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October home supply stays tight, sales set new record

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

Geri and Bob Quinn

Based on the preliminary results for November home sales, we have now surpassed last year’s all-time record of 6,080 closed single-family home sales in Cape Coral with a total of 6,388 sales so far in 2021. This number will adjust higher as the final November sales are entered into the system by various real estate agents and the upcoming closed sales in December will just add more frosting to the cake.

As we note below, the number of pending sales is also picking up steam and we continue to see a robust interest from out-of-town buyers as they seem prepared to gobble up new listings like leftover Thanksgiving Day turkey. The supply of homes remains abnormally tight in this seller’s market with well priced new listings getting multiple showing appointments scheduled as soon as they go live in the MLS. These immediate showing appointments are often quickly followed by multiple full price or better offers within the first day or two on the market.

The competition between buyers looks to be ramping up again, although some homes in the higher priced segment of our market tend to move a bit slower than this.

The big question seems to be, “Will this market momentum continue?” Despite the controversy and differing opinions about how Florida has addressed facemasks and COVID lockdowns compared to other more restrictive states around the country, many buyers are telling us that Florida’s “open for business” policies with fewer restrictions is a big reason they are moving here. Other things, such as taxes, winter weather, social unrest, early retirement or the ability to work remotely from anywhere, are also among the reasons cited by buyers for their desire to become Florida residents. So barring any severe jolts to the economy, the trend of moving to Florida appears likely to continue for the foreseeable future.

As of Nov. 29, there were 521 active listings for Cape Coral single-family homes in the Multiple Listing Service ranging in price from $255,000 to $5.995 million. The median list price was $508,000 meaning 260 of the 521 homes listed for sale had asking prices below this amount and 260 had asking prices above this amount. A total of 61 homes had list prices below $350,000 with 10 of these homes priced below $300,000. At the other end of our price spectrum, there were 67 homes in the Cape priced at $1 million and above.

We currently have 1,035 single-family homes under contract with buyers as pending sales, most of which should be finalized as closed sales within the next 30 to 60 days. The prices at which homes have gone under contract have ranged between $212,500 and $4 million, with one outlier that went under contract at $139,900. There is currently one additional listing and three additional pending sales that were foreclosures, so distressed bank owned properties remain almost non-existent in our market.

As a quick comparison to illustrate the shifts in our market, about 14 months ago on Sept. 28, 2020, there were 728 active listings for single-family homes through the MLS in Cape Coral with asking prices ranging from $157,000 to $3.995 million. At that time, there were 39 homes with list prices below $200,000. Also at that time, there were 1,230 homes under contract with buyers as pending sales with only 15 of these pending sales in the Cape going under contract with asking prices of $1 million and above. Today, there are currently 38 homes under contract as pending sales at $1 million or more.

In the overall Cape Coral single-family home market, the monthly supply of unsold homes came in at 3 months in October, which was even with the 3 months of supply registered in both October 2020, and in September of this year. In the first 10 months of 2021, the monthly level of unsold supply in the Cape’s overall single-family home market also averaged 3 months, which was 38.8 percent less than the average of 4.9 months of unsold supply in the first 10 months of 2020.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment, which includes homes with at least one bridge for boaters to go under in the canal system, the monthly supply of unsold homes came in at 4 months in October. This was 33.33 percent more than the 3 months of unsold supply in October 2020, and even with the 4 months of supply in this segment during September of this year. In the first 10 months of 2021, the monthly level of unsold supply for indirect gulf access homes in the Cape has averaged 3 months, which was 50.8 percent below the average of 6.1 months of supply in the first 10 months of 2020.

Direct sailboat access canal homes

In the Cape’s single-family direct sailboat access canal home segment, which includes homes without bridges in the canal system, the monthly supply of unsold homes was 4 months in October. This was even with the 4 months of unsold supply in this segment in October 2020, but 33.33 percent higher than the 3 months of supply in September of this year. In the first 10 months of 2021, the monthly level of unsold supply in this segment averaged 3 months, which was 53.1 percent less than the average of 6.4 months of unsold supply in the first 10 months of 2020.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, which consists of homes in landlocked canals and lakes with no access to the river or the Gulf of Mexico by boat, the monthly supply of unsold homes came in at 3 months in October. This was even with the 3 months of unsold supply registered in both October 2020, and in September of this year. In the first 10 months of 2021, the monthly level of unsold supply in this segment averaged 3 months, which was 42.3 percent less than the average of 5.2 months of unsold supply in the first 10 months of 2020.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, the monthly supply of unsold homes was 3 months in October, which was even with the 3 months of supply registered in both October 2020, and in September of this year. In the first 10 months of 2021, the monthly level of unsold supply in this segment averaged 3 months, which was 31.8 percent less than the average of 4.4 months of unsold supply 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.

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