Bob and Geri Quinn

The number of closed single-family home sales in Cape Coral continued its climb from the post-Hurricane Ian lows back in October, while median sales prices searched for their new post-storm equilibrium. But as shown in the numbers below, December and fourth quarter sales still took a big hit.

As of Tuesday, Jan. 22, there were 1,329 active listings for single-family homes in the MLS with the median list price coming in at $504,990, up just a tick from a week ago. The number of pending home sales were up 6.5 percent from 599 a week ago, to 638 this week. A year ago there were only 470 Cape Coral single-family homes listed for sale with a median list price of $519,495 to go along with 933 pending sales in the MLS.

In the overall Cape Coral single-family home market, there were 343 closed home sales in December, which was down 41.1 percent from the 582 homes sold in December 2021, but it was up 19.1 percent from the 288 sales in November 2022. In the fourth quarter of 2022, there were 853 closed sales, which was 50 percent lower than the 1,706 homes sold in the fourth quarter of 2021, and 33.3 percent below the 1,278 sales in the third quarter of 2022. Last year, there were 5,732 single-family homes sold in the Cape, which was 18.7 percent below the 7,048 homes sold during the record setting year of 2021.

The median sales price in the overall Cape Coral single-family home market was $400,000 in December, which was up 3.9 percent from the $385,000 posted in December 2021, and even with the $400,000 in November 2022. In the fourth quarter, the median sales price averaged $415,000 per month, which was 9.8 percent above the average of $377,825 per month in the fourth quarter of 2021, but down 1.6 percent from the average of $421,667 per month in the third quarter of 2022. Last year, the median sales price in the Cape’s overall single-family home market averaged $424,771 per month to finish 21.8 percent above the average median sales price of $348,652 per month for the year in 2021.

Indirect gulf access canal homes

In the Cape’s single-family indirect gulf access canal home segment, meaning canal homes with bridges in the canal system, there were 22 closed sales in December. This was 65.6 percent lower than the 64 sales in December 2021, and 18.5 percent below the 27 sales in November 2022. In the fourth quarter of 2022, there were 68 closed sales in this segment, or 62 percent less than the 179 sales in the fourth quarter of 2021, and 34 percent below the 103 sales in the third quarter of last year. For the year in 2022, there were a total of 558 homes sold in this segment, or 31 percent less than the 809 homes sold for the year in 2021.

The median sales price in the Cape Coral single-family indirect gulf access canal home segment came in at $740,000 in December, which was down 1.7 percent from the $753,000 in December 2021, and 7.5 percent below the $800,000 in November 2022. In the fourth quarter of 2022, the median sales price in this segment averaged $796,667 per month, or 8 percent above the average of $737,667 per month in the fourth quarter of 2021, and 3.9 percent more than the average of $766,667 per month in the third quarter of 2022. For the year, the median sales price in this segment averaged $798,338 per month in 2022, or 22.8 percent above the average median sales price of $649,917 per month for the year in 2021.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canal system to reach open water), there were 29 closed sales in December. This was 43.1 percent lower than the 51 sales in December 2021, but 38.1 percent above the 21 sales in November 2022. In the fourth quarter of last year, there were 60 closed sales in this segment, which was 60.3 percent less than the 151 sales in the fourth quarter of 2021, and 28.6 percent below the 84 closed sales in the third quarter of 2022. For the year in 2022, there were a total of 485 homes sold in this segment, which was 33.8 percent below the 733 homes sold for the year in 2021.

The median sales price in the Cape Coral single-family direct sailboat access canal home segment came in at $665,000 in December, which was down 16.9 percent from $800,000 in December 2021, but 6.4 percent above the $625,000 in November 2022. In the fourth quarter, the median sales price in this segment averaged $736,667 per month, which was down 6.5 percent from the average of $787,833 per month in the fourth quarter of 2021, and 10.5 percent below the average of $823,542 per month in the third quarter of 2022. For the year, the median sales price in this segment averaged $847,377 per month in 2022, or 20.9 percent more than the average of $700,702 per month for the year in 2021.

Freshwater canal and lake homes

In the Cape’s single-family freshwater canal and lake home segment, consisting of landlocked canals and lakes with no boating access to the river or the Gulf of Mexico, there were 36 closed sales in December. This was 49.3 percent lower than the 71 sales in December 2021, but 9.1 percent above the 33 sales in November 2022. In the fourth quarter, there were 100 closed sales in this segment, which was 50.7 percent below the 203 sales in the fourth quarter of 2021, and 20 percent below the 125 sales in the third quarter of 2022. For the year in 2022, there were a total of 611 sold in this segment, which was 22.5 percent lower than the 788 homes sold for the year in 2021.

The median sales price in the Cape Coral single-family freshwater canal and lake home segment came in at $528,200 in December, which was up 14.8 percent from $460,000 in December 2021, and up 17.4 percent from $450,000 in November 2022. In the fourth quarter, the median sales price in this segment averaged $516,067 per month, beating the average of $455,000 per month in the fourth quarter of 2021 by 13.4 percent, but down 4.7 percent from an average of $541,667 per month in the third quarter of 2022. For the year, the median sales price in this segment averaged $524,796 per month in 2022, or 27.7 percent higher than the average of $410,937 per month for the year in 2021.

Dry lot homes

In the Cape’s single-family dry lot (non-canal) home segment, there were 260 closed sales in December, which was 34 percent lower than the 394 sales in December 2021, but 25.6 percent above the 207 closed sales in November 2022. There were 629 closed sales in this segment during the fourth quarter, which was 46 percent below the 1,165 sales in the fourth quarter of 2021, and 34.6 percent less than the 962 sales in the third quarter of 2022. For the year, there were a total of 4,050 dry lot homes sold in 2022, which was 13.4 percent lower than the 4,676 dry lot homes sold in all of 2021.

The median sales price in the Cape Coral single-family dry lot home segment came in at $379,450 in December, which was up 8.6 percent from the $349,488 posted in December 2021, and up 2.6 percent from $370,000 in November 2022. In the fourth quarter, the median sales price in this segment averaged $379,150 per month, or 11.6 percent above the average of $339,654 per month in the fourth quarter of 2021, but 1.9 percent lower than the average of $386,667 per month in the third quarter of 2022. For the year, the median sales price in this segment averaged $380,233 per month in 2022, which was 26.7 percent higher than the average of $300,042 per month for the full year in 2021.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, FL, as of Jan. 22, 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 with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.