When it comes to the Cape Coral condominium market for the month of July, it can be best summed up by saying “what a difference a year makes!” First, as shown below, the number of closed condo sales have declined precipitously from both a year ago and from the single high peak month for sales so far this year. One could argue that the decline in sales is simply a return to our more normal, historical summer season slowdown, with the expectation that sales will ramp higher again as our seasonal visitors return. A lot of sellers seem to be betting on this.

Next, the median sales prices for Cape Coral condos were up by huge amounts over last year’s numbers, but have been topping out this year as a rapidly increasing inventory of condos being listed for sale is likely to put added pressure on condo prices. This, after the condo inventory spent most of last year missing in action. In addition, the median list price for condos has been flattening out, and with another substantial interest rate hike looming at the upcoming Federal Open Market Committee meeting on Sept. 20 and 21, buyers may get some added relief in the form of further price weakness.

As of Tuesday, Sept. 6, there were 162 active listings on the market for Cape Coral condos in the Multiple Listing Service at prices ranging from $154,900 to $5 million. A total of 35 of the 162 condo listings had asking prices of $250,000 and below, with 11 of these units priced under $200,000. At the other end of the spectrum, there were 10 condos listed for between $569,000 to $810,000 with another three units priced from $1.5 to $1.65 million, and one condo listed for $5 million. The current median list price for Cape condos was $310,000. There was one additional riverfront condo listed as a foreclosure at $320,000.

Also as of Sept. 6, there were 64 Cape Coral condos under contract with buyers as pending sales at prices ranging from $169,000 to $1.635 million. A total of 25 of the 64 pending sales were priced at $250,000 and below, with 11 of these under $200,000. Three condos were pending from $599,000 to $949,000 and one other unit was pending above $1 million.

Looking back to just over a month ago on July 26, there were 119 active listings for Cape Coral condos in the MLS at prices ranging from $149,000 to $1.65 million, with the median list price coming in at $294,000. While 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 the median list price was $320,000. Six months ago, there were 99 pending condo sales. So the number of active condo listings has surged higher this year, while pending sales have declined and median list prices have been range bound, but drifting a bit lower. Although technically still in a seller’s market, things have shifted to more of a “feels like” a neutral, or balanced condo market.

In the overall Cape condo market, there were 51 closed sales in the month of July, which was 41.4 percent lower than the 87 closed condo sales in July 2021, and 1.9 percent below the 52 sales in June of this year. In the first seven months of this year, there were a total of 465 condos sold overall in the Cape, down 28.5 percent from the 650 condo units sold in the first seven months of 2021. Closed condo sales hit their single month peak in our overall market so far this year with 92 sales in April.

The July median sales price came in at $270,000 for the overall Cape Coral condo market, which was 25.6 percent above the $214,900 posted in July 2021, but it was 4.4 percent lower than the $282,500 in June of this year. In the first seven months of 2022, the median sales price averaged $275,036 per month in our overall condo market, or 33.8 percent above the average of $205,521 per month in the first seven months of 2021. So far in 2022, median sales prices had their best single month performance in June, coming in at $282,500.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 21 closed sales in July, which was 40 percent lower than the 35 condos sold in July 2021, and 4.5 percent below the 22 sales in June of this year. In the first seven months of 2022, there were a total of 215 saltwater canal condos sold in the Cape, or 27.4 percent less than the 296 units sold in the first seven months of 2021. Closed sales hit their peak so far this year at 42 units sold in the month of May.

The July median sales price came in at $390,000 for the Cape’s saltwater canal condo segment, which was the peak month so far this year. This was 56 percent above the $250,000 posted in July 2021, and 22.8 percent higher than the $317,500 in June of this year. In the first seven months of 2022, the median sales price in this segment averaged $331,786 per month, or up 35.6 percent versus the average of $244,607 per month in the first seven 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 12 closed sales in July. This was down 42.9 percent from the 21 condos sold in July 2021, and 25 percent below the 16 sold in June of this year. In the first seven months of 2022, there were a total of 138 units sold in this segment, or 15.9 percent less than the 164 units sold in the first seven months of 2021. Sales peaked at 28 units in both April and May.

The July median sales price was $436,250 for the Cape’s sailboat access condo segment, which was the peak month so far this year. This was 38.5 percent above the $315,000 in July 2021, and it was up 29.3 percent from $337,500 in June of this year. In the first seven months of 2022, the median sales price in this segment averaged $369,386 per month, up 18.6 percent versus the average of $311,386 per month in the first seven months of 2021.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 24 closed sales in July, which was 33.33 percent lower than the 36 condos sold in July 2021, but 9.1 percent above the 22 sales in June of this year. In the first seven months of 2022, there were a total of 210 dry lot condos sold in the Cape, which was 24.5 percent less than the 278 units sold in the first seven months of 2021. Closed sales peaked at 48 units sold in the month of April.

The July median sales price came in at $217,500 for the Cape’s dry lot condo segment, which was 35.9 percent above the $160,000 posted in July 2021, but 6.5 percent below the $232,500 in June of this year. In the first seven months of 2022, the median sales price in this segment averaged $228,939 per month, or 45.2 percent more than the average of $157,706 per month in the first seven months of 2021. The peak month so far this year was in April at $252,000.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Sept. 5, 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.