First half of 2023 for Cape homes is more of the same
The mid-year results in the Cape Coral single-family home market offered up more of the same of what we have been seeing for the past year. Median sales prices have come down off of their 2022 highs, but they have not collapsed into the market crash many buyers were waiting for. The number of closed home sales have dropped significantly and are now more in line with the pre-COVID levels seen back in 2019.
The number of active listings for Cape Coral homes in the MLS continues to climb, reaching 1,769 listings on Tuesday, July 18, up from 1,732 on July 4, and 35% higher than the 1,309 active listings one year ago on July 19, 2022. Pending home sales, which were running above 1,000 in the pipeline about 16 months ago as home sales hit their peak, have steadily declined since then and seem to be settling into a tight range a bit below 800 pending sales for now. Mortgage rates remain elevated around 7%, shifting the focus onto the Federal Reserve meeting next week.
In the overall Cape Coral single-family home market, there were 459 closed sales in June, down 26.2% from 622 homes sold in June 2022, and 15.6% below the 544 sales in May of this year. In the second quarter, there were 1,498 closed sales, which was 19.6% below the 1,863 sales in the second quarter of 2022, but 23.8% above the 1,210 sales in the first quarter of 2023. In the first half of this year, a total of 2,708 homes were sold in the Cape, down 25% from 3,611 sales in the first six months of 2022.
The median sales price overall for Cape Coral single-family homes was $415,000 in June, which was down 6.7% from $445,000 in June 2022, and 1.2% below the $420,000 in May of this year. In the second quarter, the median sales price averaged $418,333 per month, which was down 8.4% from the average of $456,667 per month in the second quarter of 2022, but up 1.6% from the average of $411,666 per month in the first quarter of this year. In the first half of 2023, the overall median sales price averaged $415,000 per month in the Cape, which was a decrease of 3.7% versus the average median sales price of $430,833 per month in the first six months of 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 46 closed sales in June. This was 33.3% less than the 69 sales in June 2022, and 19.3% below the 57 sales in May of this year. In the second quarter, there were 152 closed sales in this segment, or 28.6% less than the 213 sales in the second quarter of 2022, but 40.7% above the 108 sales in the first quarter of this year. In the first half of 2023, a total of 260 indirect gulf access homes were sold in the Cape, down 33% versus 388 sales in the first six months of 2022.
The median sales price in the Cape’s single-family indirect gulf access canal home segment was $777,000 in June, which was down 9.7% from $860,000 in June 2022, and 4.1% below the $810,000 in May of this year. In the second quarter, the median sales price in this segment averaged $802,333 per month, which was 2.7% below the average of $824,200 per month in the second quarter of 2022, but 4.5% more than the average of $767,500 per month in the first quarter of this year. In the first half of this year, the median sales price averaged $784,917 per month in this segment, or 3.7% below the average median sales price of $815,008 per month in the first six months of 2022.
Direct sailboat access canal homes
In the Cape Coral single-family direct sailboat access canal home segment (no bridges in the canals to get out to open water), there were 28 closed sales in June. This was 28.2% lower than the 39 sales in June 2022, and 20% below the 35 sales in May of this year. In the second quarter, there were 107 sales in this segment, down 31.4% from 156 sales in the second quarter of 2022, and 4.5% below the 112 sales in the first quarter of this year. In the first half of 2023, a total of 219 direct sailboat access canal homes were sold in the Cape, down 35.8% from the 341 sales in the first six months of 2022.
The median sales price in the Cape’s single-family direct sailboat access canal home segment came in at $831,500 in June, down 3.3% from $860,000 in June 2022, but up 11.6% from $745,000 in May of this year. In the second quarter, the median sales price in this segment averaged $770,157 per month, down 19.6% from the average of $957,477 per month in the second quarter of 2022, but 5.1% above the average of $732,500 per month in the first quarter of this year. In the first half of 2023, the median sales price averaged $751,328 per month in this segment, for a decrease of 17.9% versus the average median sales price of $914,652 per month in the first six months of 2022.
Freshwater canal and lake homes
In the Cape’s single-family freshwater canal and lake home segment (landlocked waterfront homes with no boating access to the river or open water), there were 42 closed sales in June. This was 35.4% lower than the 65 sales in June 2022, and 12.5% below the 48 sales in May of this year. In the second quarter, there were 142 sales in this segment, down 30.4% from the 204 sales in the second quarter of 2022, but up 11.8% from 127 sales in the first quarter of this year. In the first half of 2023, a total of 269 homes were sold in this segment, down 30.5% versus the 387 sales in the first half of 2022.
The median sales price in the Cape Coral single-family freshwater canal and lake home segment was $527,500 in June, down 7.5% from $570,000 in June of 2022, but 3.8% above the $508,000 in May of this year. In the second quarter, the median sales price in this segment averaged $510,583 per month, down 8.8% from $559,983 per month in the second quarter of 2022, but 0.8% above the average median sales price of $506,667 per month in the first quarter of this year. In the first half of 2023, the median sales price averaged $508,625 per month in this segment, down 2.4% versus the average median sales price of $521,142 per month in the first six months of 2022.
Dry lot homes
In the Cape’s single-family dry lot (non-canal) home segment, there were 342 closed sales in June, down 23.5% from 447 sales in June 2022, and 14.9% below the 402 sales in May of this year. In the second quarter, a total of 1,089 homes were sold in this segment, down 14.9% from 1,279 sales in the second quarter of 2022, but up 26.6% from 860 sales in the first quarter of this year. In the first half of 2023, a total of 1,949 dry lot homes were sold in the Cape, down 21% from 2,466 sales in the first half of 2022.
The median sales price in the Cape Coral single-family dry lot home segment was $385,000 in June, down 3.8% from $400,000 in June 2022, but up 2.5% from $375,495 in May of this year. In the second quarter, the median sales price in this segment averaged $379,828 per month, down 4.6% from the average of $398,117 per month in the second quarter of 2022, but 2.5% above the average of $370,697 per month in the first quarter of this year. In the first half of 2023, the median sales price averaged $375,263 per month in this segment, down 0.6% from the average median sales price of $377,558 per month in the first six months of 2022.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of July 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.
To reach GERI and BOB QUINN, please email news@breezenewspapers.com