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April condo sales down from last year, as listings rise

By BOB & GERI QUINN - Homing In | Jun 10, 2022

Geri and Bob Quinn

The main takeaways in the Cape Coral condominium market in April involved a significant decline in the number of closed sales compared to last year, while median sales prices remained firmly at record levels. There was also a sharply higher level of supply available for sale through a Realtor, as the current number of active condo listings on the market have increased by 218 percent from Feb. 1 to June 7.

It would seem that the decline in the number of closed sales combined with the increase in the number of active listings is most likely what the early stages of a return trip from an abnormally hot market to more of a normal market feels like. By that, we mean the market feels a lot slower right now than it did just several months ago, but we are still running at a pace for the second best year ever in closed condo sales. We still have a relatively tight market which technically remains a seller’s market, but there seems to be a palpable market shift occurring in the face of rising interest rates and a now rapidly growing economic storm.

That said, we are seeing expert predictions out there that are ranging from the relatively tame view that “home price appreciation” will slow down in the coming months, to the more dire warnings of a bursting real estate bubble.

As of June 7, there were a total of 105 active listings for Cape Coral condos through a Realtor in the Multiple Listing Service at prices ranging from $159,000 to $1.7 million. The median list price for Cape condos was $315,000 and there were a total of 20 units available at $250,000 and under, with only seven of these priced below $200,000. At the other end of the spectrum, there were a total of 12 units priced above $500,000 with two condos listed for more than $1 million. There are currently 75 condos under contract as pending sales, with 32 pendings at $250,000 and under, including eleven at prices below $200,000. A total of nine pending condo sales were at prices above $500,000 with two of them above $1 million.

We have seen a steady rise in the number of active condo listings in Cape Coral so far this year, starting the year with 37 listings in the MLS on Jan. 4, with a brief dip to 33 active listings on Feb. 1. This was followed by 39 listings on March 1, before moving to 53 active listings on April 5, and then climbing to 77 listings on May 3. At the time we took these market snapshots, the median list prices for condos in the Cape ranged from a low of $293,000 on Jan. 4, to a high of $320,000 on March 1.

Looking back a year ago on June 9, 2021, there were 50 Cape Coral condos listed for sale through a Realtor in the MLS at prices ranging from $95,000 to $1.025 million. At that time, there was one condo listed below $100,000 and one unit listed above $1 million, with only one other condo with an asking price above $500,000. Every other condo in the Cape was priced at $419,900 and under. There were 127 pending condo sales under contract with buyers at that time (129 with foreclosures).

In the overall Cape condo market, there were 91 closed sales in the month of April, which was 31.1 percent lower than the 132 closed condo sales in April 2021, but 30 percent above the 70 sales in March of this year. In the first four months of this year, there were a total of 274 condos sold overall in the Cape, which was down 26.5 percent from the 373 condo units sold in the first four months of 2021.

The April median sales price came in at $275,500 for the overall Cape Coral condo market, which was 35.2 percent above the $203,750 posted in April of 2021, but it was 1.6 percent lower than the $280,000 in March of this year. In the first four months of 2022, the median sales price averaged $273,250 per month in our overall condo market, or 36.9 percent above the average of $199,600 per month in the first four months of 2021.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 39 closed sales in April, which was 30.4 percent lower than the 56 condos sold in April 2021, but 30 percent above the 30 sales in March of this year. In the first four months of 2022, there were a total of 130 gulf access condos sold in the Cape, or 24.4 percent less than the 172 units sold in the first four months of 2021.

The April median sales price came in at $350,000 for the Cape’s gulf access saltwater canal condo segment, which was 38.6 percent above the $252,500 posted in April of 2021, and 8.5 percent higher than the $322,500 in March of this year. In the first four months of 2022, the median sales price in this segment averaged $320,625 per month, which was up 40.6 percent versus the average of $228,063 per month in the first four months of 2021.

Direct sailboat access

canal condos

In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos where boaters have no bridges to go under in the canal system, there were 28 closed sales in April. This was up 7.7 percent from the 26 condos sold in April 2021, and 75 percent above the 16 sold in March of this year. In the first four months of 2022, there were a total of 82 sailboat access condos sold in the Cape, which was 11.8 percent less than the 93 sailboat access condo units sold in the first four months of 2021.

The April median sales price came in at $350,000 for the Cape’s direct sailboat access condo segment, which was 15.3 percent above the $303,500 posted in April of 2021, but down 4 percent from $364,450 in March of this year. In the first four months of 2022, the median sales price in this segment averaged $355,488 per month, which was up 27.3 percent versus the average of $279,300 per month in the first four months of 2021.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 47 closed sales in April, which was 23 percent lower than the 61 condos sold in April 2021, but 38.2 percent above the 34 sales in March of this year. In the first four months of 2022, there were a total of 121 dry lot condos sold in the Cape, which was 24.4 percent less than the 160 dry lot condo units sold in the first four months of 2021.

The April median sales price came in at $254,000 for the Cape’s dry lot condo segment, which was 49.4 percent above the $170,000 posted in April 2021, and 13.8 percent more than the $223,125 in March of this year. In the first four months of 2022, the median sales price in this segment averaged $226,281 per month, or 46.2 percent above the average of $154,736 per month in the first four months of 2021.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of June 6, 2022, unless otherwise noted. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, townhouses and villas, and it does not include any single-family homes, 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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