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Record year for Cape Coral home sales; prices surge

By BOB & GERI QUINN - Homing In | Jan 20, 2022

Geri and Bob Quinn

The sales boom in Cape Coral single-family home sales continued with another record setting year in 2021, easily surpassing the prior record for closed home sales set in 2020, as incredibly strong demand from out-of-town buyers continued throughout the year.

To top things off, we saw a sudden surge higher in median sales prices going into year end, as our market dutifully rolled up its sleeve for one more shot in the arm going into the New Year! The multiple offer competition between buyers over the limited supply of homes available on the market is back to a frenzied pace, as our ongoing seller’s market remains firmly in place.

A year ago, we had a total of 502 active single-family homes listed for sale in the Multiple Listing Service, while today there are only 470 active single-family home listings in the Cape at prices ranging from $221,000 to $5.995 million. The current median list price is $519,495 with 58 Cape Coral homes on the market for $350,000 and under, while 68 homes are listed at $1 million and above. We currently have 933 homes under contract with buyers as pending sales and the long anticipated wave of foreclosures has yet to materialize, since anyone with a distressed mortgage can simply sell their home for more than the loan value.

In the overall Cape Coral single-family home market, there were 575 closed home sales in December, which was down 9.9 percent from the 638 homes sold in December 2020, and it was 0.9 percent above the 570 sales in November 2021. In the fourth quarter of 2021, there were 1,693 closed sales, which was 5.5 percent lower than the 1,791 homes sold in the fourth quarter of 2020, but 1.4 percent above the 1,670 sales in the third quarter of 2021. For the year, there were 7,032 single-family homes sold in the Cape, which was 15.6 percent above the 6,082 homes sold during 2019, easily setting a new record.

The median sales price in the overall Cape Coral single-family home market was $385,000 in December, which was up 33.8 percent from the $287,750 posted in December 2020, and 1.5 percent above the $379,450 in November 2021. In the fourth quarter, the median sales price averaged $378,150 per month, which was 30.9 percent above the average of $288,958 per month in the fourth quarter of 2020, and up 5.6 percent from the average of $358,050 per month in the third quarter of 2021. For the year, the median sales price in the Cape’s overall single-family home market averaged $348,771 per month in 2021, to finish 30.2 percent above the average median sales price of $267,958 per month for the year in 2020.

Indirect gulf access canal homes

In the Cape’s single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 64 closed sales in December. This was 22.9 percent lower than the 83 closed sales in December 2020, but 3.2 percent above the 62 sales in November 2021. In the fourth quarter of 2021, there were 179 closed sales in this segment, or 22.2 percent less than the 230 closed sales in the fourth quarter of 2020, but 6.5 percent above the 168 sales in the third quarter of 2021. For the year, there were a total of 809 indirect gulf access homes sold in 2021, which was 11.3 percent higher versus the 727 homes sold for the year in 2020.

The median sales price in the Cape Coral single-family indirect gulf access canal home segment came in at $753,000 in December, which was up 38.2 percent from the $545,000 posted in December 2020, but 0.3 percent lower than the $755,000 in November 2021. In the fourth quarter of 2021, the median sales price in this segment averaged $737,667 per month, which was 40.7 percent above the average of $524,167 per month in the fourth quarter of 2020, and 10 percent higher than the average of $670,667 per month in the third quarter of 2021. For the year, the median sales price in the Cape’s single-family indirect gulf access home segment averaged $649,917 per month in 2021, or 38.8 percent higher than the average median sales price of $468,163 per month for the full year in 2020.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canal system to reach open water), there were 50 closed sales in December. This was 32.4 percent lower than the 74 sales in December 2020, and 9.1 percent below the 55 sales in November 2021. In the fourth quarter, there were 150 closed sales in this segment, which was 26.1 percent less than the 203 sales in the fourth quarter of 2020, and 0.7 percent below the 151 closed sales in the third quarter of 2021. For the year in 2021, there were a total of 732 direct sailboat access canal homes sold, which was 13.1 percent above the 647 homes sold for the year in 2020.

The median sales price in the Cape Coral single-family direct sailboat access canal home segment came in at $776,250 in December, which was up 25.5 percent from the $618,500 posted in December 2020, but 6 percent below the $826,000 in November 2021. In the fourth quarter of 2021, the median sales price in this segment averaged $779,917 per month, which was up 38.4 percent from the average of $563,667 per month in the fourth quarter of 2020, and 8.3 percent above the average of $720,125 per month in the third quarter of 2021. For the year, the median sales price in the Cape’s direct single-family sailboat access home segment averaged $698,723 per month in 2021, or 41.1 percent more than the average of $495,251 per month for the year in 2020.

Freshwater canal and lake homes

In the Cape’s 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 70 closed sales in December. This was 9.1 percent lower than the 77 sales in December 2020, but 9.4 percent above the 64 sales in November 2021. In the fourth quarter, there were 201 closed sales in this segment, which was 5.6 percent below the 213 sales in the fourth quarter of 2020, but 8.1 percent above the 186 sales in the third quarter of 2021. For the year, there were a total of 785 freshwater canal homes sold in 2021, which topped the 736 homes sold for the year in 2020 by 6.7 percent.

The median sales price in the Cape Coral single-family freshwater canal and lake home segment came in at $457,500 in December, which was up 43.4 percent from the $319,000 posted in December 2020, but down 1.6 percent from the $465,000 in November 2021. In the fourth quarter of 2021, the median sales price in this segment averaged $454,167 per month, beating the average of $329,667 per month in the fourth quarter of 2020 by 37.8 percent, and finishing 8.1 percent above the average median sales price of $420,300 per month in the third quarter of 2021. For the year, the median sales price in the Cape’s single-family freshwater canal and lake home segment averaged $410,696 per month in 2021, or 30.3 percent higher than the average of $315,088 per month for the year in 2020.

Due to space limitations, we will have the numbers for our dry lot home segment in next week’s column, along with the data about our unsold home supply.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Jan. 17, 2022, 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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