the $425,000 in September of this year. In the first 10 months of 2021, the median sales price in this segment averaged $400,580 per month, or 28.1 percent more than the average of $312,705 per month in the first 10 months of 2020.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 376 closed home sales in October, which was 9.4 percent lower than the 415 closed sales in October 2020, and it was 2.6 percent below the 386 closed sales in September of this year. In the first 10 months of 2021, there were 3,878 closed sales in this segment, or 21.1 percent more than the 3,203 closed sales in the first 10 months of 2020.

The median sales price in this segment was $334,375 in October, or 38.4 percent above the $241,580 posted in October of 2020, and up 4.5 percent from $320,000 in September of this year. In the first 10 months of 2021, the median sales price for dry lot homes in the Cape averaged $291,828 per month, or 26 percent more than the average of $231,532 per month in the first 10 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 Nov. 22, 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.