The key takeaways in our local real estate market involve rising mortgage rates, now above 6 percent, a substantial drop in the number of closed home sales in August and a shift away from a wildly active seller’s market earlier this year to a much slower paced neutral market right now.

Although the number of active listings in the Cape have seemed to reach a state of equilibrium, their dramatic rise from only 424 listings in the Multiple Listing Service back on Feb. 22 of this year, to over 1,400 listings more recently now has us in a “feels like” it’s a buyers market state of mind. Median list prices and median sales prices have softened from their peak levels earlier this year, while recently remaining in a fairly tight range. For now, the keys to the housing market are in the hands of the Jerome Powell-led Federal Reserve.

As of Tuesday, Sept. 20, there were 1,411 Cape Coral single-family homes listed for sale through a Realtor in the MLS at prices ranging from $234,900 to $5.995 million, while the median list price came in at $525,000. There were a total of 312 homes priced at $400,000 and below, with 16 of these homes priced under $300,000. When we increased our search to include all homes listed on the market at $450,000 and under, the number grew to 513 homes, equalling 36.4 percent of the active listings. At the other end of the spectrum, 174 homes in the Cape were listed at $1 million and above.

There are currently 762 Cape Coral single-family homes under contract with buyers as pending sales at prices ranging from $249,000 to $3.999 million, with 36 of these pending sales at prices of $1 million and above. A total of 361 homes in the Cape are pending at $400,000 and below, equalling 47.4 percent of our pending sales, with 22 of these homes priced under $300,000. When we increased our search to include homes under contract with buyers at $450,000 and under, there were 457 pending sales, equalling 60 percent of the market.

A year ago on Sept. 21, 2021, there were 540 active Cape Coral single-family homes listed for sale through a Realtor in the MLS at prices ranging from $215,000 to $5.995 million with 949 homes under contract with buyers as pending sales. Foreclosure and short sale activity in the Cape was minimal a year ago and it remains that way today.

In the overall Cape Coral single-family home market, there were 414 closed home sales in August, which was 21 percent lower than the 524 closed sales in August 2021, and 11.7 percent below the 469 closed sales in July of this year. In the first eight months of 2022, there were a total of 4,478 closed sales in the Cape’s overall single-family home market, which was 6.1 percent less than the 4,770 closed sales in the first eight months of 2021.

The median sales price in the overall Cape Coral single-family home market was $430,000 in August, or 19.4 percent higher than the $360,000 posted in August 2021, and 1.2 percent above the $424,900 in July of this year. In the first eight months of 2022, the overall median sales price for single-family homes in the Cape averaged $430,425 per month, which was 28.3 percent more than the average of $335,513 per month in the first eight months of 2021.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 38 closed home sales in August, which was 34.5 percent lower than the 58 closed sales in August 2021, but 11.8 percent above the 34 sales in July of this year. In the first eight months of 2022, we had 458 closed sales in this segment, down 20.6 percent from 577 sales in the first eight months of 2021.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $800,000 in August, which topped the $685,000 posted in August 2021 by 16.8 percent, and it was 6 percent above the $755,000 in July of this year. In the first eight months of this year, the median sales price in this segment averaged $805,938 per month, or 31 percent above the average of $615,125 per month in the first eight months of 2021.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canals to reach open water), there were 29 closed home sales in August. This was 44.2 percent lower than the 52 closed sales in August 2021, but 11.5 percent above the 26 sales in July of this year. In the first eight months of 2022, there were 394 closed sales in this segment, or 25 percent below the 525 sales in the first eight months of 2021.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $875,000 in August, or 27.6 percent above the $686,000 in August 2021, and 15.8 percent higher than the $755,625 in July of this year. In the first eight months of 2022, the median sales price in this segment averaged $891,691 per month, or 34.1 percent more than the average of $664,991 per month in the first eight months of 2021.

Freshwater canal

and lake homes

In the Cape’s single-family freshwater canal home segment (landlocked canals and lakes with no boating access to the river or Gulf of Mexico), there were 38 closed home sales in August. This was 22.4 percent below the 49 sales in August 2021, and down 15.6 percent from 45 sales in July of this year. In the first eight months of 2022, there were 468 closed sales in this segment, down 8.9 percent from 514 sales in the first eight months of 2021.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $559,950 in August. This was 34.6 percent above the $415,900 posted in August 2021, and 8.7 percent higher than the $515,000 in July of this year. In the first eight months of 2022, the median sales price in this segment averaged $526,794 per month, up 34.2 percent from the average of $392,655 per month in the first eight months of 2021.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 308 closed sales in August, which was 14.9 percent lower than the 362 sales in August 2021, and 15.2 percent below the 363 sales in July of this year. In the first eight months of 2022, there were 3,128 closed sales in this segment, edging up 0.2 percent from the 3,122 closed sales in the first eight months of 2021.

The sales price in this segment was $389,950 in August, or 24 percent above the $314,450 posted in August 2021, but down 1.3 percent from $395,000 in July of this year. In the first eight months of 2022, the median sales price in this segment averaged $381,288 per month, up 34.9 percent from the average of $282,630 per month in the first eight 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 Sept. 19, 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 43 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.)