Geri and Bob Quinn

The Cape Coral condominium market continued to make impressive progress in the month of March and during the first quarter of this year compared to the last three months of 2022 in the immediate aftermath of Hurricane Ian. However, the number of first quarter closed sales are down sharply versus the first quarter of 2022. For their part, the year-over-year gains in median sales prices for condos have slowed, while the inventory of condos has increased substantially. As shown in the market data below, the fundamentals of our condo market have changed dramatically from back in 2021 through 2022 and into this year.

As of Tuesday, April 25, there were 230 active condo listings in Cape Coral through a Realtor in the Multiple Listing Service at prices ranging from $159,900 to $3.9 million. The median list price for condos in the Cape came in at $314,950. There are currently 67 condos listed at $275,000 and under with 19 of these listings priced under $200,000. At the other end of the spectrum, there are 52 condos in the Cape listed at $519,900 and above, with 16 of these listings priced at $1.385 million and above.

We currently have 86 Cape Coral condos under contract with buyers as pending sales at prices ranging from $169,500 to $725,000. The median pending sales price is $300,000 and there are 32 condo sales pending at $275,000 and under, with 11 of these units pending at prices below $200,000. There are currently only 6 condos under contract in our higher priced range from $529,900 to $725,000.

One month ago on March 28, there were 213 active condo listings in the Cape through the MLS at prices ranging $176,100 to $3.9 million, with the median list price at $320,000. At that time, 60 condos were listed at $275,000 and under, with only 9 units priced below $200,000. A total of 50 condos were listed at $519,900 and above, with 17 of these units priced at $1.1 million and above.

There were 102 Cape Coral condos under contract as pending sales with the median pending sales price at $305,000 and the highest priced condo under contract as a pending sale was at $795,000. One year ago on May 3, 2022, there were 77 active condo listings in the Cape through a Realtor with the median list price at $300,000 and we had a total of 108 condos under contract as pending sales at prices ranging from $129,900 to $1.495 million. Two years ago on May 4, 2021, there were only 48 condos listed for sale in the MLS at prices ranging from $98,000 to $719,000 with 153 pending condo sales in the Cape.

In the overall Cape Coral condo market, there were 74 closed sales in the month of March, which was 5.7% higher than the 70 closed condo sales in March 2022, and 64.4% above the 45 closed sales in February of this year. In the first quarter, there were a total of 145 closed condo sales, which was down 20.8% compared to the total of 183 closed sales in the first three months of 2022, but 28.3% higher than the total of 113 closed sales in the fourth quarter of last year. Back in the first quarter of 2021 there were a total of 241 closed sales, including 114 sales posted in March of that year.

The median sales price came in at $295,000 for the overall Cape Coral condo market during March, which was 5.4% above the $280,000 posted in March 2022, and it was even with the $295,000 in February of this year. In the first quarter, the median sales price averaged $273,333 per month in the Cape’s overall condo market, which was up a fraction from the average of $272,500 per month in the first quarter of 2022, but down 2.5% from the average of $280,283 per month in the fourth quarter of last year.

Gulf access canal condos

In the Cape Coral Gulf access canal condo segment, which includes all saltwater canal condos, there were 32 closed sales in the month of March, which was 6.7% higher than the 30 closed condo sales in March 2022, and 33.33% above the 24 closed sales in February of this year. In the first quarter, there were a total of 64 closed condo sales in this segment, which was down 29.7% compared to the total of 91 closed sales in the first quarter of 2022, but up 88.2% versus the total of only 34 closed sales in the fourth quarter of last year. Back in the first quarter of 2021 there were a total of 116 closed sales in this segment, including 53 sales posted in March of that year.

The March median sales price came in at $338,250 for the Cape’s Gulf access condo segment, which was 4.9% above the $322,500 posted in March 2022, but 7.3% lower than the $364,950 in February of this year. In the first quarter, the median sales price averaged $342,733 per month in this segment, which was 10.3% higher than the average of $310,833 per month in the first quarter of 2022, but 8.4% below the average of $374,150 per month in the fourth quarter of last year.

Direct sailboat access canal condos

In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of Gulf access condos consisting of condos with no bridges to go under in the canal system, there were 20 closed sales in the month of March. This was 25% higher than the 16 closed sales in March 2022, and 81.8% above the 11 closed sales in February of this year. In the first quarter, there were a total of 34 condos sold in this segment, which was down 37% compared to the total of 54 closed sales in the first quarter of 2022, but up 100% from the total of 17 closed sales in the fourth quarter of last year. Back in the first quarter of 2021 there were a total of 67 sales in this segment, including 33 sales that March.

The March median sales price came in at $440,000 for the Cape’s direct sailboat access canal condo segment, which was 20.7% above the $364,450 posted in March 2022, and up 11.4% from $395,000 in February of this year. In the first quarter, the median sales price averaged $388,333 per month in this segment, which was 8.7% higher than the average of $357,317 per month in the first quarter of 2022, but 7.5% below the average of $419,983 in the fourth quarter of last year.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 34 closed sales in the month of March, which was even with the 34 dry lot condos sold in March 2022, but 126.7% above the 15 closed sales in February of this year. In the first quarter, there were a total of 64 closed condo sales in this segment, which was down 13.5% compared to the total of 74 closed sales in the first quarter of 2022, but 4.9% higher than the total of 61 closed sales in the fourth quarter of last year. Back in the first quarter of 2021 there were a total of 99 closed sales in this segment, including 46 sales posted in March of that year.

The March median sales price came in at $263,500 for the Cape’s dry lot condo segment, which was 18.1% above the $223,125 posted in March 2022, and 8.4% higher than the $243,000 in February of this year. In the first quarter, the median sales price averaged $238,833 per month in this segment, which was 10% higher than the average of $217,042 per month in the first quarter of 2022, but 0.8% below the average of $240,833 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 24, 2023, 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.