First, on this Veterans Day, we would like to salute and thank everyone who has served our country! We cannot say thank you enough.

In the Cape Coral condo market, the number of closed condo sales plummeted by every measure in both September and in the third quarter of this year, before Hurricane Ian slammed into our area. However, despite some pockets of softness, median sales prices in our condo market have been holding up reasonably well so far during the Federal Reserve’s rising interest rate war on inflation. Hopefully, the roundhouse blow from Ian will only result in a “standing eight count” on the road to recovery.

As of Tuesday, Nov. 8, there were 157 active condo listings in the Cape through the Multiple Listing Service at prices ranging from $154,900 to $2.195 million, with the median list price for condos at $310,000. There were only 12 condos listed at $500,000 and above, with three of these units priced above $1 million. A total of 38 Cape Coral condos were priced at $250,000 and below, with 16 of these units priced at $200,000 and under. Currently, 64 condos are under contract with buyers as pending sales ranging from $160,000 to $525,000 with 18 of these at $250,000 and under. Since Hurricane Ian hit on Sept. 28 (through Nov. 7), there have been 36 closed condo sales, along with 37 new pending sales, and 36 new active condo listings coming on the market. In this time frame, 24 condo listings were withdrawn and 11 listings were terminated by sellers, with another 20 listings expiring.

Two months ago on Sept. 6, we had 162 active Cape Coral condo listings in the MLS at prices ranging from $154,900 to $5 million, with the median list price also at $310,000. There were 64 pending condo sales ranging from $169,000 to $1.635 million and four of these units were above $500,000 with only one above $1 million. We also had 25 condos pending at $250,000 and under, with 11 of these units below $200,000. A year ago on Nov. 9, 2021, there were only 41 active Cape condos listed in the MLS ranging from $155,900 to $1.1 million, with the median list price at $279,900. A year ago, there were 87 sales pending.

In the Cape’s overall condo market, there were 34 closed sales in September, which was 50 percent lower than the 68 condo sales in September 2021, and 40.4 percent below the 57 sales in August of this year. In the third quarter, we had a total of 142 closed condo sales, which was down 32.4 percent versus the 210 sales in the third quarter of 2021, and 38.5 percent below the 231 sales in the second quarter of this year. In the first nine months of this year, there were a total of 556 condos sold in the Cape, or 28.1 percent below the 773 sales in the first nine months of 2021.

The median sales price came in at $285,000 for the overall Cape Coral condo market in September, which was 20.6 percent above the $236,250 posted in September 2021, and 3.6 percent higher than the $275,000 in August of this year. In the third quarter, the median sales price averaged $276,667 per month in the Cape’s overall condo market, up 24 percent from the average of $223,050 per month in the third quarter of 2021, but 0.92 percent below the average of $279,250 per month in the second quarter of this year. In the first nine months of 2022, the overall median sales price for Cape condos averaged $276,139 per month, or 31.3 percent more than the average of $210,322 per month in the first nine months of 2021.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 17 closed sales in September, which was 52.8 percent lower than the 36 closed sales in September 2021, and 26.1 percent below the 23 sales in August of this year. In the third quarter, there were 61 closed condo sales in this segment, which was down 39 percent versus 100 closed sales in the third quarter of 2021, and 40.8 percent below the 103 gulf access condo sales in the second quarter of this year. In the first nine months of 2022, there were 255 gulf access condos sold in the Cape, or 29.4 percent less than the 361 condos sold in the first nine months of 2021.

The September median sales price came in at $320,000 for the Cape’s gulf access condo segment, which was 17.7 percent above the $271,950 posted in September 2021, but 4.5 percent lower than the $335,000 in August of this year. In the third quarter, the median sales price averaged $348,333 per month in this segment, which was 35.4 percent higher than the average of $257,283 per month in the third quarter of 2021, and 4.5 percent above the average of $333,333 per month in the second quarter of this year. In the first nine months of 2022, the median sales price for Cape gulf access condos averaged $330,833 per month, or 33.3 percent more than the average of $248,233 per month in the first nine 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 8 closed sales in September. This was 52.9 percent lower than the 17 condo sales in September 2021, and 33.33 percent below the 12 sales in August of this year. In the third quarter, there were 32 condos sold in this segment, which was down 38.5 percent versus the 52 sales in the third quarter of 2021, and 55.6 percent below the 72 sales in the second quarter of this year. In the first nine months of 2022, there were 158 sailboat access condos sold in the Cape, or 19 percent below the 195 condos sold in the first nine months of 2021.

The September median sales price was $335,000 in the Cape’s sailboat access condo segment, which was 6 percent above the $316,000 posted in September of 2021, but down 13.4 percent from $387,000 in August of this year. In the third quarter, the median sales price averaged $386,083 per month in this segment, or 24.2 percent higher than the average of $310,833 per month in the third quarter of 2021, and 7.5 percent above the average of $359,167 per month in the second quarter of this year. In the first nine months of 2022, the median sales price for Cape Coral sailboat access condos averaged $367,522 per month, or 18.3 percent above the average of $310,800 per month in the first nine months of 2021.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 14 closed sales in September, which was 44 percent lower than the 25 dry lot condos sold in September 2021, and 50 percent below the 28 sales in August of this year. In the third quarter, there were 66 sales in this segment, which was down 17.5 percent versus the 80 sales in the third quarter of 2021, and 41.1 percent lower than the 112 sales in the second quarter of this year. In the first nine months of 2022, there were 252 dry lot condos sold in the Cape, or 21.7 percent less than the 322 condos sold in the first nine months of 2021.

The September median sales price came in at $252,500 for the Cape’s dry lot condo segment, which was 18 percent above the $214,000 posted in September 2021, and it was 12.1 percent higher than the $225,200 in August of this year. In the third quarter, the median sales price averaged $231,733 per month in this segment, or 24.4 percent higher than the average of $186,333 per month in the third quarter of 2021, but 5.3 percent below the average of $244,650 per month in the second quarter of this year. In the first nine months of 2022, the median sales price for Cape dry lot condos averaged $231,142 per month, or 38.4 percent above the average of $166,994 per month in the first nine 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 Nov. 7, 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 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.