What a difference a year makes in our real estate market!
Last year at this time when we were recapping the October 2021 sales numbers, we were writing about being on the verge of setting another record for the year in Cape Coral home sales. This year, with the number of closed home sales already slowing down considerably in the second half of the year due to sharply rising interest rates, Hurricane Ian delivered a severe blow to our lives and our real estate market. This reality is borne out by the fact that the number of overall closed home sales for the month of October (shown below) hit their lowest single monthly total since back in January 2014, when there were only 185 closed sales for the month. Median sales prices have softened this year, but are hanging in there so far in Ian’s aftermath, as we are about two months into the storm recovery process.
As of Tuesday, Nov. 22, there were 1,320 active Cape Coral single-family homes listed for sale through a Realtor in the Multiple Listing Service at prices ranging from $240,000 to $4,999,999. This is up from 1,260 active listings a week ago. The median list price came in at $500,000 with 534 listings, or 40.5 percent of the 1,320 active listings, at $450,000 and under. Of these homes, 363 were at $400,000 and under with only 8 homes available for less than $300,000. There are 146 homes listed for sale in the Cape at $1 million and above. Pending single-family home sales totaled 551 at prices ranging from $170,000 to $2.85 million, with only 14 homes under contract at $1 million and above. A total of 356 Cape Coral homes, or 64.6 percent of the pending sales were at $450,000 and under, with 281 of these pending at $400,000 and below, including 20 homes under $300,000. We are now firmly in a cooling buyer’s market with declining sales and a rising inventory.
A year ago on Nov. 22, 2021, there were only 545 active single-family home listings in the Cape through the MLS at prices ranging from $212,500 to $5.995 million and we were in a red hot, low inventory seller’s market. The median list price was at $480,000 back then, before peaking at $610,000 in April of this year (based on our weekly market survey). A year ago there were 1,005 homes under contract with buyers as pending sales in the Cape.
In the overall Cape Coral single-family home market, there were only 217 closed home sales in October, which was 60.5 percent lower than the 550 closed sales in October 2021, and 43 percent below the 381 sales in September of this year. In the first 10 months of 2022, there were a total of 5,088 closed sales in the Cape’s overall single-family home market, which was 13.6 percent less than the 5,892 closed sales in the first 10 months of 2021.
The median sales price in the overall Cape Coral single-family home market was $445,000 in October, or 20.3 percent higher than the $369,950 posted in October 2021, and 8.5 percent above the $410,000 in September of this year. In the first 10 months of 2022, the overall median sales price for homes in the Cape averaged $429,720 per month, which was 25.6 percent more than the average of $342,030 per month in the first 10 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 18 closed home sales in October. This was 66 percent lower than the 53 closed sales in October 2021, and 41.9 percent below the 31 sales in September of this year. In the first 10 months of 2022, we had 507 closed sales in this segment, or 25.8 percent less than the 683 sales in the first 10 months of 2021.
The median sales price in the Cape’s single-family indirect gulf access canal home segment was $859,500 in October, which topped the $705,000 posted in October 2021 by 21.9 percent, and it was 15.4 percent above the $745,000 in September of this year. In the first 10 months of 2022, the median sales price in this segment averaged $805,200 per month, or 28 percent above the average of $629,100 per month in the first 10 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 10 closed home sales in October. This was the worst single month for the number of closed sales in this segment dating back to November 2011, when there were only 11 sales registered. It was also a whopping 77.8 percent lower than the 45 closed sales in October 2021, and 65.5 percent below the 29 sales in September of this year. In the first 10 months of 2022, there were 435 sales in this segment, or 30.6 percent less than the 627 sales in the first 10 months of 2021.
The median sales price in the Cape’s single-family direct sailboat access canal home segment was $920,000 in October, or 24.7 percent above the $737,500 in October 2021, and 9.5 percent higher than the $840,000 in September of this year. In the first 10 months of 2022, the median sales price in this segment averaged $887,853 per month, or 30.9 percent more than the average of $678,243 per month in the first 10 months of 2021.
Freshwater canal and lake homes
In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canals and lakes with no boating access to the river or the Gulf of Mexico, there were 30 closed home sales in October. This was 55.2 percent lower than the 67 closed sales in October 2021, and down 26.8 percent from the 41 closed sales in September of this year. In the first 10 months of 2022, there were 539 closed sales in this segment, or 17.3 percent less than the 652 sales in the first 10 months of 2021.
The median sales price in the Cape’s single-family freshwater canal and lake home segment was $570,000 in October, or 29.5 percent above the $440,000 posted in October 2021, and 3.6 percent higher than the $550,000 in September of this year. In the first 10 months of 2022, the median sales price in this segment averaged $533,435 per month, or 33.2 percent more than the average of $400,624 per month in the first 10 months of 2021.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 159 closed sales in October, which was 58.4 percent lower than the 382 closed sales in October 2021, and it was 42.8 percent below the 278 closed sales in September of this year. In the first 10 months of 2022, there were 3,575 closed sales in this segment, or 8.2 percent less than the 3,893 closed sales in the first 10 months of 2021.
The median sales price in this segment was $391,000 in October, or 18.2 percent above the $330,750 posted in October 2021, and up 5 percent from $372,500 in September of this year. In the first 10 months of 2022, the median sales price for dry lot homes in the Cape averaged $381,380 per month, or 31 percent more than the average of $291,229 per month in the first 10 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. 21, 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.
To reach BOB and GERI QUINN, please email news@breezenewspapers.com