Geri and Bob Quinn

Heading into Veterans Day this weekend, we would like to salute and thank everyone who has served our country, including Geri’s dad! We cannot say thank you enough.

Here are the numbers for the Cape Coral condo market for the month of September and the third quarter, along with the current number of active condo listings and pending sales.

As of Tuesday, Nov. 7, there were 337 active condo listings in the Cape through the MLS at list prices ranging from $159,900 to $3.9 million. The median condo list price came in at $299,900 with one-third of our condo listings at $275,000 and under, and almost 60% of our market with asking prices of $325,000 and under. A total of 41 condos in the Cape are listed at $500,000 and up, with nine of these 41 units above $1 million. We currently have 53 condos under contract with buyers as pending sales at prices ranging from $120,000 to $1.195 million and the median pending sales price came in at $305,000. A total of 41.5% of the pending sales were for units priced at $275,000 and under, with 64.2% of Cape Coral condos under contract at $325,000 and under. Three units were pending from $550,000 to $825,000 and one unit was above $1 million.

Six weeks ago on Sept. 26, there were 299 active condo listings in Cape Coral ranging in price from $135,000 to $3.9 million, and the median list price was $317,900. So the number of condos on the market have increased and the median list price has decreased in the past six weeks. On Sept. 26, there were 63 pending condo sales in the pipeline ranging from $150,000 to $655,000 with a median pending sales price of $275,000. One year ago on Nov. 8, 2022, in the aftermath of Hurricane Ian, there were 157 active condo listings in the Cape through the MLS at prices ranging from $154,900 to $2.195 million, and the median list price was $310,000. At that time, 64 condos were under contract as pending sales ranging from $160,000 to $525,000.

In the Cape’s overall condo market, there were 48 closed sales in September, which was 29.7% higher than the 37 condo sales in September 2022, and 60% above the 30 sales in August of this year. In the third quarter, we had a total of 109 closed condo sales, which was down 24.3% versus the 144 sales in the third quarter of 2022, and 31% below the 158 sales in the second quarter of this year. In the first nine months of this year, there were a total of 412 condos sold in the Cape, or 26.3% below the 559 sales in the first nine months of 2022.

The median sales price came in at $276,259 for the overall Cape Coral condo market in September, which was 1.3% below the $280,000 posted in September 2022, but 1.5% higher than the $272,250 in August of this year. In the third quarter, the median sales price averaged $277,836 per month in the Cape’s overall condo market, up 1% from the average of $275,000 per month in the third quarter of 2022, but 5.5% below the average of $293,992 per month in the second quarter of this year. In the first nine months of 2023, the overall median sales price for Cape condos averaged $281,720 per month, or 2.2 % more than the average of $275,583 per month in the first nine months of 2022.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 20 closed sales in September, which was 5.3% higher than the 19 closed sales in September 2022, and 33.33% above the 15 sales in August of this year. In the third quarter, there were 44 closed condo sales in this segment, which was down 30.2% versus 63 closed sales in the third quarter of 2022, and 44.3% below the 79 gulf access condo sales in the second quarter of this year. In the first nine months of 2023, there were 187 gulf access condos sold in the Cape, or 27.2% less than the 257 condos sold in the first nine months of 2022.

The September median sales price came in at $288,750 for the Cape’s gulf access condo segment, which was 9.1% below the $317,500 posted in September of 2022, and 0.4% lower than the $290,000 in August of this year. In the third quarter, the median sales price averaged $331,250 per month in this segment, which was 4.7% lower than the average of $347,500 per month in the third quarter of 2022, and 4.9% below the average of $348,404 per month in the second quarter of this year. In the first nine months of 2023, the median sales price for Cape gulf access condos averaged $340,796 per month, or 3.1% more than the average of $330,556 per month in the first nine 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 and includes condos with no bridges to go under in the canal system, there were 11 closed sales in September. This was 37.5% higher than the 8 condo sales in September 2022, and 57.1% above the 7 sales in August of this year. In the third quarter, there were 25 condos sold in this segment, which was down 21.9% versus the 32 sales in the third quarter of 2022, and 44.4% below the 45 sales in the second quarter of this year. In the first nine months of 2023, there were 104 sailboat access condos sold in the Cape, or 34.2% below the 158 condos sold in the first nine months of 2022.

The September median sales price was $304,000 in the Cape’s sailboat access condo segment, which was 9.3% below the $335,000 posted in September 2022, and down 14.4% from $355,000 in August of this year. In the third quarter, the median sales price averaged $369,633 per month in this segment, or 4.3% lower than the average of $386,083 per month in the third quarter of 2022, and 4.4% below the average of $386,650 per month in the second quarter of this year. In the first nine months of 2023, the median sales price for sailboat access condos averaged $381,539 per month, or 3.8% above the average of $367,522 per month in the first nine months of 2022.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 20 closed sales in September, which was 33.33% higher than the 15 dry lot condos sold in September 2022, and 53.8% above the 13 sales in August of this year. In the third quarter, there were 49 sales in this segment, which was down 26.9% versus the 67 sales in both the third quarter of 2022, and the second quarter of this year. In the first nine months of 2023, there were 180 dry lot condos sold in the Cape, or 40.6% less than the 253 condos sold in the first nine months of 2022.

The September median sales price came in at $255,000 for the Cape’s dry lot condo segment, which was 4.1% above the $245,000 posted in September 2022, and it was 5.4% higher than the $242,000 in August of this year. In the third quarter, the median sales price averaged $241,917 per month in this segment, or 5.5% higher than the average of $229,233 per month in the third quarter of 2022, but 6.3% below the average of $258,313 per month in the second quarter of this year. In the first nine months of 2023, the median sales price for Cape Coral dry lot condos averaged $246,354 per month, or 7% above the average of $230,308 per month in the first nine 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 Nov. 5, 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 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.