Cape condo sales plunge from a year ago, prices up
Taking an isolated look at the increased number of closed condo sales in Cape Coral from the first quarter to the second quarter of this year, one might think all was well in our condo market. But the year-over-year number of closed condo sales for the month of June, and in the recently completed second quarter of this year, may be pointing to trouble in paradise, as sales have plunged from last year. For their part, median sales prices have held up for now, but with an increasing condo inventory and declining pending sales, we continue to be reminded of the old saying, “Don’t fight the Fed,” as they claim to be committed to battling inflation through demand destruction in what could be a turbulent landing for the economy.
As of Tuesday, July 26, there were 119 active listings for Cape Coral condominiums in the Multiple Listing Service at prices ranging from $149,000 to $1.65 million, with the median list price coming in at $294,000. A total of 39 condos were listed at $250,000 and under, with 15 of these priced below $200,000. There were 15 active condo listings priced above $500,000 with three of these topping $1 million.
There are currently 66 condos in the Cape under contract with buyers as pending sales, with 26 of these priced at $250,000 and under, while only 7 units were above $500,000. The lowest priced pending condo sale was at $95,000 for a small one-bedroom, one-bathroom unit. Everything else was under contract from $169,700 to $699,900 with only one other unit above the million dollar mark at $1.35 million.
To illustrate our shifting market conditions, back on March 1 of this year there were only a total of 39 condos listed for sale in the Cape from $139,000 to $959,000 and our median list price was $320,000. At that time, there were 99 pending condo sales in the Cape from $130,000 for a small one-bedroom, one-bathroom unit to $980,000 for a condo in Tarpon Landings. Looking back to Aug. 3, 2021, there were 55 active Cape Coral condo listings in the MLS from $105,000 to $1.2 million, with 82 pending sales in the pipeline.
In the Cape’s overall condo market, there were 52 closed sales in June, down 48 percent from the 100 condo sales in June 2021, and 40.2 percent below the 87 sales in May of this year. In the second quarter, there were a total of 231 closed condo sales, down 28.3 percent versus 322 sales in the second quarter of 2021, but 26.2 percent above the total of 183 sales in the first quarter of this year. In the first half of 2022, a total of 414 condos were sold in the Cape, or 26.5 percent less than the 563 condos sold in the first six months of 2021.
The median sales price came in at $282,500 for the overall Cape Coral condo market in June, up 28.5 percent from $219,900 in June 2021, and 0.9 percent above the $280,000 in May of this year. In the second quarter, the median sales price averaged $279,250 per month in the Cape’s overall condo market, up 33.2 percent from the average of $209,700 per month in the second quarter of 2021, and 2.5 percent above the average of $272,500 per month in the first quarter of this year. In the first half of 2022, the overall median sales price for Cape condos averaged $275,875 per month, or 35.3 percent higher than the average of $203,958 per month in the first six months of 2021.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 22 closed sales in June. This was 53.2 percent lower than the 47 closed sales in June 2021, and 47.6 percent below the 42 closed sales in May of this year. In the second quarter, there were a total of 103 closed condo sales in this segment, down 29 percent versus the total of 145 sales in the second quarter of 2021, but 13.2 percent above the total of 91 gulf access condo sales in the first quarter of this year. In the first half of 2022, there were a total of 194 gulf access condos sold in the Cape, down 25.7 percent from the 261 condos sold in the first six months of 2021.
The June median sales price was $317,500 for the Cape’s gulf access condo segment, which was 5.8 percent above the $300,000 in June 2021, but down 4.5 percent from $332,500 in May of this year. In the second quarter, the median sales price averaged $333,333 per month in this segment, up 24.6 percent from the average of $267,500 per month in the second quarter of 2021, and 7.2 percent above the average of $310,833 per month in the first quarter of this year. In the first half of 2022, the median sales price for Cape gulf access condos averaged $322,083 per month, up 32.2 percent from the average of $243,708 per month in the first six 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 and includes condos with no bridges to go under in the canal system, there were 16 closed sales in June. This was down 42.9 percent from 28 condo sales in both June 2021, and in May of this year. In the second quarter, there were a total of 72 condos sold in this segment, down 5.3 percent versus the total of 76 sales in the second quarter of 2021, but up 33.33 percent from the total of 54 sales in the first quarter of this year. In the first half of 2022, there were a total of 126 sailboat access condos sold in the Cape, down 11.9 percent from 143 condos sold in the first six months of 2021.
The June median sales price was $337,500 for the Cape’s sailboat access condo segment, down 20.6 percent from $425,000 in June 2021, and down 13.5 percent from $390,000 in May of this year. In the second quarter, the median sales price averaged $359,167 per month in this segment, up 2.5 percent from the average of $350,333 per month in the second quarter of 2021, and up 0.5 percent from the average of $357,317 per month in the first quarter of this year. In the first half of 2022, the median sales price for Cape sailboat access condos averaged $358,242 per month, up 15.3 percent from the average of $310,783 per month in the first six months of 2021.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 22 closed sales in June, down 48.8 percent from 43 dry lot condos sold in June 2021, and down 47.6 percent from 42 closed sales in May of this year. In the second quarter, a total of 112 condo sales closed in this segment, down 21.7 percent versus the total of 143 sales in the second quarter of 2021, but up 51.3 percent from the total of 74 dry lot condo sales in the first quarter of this year. In the first half of 2022, a total of 186 dry lot condos were sold in the Cape, down 23.1 percent from 242 condos sold in the first six months of 2021.
The June median sales price came in at $232,500 for the Cape’s dry lot condo segment, which was 40.9 percent above the $165,000 posted in June 2021, but it was 6.8 percent lower than the $249,450 in May of this year. In the second quarter, the median sales price averaged $244,650 per month in this segment, up 48.3 percent from the average of $165,000 per month in the second quarter of 2021, and 12.7 percent above the average of $217,042 per month in the first quarter of this year. In the first half of 2022, the median sales price for Cape dry lot condos averaged $230,846 per month, or 46.7 percent more than the average of $157,324 per month in the first six 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 July 25, 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.