Bob and Geri Quinn

One year ago, our headline read “Anxious buyers drive November home sales and prices up,” as the number of closed sales and home prices in the Cape were exploding into their own version of a “bomb cyclone” event rivaling this year’s Christmas blizzard up north. Now in Southwest Florida, the chill in our real estate market is being matched by the cold northern air being felt this weekend, with candy cane hopes that our real estate recession will pass as quickly as the cold fronts this winter.

But as you will see in the November numbers shown below, our market has “flipped” from one of anxious buyers a year ago hoping for a winning bid on their dream home, to a growing number of anxious sellers hoping to find a buyer. This hot mess in our market began with the Fed raising interest rates at the fastest pace since the early 1980s, only to be made worse by the widespread damage caused by Hurricane Ian.

As of Dec. 20, there were 1,346 active Cape Coral single-family homes listed for sale through a Realtor in the Multiple Listing Service at prices ranging from $265,000 to $4,999,999. The median list price came in at $499,999 with 27.34 percent, or 368 of the homes, listed for sale in the Cape priced at $400,000 and under, including 16 homes priced below $300,000. At the other end of the spectrum, there were a total of 149 homes, or 11.1 percent of the active listings in the Cape, priced at $1 million and above.

There are currently 571 Cape Coral homes under contract with buyers as pending sales in the MLS at prices ranging from $129,999 to $3.25 million, with 304 homes, or 53.2 percent of the pending sales at $400,000 and under, including 27 homes under $300,000. When we bump our search up to $450,000 and under, the number of pending sales jumps to 65.8 percent of our market, while 21 pending sales, or 3.7 percent of the Cape’s market, is at $1 million and above.

By comparison, on Dec. 20, 2021, there were only 507 active listings in the MLS for single-family homes at prices ranging from $249,900 to $5.995 million. The median list price was $529,900 a year ago, which was up from $480,000 on Nov. 22, 2021, and on the way to a peak median list price of $610,000 by April 19 of this year (based on our weekly market surveys). One year ago, we had 12 homes on the market for less than $300,000 and 70 homes in the Cape with list prices of $1 million and above, along with 972 Cape Coral single-family homes under contract with buyers at prices ranging from $179,900 to $4 million.

In the overall Cape Coral single-family home market, there were 287 closed home sales in November, which was 50 percent lower than the 574 closed sales in November of 2021, but 30.5 percent above the 220 sales in October of this year. In the first eleven months of 2022, there were a total of 5,381 closed sales in the Cape’s overall single-family home market, or 16.8 percent less than the 6,466 closed sales in the first 11 months of 2021.

The median sales price in the overall Cape Coral single-family home market was $400,000 in November, or 5.7 percent higher than the $378,525 posted in November 2021, but 10.1 percent below the $445,000 in October of this year. In the first 11 months of 2022, the overall median sales price in the Cape averaged $426,973 per month, which was 23.6 percent more than the average of $345,348 per month in the first 11 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 26 closed home sales in November, which was 58.1 percent lower than the 62 closed sales in November 2021, but 44.4 percent above the 18 sales in October of this year. In the first 11 months of 2022, there were 533 closed sales in this segment, or 28.5 percent less than the 745 sales in the first eleven months of 2021.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $800,000 in November, which topped the $755,000 posted in November 2021 by 6 percent, but it was 6.9 percent below the $859,500 in October of this year. In the first 11 months of this year, the median sales price in this segment averaged $804,727 per month, or 25.6 percent above the average of $640,545 per month in the first 11 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 21 closed home sales in November. This was 61.8 percent lower than the 55 sales in November 2021, but 110 percent above the 10 sales in October of this year. In the first 11 months of 2022, there were 456 sales in this segment, or 33.1 percent less than the 682 sales in the first 11 months of 2021.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $625,000 in November, or 24.3 percent below the $826,000 in November 2021, and 32.1 percent lower than the $920,000 in October of this year. In the first 11 months of 2022, the median sales price in this segment averaged $863,957 per month, or 24.9 percent above the average of $691,675 per month in the first 11 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 33 closed home sales in November. This was 49.2 percent lower than the 65 closed sales registered in November 2021, but 6.5 percent above the 31 sales in October of this year. In the first 11 months of 2022, there were 574 closed sales in this segment, or 19.9 percent less than the 717 sales in the first 11 months of 2021.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $450,000 in November, or 3.2 percent below the $465,000 posted in November 2021, and 21.1 percent lower than the $570,000 in October of this year. In the first 11 months of 2022, the median sales price in this segment averaged $525,855 per month, or 29.4 percent above the average of $406,477 per month in the first 11 months of 2021.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 207 closed home sales in November, which was 46.9 percent lower than the 390 closed sales in November 2021, but it was 28.6 percent above the 161 closed sales in October of this year. In the first 11 months of 2022, there were 3,786 closed sales in this segment, down 11.6 percent from the 4,283 closed sales in the first 11 months of 2021.

The median sales price in this segment was $370,000 in November, or 9.2 percent more than the $338,725 posted in November 2021, but down 5.4 percent from $391,000 in October of this year. In the first 11 months of 2022, the median sales price for dry lot homes in the Cape averaged $380,577 per month, or 28.8 percent more than the average of $295,547 per month in the first 11 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 Dec. 18, 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.