Geri and Bob Quinn

One year ago in this column we wrote that the key takeaways in our local real estate market involved rising mortgage rates, which had then climbed above 6%, ultimately resulting in a substantial drop in the number of closed home sales in August 2022. We also noted that our market had clearly shifted away from the wild seller’s market of earlier that year, as the number of active listings through a Realtor in Cape Coral for single-family homes had risen dramatically from a mere 424 listings on Feb. 22, 2022, to just over 1,400 listings in September 2022. We finished our opening paragraph back then by stating, “For now, the keys to the housing market are in the hands of the Jerome Powell-led Federal Reserve.”

This week we were writing this column before the conclusion of the Federal Open Market Committee meeting on Wednesday, with 30-year fixed mortgage rates firmly above 7% and the keys to the housing market, and much more, still largely in the hands of Powell. The “expert” opinions about what is coming next with interest rates, the economy, oil prices, inflation and the housing market all vary widely. However, exiting from multiple years worth of abnormal monetary policy and “rescue plans” in the aftermath of the Great Recession years, followed by the impact of the COVID lockdowns, will likely require “foaming” a very wide runway on which to land the U.S. economy and the housing market.

As of this Tuesday, Sept. 19, the number of active single-family Cape Coral homes listed for sale through the MLS climbed up to 1,987 homes from 1,946 homes a week ago. At the beginning of this year there were 1,330 active listings. Current list prices ranged from $258,000 to $7.59 million, and the median list price based on the snapshot taken in our weekly market survey came in at $515,000 (up from $512,675 a week ago). There are currently 647 pending home sales in the Cape, down from 675 pending sales a week ago, but up from 522 on Jan. 3. Current pending sales prices ranged from a low of $175,000 for a storm damaged home, with the second lowest pending sales price at $249,900 and the highest coming in at $2.299 million. The current median pending sales price for a Cape Coral home was $398,500 as of Tuesday, down a fraction from $398,885 on Sept. 12.

In the overall Cape Coral single-family home market, there were 464 closed home sales in August, which was 10.2% higher than the 421 closed sales in August 2022, and 10.7% above the 419 closed sales in July of this year. In the first eight months of 2023, there were a total of 3,601 closed sales in the Cape’s overall single-family home market, which was down 20.1% from the 4,509 closed sales in the first eight months of 2022.

The median sales price in the overall Cape Coral single-family home market was $399,950 in August, or 7% lower than the $430,000 posted in August 2022, and 2.5% below the $410,000 in July of this year. In the first eight months of 2023, the overall median sales price for single-family homes in the Cape averaged $412,452 per month, which was 4.1% less than the average of $430,000 per month in the first eight months of 2022.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 19 closed home sales in August, which was 50% lower than the 38 closed sales in August 2022, and 38.7% below the 31 sales in July of this year. In the first eight months of 2023, we had 310 closed sales in this segment, down 32.6% from 460 sales in the first eight months of 2022.

The median sales price in the Cape’s single-family indirect gulf access canal home segment spikednup to $881,000 in August, which was 10.1% above the $800,000 posted in August 2022, and 25.9% higher than the $700,000 in July of this year. In the first eight months of 2023, the median sales price in this segment averaged $786,313 per month, or 2.4% below the average of $805,631 per month in the first eight months of 2022.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canals to reach open water), there were 29 closed home sales in August. This was even with the 29 sales in August 2022, and up 7.4% from the 27 sales in July of this year. In the first eight months of 2023, there were 274 closed sales in this segment, or 30.8% less than the 396 sales in the first eight months of 2022.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $750,000 in August, or 14.3% below the $875,000 in August 2022, and 6.3% lower than the $800,000 in July of this year. In the first eight months of 2023, the median sales price in this segment averaged $757,559 per month, or 14.9% less than the average of $889,816 per month in the first eight months of 2022.

Freshwater canal and lake homes

In the Cape’s single-family freshwater canal home segment (landlocked canals and lakes with no boating access to the river or Gulf of Mexico), there were 52 closed home sales in August. This was 33.33% above the 39 sales in August 2022, and even with the 52 sales in July of this year. In the first eight months of 2023, there were 373 closed sales in this segment, which was down 20.8% from 471 sales in the first eight months of 2022.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $574,500 in August. This was 2.6% above the $560,000 posted in August 2022, and 17.4% higher than the $489,188 in July of this year. In the first eight months of 2023, the median sales price in this segment averaged $514,430 per month, down 2.1% from the average of $525,231 per month in the first eight months of 2022.

Dry lot homes

In the Cape Coral single family dry lot (non-canal) home segment, there were 364 closed sales in August, which was 15.9% higher than the 314 sales in August 2022, and 19% above the 306 sales in July of this year. In the first eight months of 2023, there were 2,629 closed sales in this segment, which was down 16.6% from the 3,151 closed sales in the first eight months of 2022.

The median sales price in this segment was $370,000 in August, or 5.2% below the $390,495 posted in August 2022, and down 1.3% from $375,000 in July of this year. In the first eight months of 2023, the median sales price in this segment averaged $374,510 per month, or down 1.8% from the average of $381,356 per month in the first eight 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 Sept. 18, 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 44 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.