Cape condo market has shifted dramatically, but prices hold on
As with most real estate over the past year, we have seen dramatic market shifts in the Cape Coral condo market driven by the significant interest rate policy moves of the Federal Reserve that began in March 2022. Hurricane Ian brought additional challenges to our market, leaving us perched somewhere above the Ian market lows and below the peaks of the red hot post-COVID market conditions in 2021 and in the first half of 2022. For a quick feel of our condo market, here is a summary followed by a deeper dive into the numbers.
In the past year since June 28, 2022, the number of active condo listings in Cape Coral through a Realtor in the MLS have increased by 135%, while the median list price has gone up by 8.4%. At the same time, the number of active condo listings priced above $500,000 is 436% higher than a year ago, with the number of condos listed at $1 million and above now 650% above last year’s number. For condos listed at $250,000 and under, the current number of active listings available on the market is 67% higher than a year ago. Over this same time frame the number of overall pending condo sales has dropped by 29%, with the number of condos under contract at $250,000 and under now 43% lower than a year ago, while the number of pending sales for condos at $500,000 and up are down 75%. The number of closed condo sales in Cape Coral in the month of May were down sharply from a year ago, while median sales prices in May were higher compared to May 2022. So the market has changed dramatically by various measures, while sales prices continue to hold on in the face of slower sales.
As of this Tuesday, June 27, there were 277 active listings for Cape Coral condos in the MLS ranging from $150,000 to $3.9 million, with a median list price of $325,000. Currently, 60 of these 277 active listings are priced at $250,000 and under, with 19 of them below $200,000. At the other end of the price spectrum, 59 condos were listed at $500,000 and up, with 15 of these units priced above $1 million. A total of 57 Cape Coral condos were under contract with buyers as pending sales at prices ranging from $135,000 to $749,900. The median pending sales price was $285,000 and there are currently 16 condos pending at $250,000 and under, while there were only 3 units under contract between $500,000 and $749,900. A total of 54 of the 57 pending condo sales in the Cape were priced below $500,000.
One year ago on June 28, 2022, there were a total of only 118 active listings for condos in the Cape through a Realtor ranging in price from $95,000 for a 708-square-foot, one bedroom, one bathroom unit built in 1984 and in need of remodeling, to $1.7 million for a condo in Tarpon Landings. The second lowest priced condo in the Cape one year ago was at $158,000. Back then, the median list price was $299,900 and there were a total of 36 condos listed for sale at $250,000 and under, along with 11 condos on the market above $500,000 including only two units above $1 million. As far as the number of pending sales, one year ago there were 80 condos under contract with buyers at prices ranging from $169,700 to $2.2 million, with 28 of these units pending at $250,000 and under. Twelve condos were pending at $500,000 and above, including two units priced above $1 million.
Moving back to this year, in the overall Cape condo market, there were 52 closed sales in May, which was 40.2% lower than the 87 sales in May of 2022, and even with the 52 sales in April of this year. In the first five months of 2023, there were a total of 249 condos sold overall in the Cape, down 31.2% from the 362 sold in the first five months of 2022.
The May median sales price came in at $295,000 for the overall Cape Coral condo market, which was 5. % above the $280,000 posted in May of 2022, but it was 2.5% lower than the $302,475 in April of this year. In the first five months of 2023, the median sales price averaged $283,495 per month in our overall condo market, or 3.3% above the average of $274,550 per month in the first five months of 2022.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 22 closed sales in May. This was 47.6% less than the 42 condos sold in May 2022, and 26.7% below the 30 sales in April of this year. In the first five months of 2023, there were a total of 116 gulf access condos sold in the Cape, which was 32.6% below the 172 units sold in the first five months of 2022.
The May median sales price came in at $354,950 for the Cape’s gulf access saltwater canal condo segment, which was 6.8% above the $332,500 posted in May 2022, and 4.3% higher than the $340,361 in April of this year. In the first five months of 2023, the median sales price in this segment averaged $344,702 per month, which was up 6.7% versus the average of $323,000 per month in the first five months of 2022.
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 14 closed sales in May. This was down 50% from the 28 condos sold in May 2022, and 33.33% below the 21 units sold in April of this year. In the first five months of 2023, there were a total of 69 condos sold in this segment, which was 37.3% less than the 110 condo units sold in the first five months of 2022.
The May median sales price came in at $427,500 for the Cape’s direct sailboat access condo segment, which was 9.6% above the $390,000 posted in May of 2022, and up 14.8% from $372,500 in April of this year. In the first five months of 2023, the median sales price in this segment averaged $393,000 per month, which was up 8.4% versus the average of $362,390 per month in the first five months of 2022.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 23 closed sales in May, which was 45.2% lower than the 42 condos sold in May 2022, but 15% above the 20 sales in April of this year. In the first five months of 2023, there were a total of 107 dry lot condos sold in the Cape, which was 34.8% less than the 164 dry lot units sold in the first five months of 2022.
The May median sales price came in at $275,000 for the Cape’s dry lot condo segment, which was 10.2% above the $249,450 posted in May 2022, and 11.1% more than the $247,500 in April of this year. In the first five months of 2023, the median sales price in this segment averaged $247,800 per month, or 7.5% above the average of $230,515 per month in the first five months of 2022.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, FL, as of June 26, 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.
To reach GERI and BOB QUINN, please email news@breezenewspapers.com