Bob and Geri Quinn

As outlined in the market numbers shown below, through the month of November the Cape Coral condominium market has gone through some significant shifts in 2022. To begin with, since Jan. 4 of this year the number of active condo listings in the Cape through a Realtor in the MLS have increased by 360 percent, while the number of overall closed condo sales are down 29 percent.

As one might expect, the post-Hurricane Ian closed sales for the month of November were even more dismal for condos located on “saltwater” canals, with sales down 80 percent versus November 2021, and almost 47 percent below October of this year. The direct “sailboat” access canal condo segment took the biggest hit with only 3 closed sales in November, posting the fewest number of closed sales in a single month since the last time only three sales were registered in this segment back in July 2012.

The rapid deterioration in the number of closed sales in the Cape’s condo market is best illustrated by comparing the 414 overall condo sales in the first half of this year to the 212 sales from July through November. When looking back at 2021, with a total of 939 closed condo sales for the year, it would be fair to say the slumping sales in the second half of this year has us in a condo sales recession.

The one saving grace to the lower number of condo sales, which are on pace for their worst fourth quarter since posting 103 sales in the final three months of 2013, has been the way median condo sales prices have been holding up so far, preventing a devastating market collapse and making a recession feel like a slump.

As of Monday, Dec. 26, there were 170 condos listed for sale in Cape Coral in the Multiple Listing Service at prices ranging from $150,000 to $1.995 million, with the median list price for condos remaining at $315,000. A total of 35 condos were priced at $250,000 and under, including 12 units listed below $200,000. At the other end of the price spectrum, in our luxury condo segment, a total of 18 condos were listed at $599,000 and above, with six of these units listed at $1.559 million and up. Of note, 152 of our 170 active condo listings, or 89.4 percent of the Cape’s condo market, had list prices of $467,000 and under.

There were 59 condos in the Cape under contract with buyers as pending sales on Dec. 26, at prices ranging from $149,900 to $2.195 million. Of these pending sales, 20 were priced at $250,000 and under, including 10 units under $200,000. A total of 5 condos were under contract at $580,000 and above, with 3 of these pending sales between $1.55 million and $2.195 million. Of note, 52 of the 59 pending sales, or 88 percent of our condo market in the Cape, were under contract for $363,000 or less. These lower pending sales prices versus the higher list prices (above) could be the “canary in the coalmine” for condos.

This compares to a month ago on Nov. 28, when there were 148 active listings in the MLS for Cape Coral condos with a median list price of $315,000, along with 69 pending sales in the pipeline. Looking back to Jan. 4 of this year, there were only 37 condos in the Cape listed for sale at prices ranging from $155,000 to $995,000 with the median list price at $293,000. At that time, there were 70 condos under contract as pending sales at prices ranging from $155,000 to $995,000.

In the overall Cape condo market, there were 36 closed sales in the month of November, which was 36.8 percent lower than the 57 closed condo sales in November 2021, but 9.1 percent above the 33 sales in October of this year. In the first 11 months of 2022, there were a total of 626 condos sold overall in the Cape, which was down 29 percent from the 882 condo units sold in the first 11 months of 2021.

The November median sales price came in at $308,400 for the overall Cape Coral condo market, which was 32.6 percent above the $232,500 posted in November 2021, and 18.6 percent higher than the $260,000 in October of this year. In the first 11 months of 2022, the median sales price averaged $277,150 per month in our overall condo market, or 31.2 percent above the average of $211,241 per month in the first eleven months of 2021.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were only 8 closed sales in November. This was 71.4 percent lower than the 28 condos sold in November 2021, and 46.7 percent below the 15 sales in October of this year. In the first 11 months of 2022, there were a total of 279 saltwater canal condos sold in the Cape, or 31.3 percent less than the 406 units sold in the first 11 months of 2021.

The November median sales price came in at $352,450 for the Cape’s saltwater canal condo segment, which was 35.8 percent above the $259,500 posted in November 2021, and 17.5 percent higher than the $300,000 in October of this year. In the first 11 months of 2022, the median sales price for saltwater condos averaged $329,882 per month, or 31.8 percent higher than the average of $250,327 per month in the first 11 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 3 closed sales in November. This was down 80 percent from the 15 condos sold in November 2021, and 62.5 percent below the 8 units sold in October of this year. In the first 11 months of 2022, there were a total of 169 direct sailboat access canal condos sold in the Cape, or 22.1 percent less than the 217 units sold in the first 11 months of 2021.

The November median sales price came in at $391,000 for the Cape’s sailboat access condo segment, which was 5.8 percent below the $415,000 posted in November 2021, but up 19.8 percent from $326,500 in October of this year. In the first 11 months of 2022, the median sales price for condos in this segment averaged $365,927 per month, or 12.1 percent more than the average of $326,564 per month in the first 11 months of 2021.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 22 closed sales in November, which was 15.4 percent lower than the 26 condos sold in November 2021, but 46.7 percent above the 15 sales in October of this year. In the first 11 months of 2022, there were a total of 289 dry lot condos sold in the Cape, which was 23.7 percent less than the 379 dry lot condo units sold in the first 11 months of 2021.

The November median sales price came in at $287,500 for the Cape’s dry lot condo segment, which was 49.7 percent higher than the $192,075 posted in November 2021, and 25 percent above the $230,000 in October of this year. In the first 11 months of 2022, the median sales price for dry lot condos in the Cape averaged $236,161 per month, or 39.7 percent above the average of $169,084 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. 23, 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.