Geri and Bob Quinn

One year ago in this column we were providing the numbers for what was a record-setting first quarter in sales for the then red-hot Cape Coral single-family home market, while noting that we were seeing early indications that our market was softening. Last April we started to see the attitude of home buyers shift from a highly competitive “panic buying” mode, to one of patiently making offers below list price as more sellers started making price reductions. In the first quarter of 2023, sales are down sharply versus a year ago, but rebounding from the post-Hurricane Ian low points in the fourth quarter of last year as sales prices remain soft.

One year ago on April 19, 2022, there were 547 active listings for single-family homes in the Cape through a Realtor in the MLS at list prices ranging from $259,900 to $5.995 million, with a median list price of $610,000. There were only 68 homes priced at $400,000 and under back then, to go with the 103 homes in the Cape listed at $1 million and above. At that time, there were a total of 998 single-family homes under contract with buyers as pending sales, with 77 of those pending sales at $1 million and above.

In our current market as of Tuesday, April 18, there were 1,468 active listings in the MLS at prices ranging from $235,000 to $3.995 million, and the median list price was $535,000. Of these 1,468 current home listings, 343 of them are priced at $400,000 and under, to go along with 215 homes listed at $1 million and above. A total of 925 Cape Coral homes are currently under contract as pending sales at prices ranging from $175,000 to $4.15 million, including 425 homes pending at $400,000 and under, and 49 homes under contract at $1 million and above. The median pending sales price was $415,000 which is 22.4% below the current median list price, indicating some continued downward pressure on sales prices.

In the overall Cape Coral single-family home market, there were 499 closed home sales in March, which was down 27.3% from the 686 homes sold in March 2022, but up 33.8% versus the 373 sales in February of this year. In the first quarter of 2023, there were 1,197 closed sales, which was 31.5% below the 1,748 homes sold in the first three months of 2022, but up 38.9% from the 862 sales in the fourth quarter of 2022.

The median sales price in the overall Cape Coral single-family home market was $415,000 in March, which was down 1.2% from the $420,000 posted in both March 2022, and in February of this year. In the first quarter, the median sales price averaged $411,666 per month, or 1.6% above the average of $405,000 per month in the first quarter of 2022, but down 0.8% from the average of $415,000 per month in the fourth quarter of 2022.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning homes with bridges in the canal system), there were 50 closed sales in March, which was 24.2% lower than the 66 closed sales in March 2022, but 35.1% above the 37 sales in February of this year. In the first quarter of 2023, there were 108 closed sales in this segment, which was 38.3% less than the 175 closed sales in the first three months of 2022, but it was 54.3% above the 70 closed sales in the fourth quarter of last year.

The median sales price in the Cape’s single-family indirect gulf access canal home segment came in at $692,500 in March, which was 20.2% below the $867,450 posted in March 2022, and 17.1% lower than the $835,000 in February of this year. In the first quarter, the median sales price in this segment averaged $767,500 per month, or 4.8% below the average of $805,817 per month in the first quarter of 2022, and 2.8% less than the average of $790,000 per month in the fourth quarter of last year.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (meaning no bridges in the canals to get out to open water), there were 41 closed sales in March, which was 43.1% lower than the 72 sales in March 2022, but 28.1% above the 32 sales in February of this year. In the first quarter of 2023, there were 110 closed sales in this segment, which was 40.5% below the 185 sales in the first quarter of 2022, while coming in 83.3% above the 60 closed sales in the fourth quarter of last year.

The median sales price in the Cape’s single-family direct sailboat access canal home segment came in at $820,000 in March, which was 16.2% below the $978,000 in March 2022, but up 19.3% versus the $687,500 in February of this year. In the first quarter, the median sales price in this segment averaged $725,833 per month, which was down 16.7% from the average of $871,833 per month in the first quarter of 2022, and 1.5% below the average of $736,667 per month in the fourth quarter of last year.

Freshwater canal and lake homes

In the Cape’s single-family freshwater canal and lake home segment, which includes landlocked waterfront homes with no boating access to the river or Gulf of Mexico, there were 54 closed sales in March. This was 14.3% below the 63 sales in March 2022, but 31.7% above the 41 sales in February of this year. In the first quarter of 2023, there were 126 closed sales in this segment, which was 31.1% below the 183 sales in the first quarter of 2022, but 26% above the 100 sales in the fourth quarter of 2022.

The median sales price in the Cape’s single-family freshwater canal and lake home segment came in at $492,500 in March, which was up 0.5% from the $489,900 posted in March 2022, but 12.1% below the $560,000 in February of this year. In the first quarter, the median sales price in this segment averaged $507,500 per month, beating the average of $482,300 per month in the first quarter of 2022 by 5.2%, but coming in 1.7% below the average of $516,067 per month in the fourth quarter of 2022.

Dry lot homes

In the Cape’s single-family dry lot (non-canal) home segment, there were 354 closed sales in March, which was 25.9% lower than the 478 sales in March 2022, but 35.1% above the 262 sales in February of this year. There were 850 closed sales in this segment during the first quarter, which was 28.4% below the 1,187 sales in the first quarter of 2022, but up 34.3% from the 633 closed sales in the fourth quarter of last year.

The median sales price in the Cape Coral single-family dry lot home segment was $371,495 in March, which edged 0.4% higher from the $370,000 posted in March 2022, but it was down 3.4% from $384,714 in February of this year. In the first quarter, the median sales price in this segment averaged $371,285 per month, or 4% above the average of $357,000 per month in the first quarter of 2022, but 1.8% below the average of $377,997 per month in the fourth quarter of last year.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of April 17, 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 with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.