×
×
homepage logo
STORE

Cape’s February home sales down sharply from last year

By BOB and GERI QUINN - HOMING IN | Mar 23, 2023

Bob and Geri Quinn

With all eyes focused on this Wednesday’s Federal Reserve meeting, the banking crisis, interest rates and inflation, the long anticipated decision about when the Fed would “blink and pivot” away from its “higher interest rates for longer” war on inflation was being made after we wrote this week’s column. As we have been saying in this column for the past 12 months, the Fed holds the keys to the housing market with its interest rate decisions, and when compounded by the impact of Hurricane Ian, it has been no surprise that our February home sales numbers are down sharply from a year ago. However, on a positive note, the number of closed single-family home sales in the Cape were higher from January to February of this year (except in our “sailboat” access canal home segment).

Overall, median sales prices are down from last year’s highs, but holding up despite being negatively impacted by the abnormal “below market price” sales of storm damaged homes. The number of active listings in the MLS continues to increase, while we are seeing some early indications that median list prices and pending home sales may be hitting their peak for now.

As of Tuesday, March 21, the number of active listings for Cape Coral single-family homes in the Multiple Listing Service continued their steady move higher this year, increasing by 4.4% from 1,418 to 1,481 homes on the market over the last seven days. There are now 11.4% more homes on the market since Jan. 3 of this year, and the number of active single-family home listings have more than tripled since one year ago on March 22, 2022, when there were only 463 homes listed through a Realtor in the Cape.

The median list price reached $534,950 for Cape Coral single-family homes two weeks ago on March 7, and has since eased back a bit to $524,900 this week (as of March 21), after climbing up from $509,873 on Jan. 3. One year ago the median list price stood at $569,900 as it was on the way to its April 19, 2022, peak of $610,000 (based on our weekly market survey). The number of homes in the Cape currently listed for sale at $1 million and above has increased from 151 homes on Jan. 3, to 193 homes as of March 21. Overall, the number of pending home sales in the Cape stood at 850 on March 21, down from 872 pending sales a week ago, and down from 1,004 one year ago. On Jan. 3 of this year, there were 522 pending sales in the pipeline, so we have had a solid seasonal surge in the current market conditions.

In the overall Cape Coral single-family home market, there were 370 closed home sales in February, which was 35.9% lower than the 577 closed sales in February 2022, but it was 13.8% above the 325 closed sales in January of this year. In the first two months of 2023, there were a total of 695 closed sales in the Cape’s overall single-family home market, which was 34.5% lower than the all-time record of 1,061 combined closed sales in the months of January and February 2022.

The median sales price in the overall Cape Coral single-family home market was $421,999 in February, or 5.5% higher than the $400,000 posted in both February 2022, and in January of this year. In the first two months of 2023, the overall median sales price for single-family homes in the Cape averaged $411,000 per month, which was 3.4% higher than the average of $397,500 per month in January and February 2022.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (homes with bridges in the canal system), there were 37 closed home sales in February. This was 40.3% lower than the 62 closed sales in February 2022, but 76.2% above the 21 closed sales in January of this year. In the first two months of 2023, there were 58 closed sales in this segment, or 46.8% below the 109 sales in January and February 2022.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $835,000 in February, which topped the $800,000 in February 2022 by 4.4%, and it was 7.7% higher than the $775,000 in January of this year. In the first two months of this year, the median sales price in this segment averaged $805,000 per month, or 3.9% above the average of $775,000 per month in January and February 2022.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (no bridges in canals to get out to open water), there were 32 closed home sales in February. This was 46.7% lower than the 60 closed sales in February 2022, and 13.5% below the 37 sales in January of this year. In the first two months of 2023, there were 69 closed sales in this segment, or 38.9% less than the 113 sales in January and February 2022.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was an abnormally low $687,500 in February, or 17.9% below the $837,500 in February 2022, but 2.6% above the $670,000 in January of this year. In the first two months of 2023, the median sales price in this segment averaged $678,750 per month, or 17.1% less than the average of $818,750 per month in the first two months of 2022.

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 access to the river or the Gulf of Mexico by boat, there were 40 closed home sales in February. This was 38.5% lower than the 65 closed sales in February 2022, but 29% above the 31 closed sales in January of this year. In the first two months of 2023, there were 71 closed sales in this segment, which was down 40.8% from the 120 sales in January and February 2022.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $550,000 in February, or 15.8% above the $475,000 posted in February 2022, and 17% higher than the $470,000 in January of this year. In the first two months of 2023, the median sales price in this segment averaged $510,000 per month, or 6.6% more than the average of $478,500 per month in January and February 2022.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 260 closed home sales in February, which was 32.1% lower than the 383 closed sales in February 2022, but 11.1% above the 234 closed sales in January of this year. In the first two months of 2023, there were 494 closed sales in this segment, which was down 30.3% from 709 sales in January and February 2022.

The median sales price for dry lot homes in the Cape was $384,714 in February, or 8.4% above the $355,000 posted in February 2022, and up 7.6% from $357,645 in January of this year. In the first two months of 2023, the median sales price for homes in this segment averaged $371,180 per month, or 5.9% more than the average of $350,500 per month in January and February 2022.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of March 20, 2023, 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.