Geri and Bob Quinn

In what has been a wild Santa Claus rally with 30-year fixed mortgage rates plunging from around 8% to the 6.5% range, this could be the year-end gift the real estate market needed. Sparked by the recent dovish comments from Fed Chair Jerome Powell, yields on Benchmark 10-year Treasuries have gone into a 24% freefall from around 5% to the 3.8% range in the blink of an eye. These lower rates are likely to bring more buyers back into the housing market just in time for our historically stronger seasonal sales months, in what had become a very difficult market for sellers over the last six months when interest rates spiked higher.

The market numbers for November, shown below, are comparisons to November 2022, during the skewed post-Hurricane Ian market recovery.

As of Tuesday, Dec. 19, there were 2,513 active Cape Coral single-family homes listed for sale through a Realtor in the MLS at prices ranging from $264,900 to $11.9 million. The current median list price came in at $499,990 compared to $529,900 a year ago, and to $480,000 on Nov. 22, 2021. The peak median list price, based on our weekly market surveys, was $610,000 back on April 19, 2022. A total of 1,014 homes in the Cape are currently priced at $450,000 and under, while 302 homes were being offered at $1 million and above.

New construction homes built in 2023 make up 699 of our 2,513 listings, equalling 27.8% of the market. This was the first time in months that the number of active listings in our weekly market survey did not increase, dipping a bit from the 2,518 listings in the MLS one week ago, as the number of pending home sales edged up from 472 homes under contract on Dec. 12, to 484 pending sales on Dec. 19. Back on Dec. 20, 2022, there were only 1,346 active single-family home listings in the MLS.

The current number of 484 pending home sales in Cape Coral range in price from $200,000 to $3.5 million, with the median pending sales price coming in at $405,000. A total of 331 of the 484 pending sales, or 68.4% of the market, were priced at $450,000 and under, while 23 pending sales were at $1 million and above. This was up from 14 pending sales at $1 million and above just one week ago. A total of 179 of the 484 pending sales, or 37% of the market, were new construction homes built in 2023. Back on Dec. 20, 2022, there were a total of 571 pending home sales through a Realtor in the Cape at prices ranging from $129,999 to $3.25 million, as a number of hurricane damaged homes were being unloaded by their owners and sold on an “as is” basis at below market prices.

In the overall Cape Coral single-family home market, there were 342 closed home sales in November, which was 17.9% higher than the 290 closed sales in November of 2022, but 7.8% below the 371 sales in October of this year. In the first 11 months of 2023, there were a total of 4,738 closed sales in the Cape’s overall single-family home market, or 12.4% less than the 5,407 closed sales in the first 11 months of 2022.

The median sales price in the overall Cape Coral single-family home market was $395,000 in November, or 1.3% lower than the $400,000 posted in November 2022, and 0.8% below the $397,999 in October of this year. In the first 11 months of 2023, the overall median sales price in the Cape averaged $408,363 per month, which was 4.3% less than the average of $426,818 per month in the first 11 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 31 closed home sales in November. This was 10.7% higher than the 28 closed sales in November 2022, and 3.3% above the 30 sales in October of this year. In the first 11 months of 2023, there were 410 sales in this segment, or 23.8% below the 538 sales in the first 11 months of 2022.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $712,500 in November, which was 10.9% below the $800,000 in November 2022, and 3.1% less than the $735,000 in October of this year. In the first 11 months of this year, the median sales price in this segment averaged $772,818 per month, or 3.8% lower than the average of $803,641 per month in the first 11 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 20 closed home sales in November. This was 4.8% lower than the 21 sales in both November 2022, and in October of this year. In the first 11 months of 2023, there were 341 sales in this segment, or 25.2% less than the 456 sales in the first 11 months of 2022.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $795,000 in November, or 27.2% above the $625,000 in November 2022, and 2.6% higher than the $775,000 in October of this year. In the first 11 months of 2023, the median sales price in this segment averaged $766,861 per month, or 11.2% below the average of $863,957 per month in the first 11 months of 2022.

Freshwater canal and lake homes

In the Cape’s single-family freshwater canal and lake home segment, consisting of landlocked canals and lakes with no boating access to the river or the Gulf of Mexico, there were 37 closed sales in November. This was 12.1% higher than the 33 sales in November 2022, and 19.4% above the 31 sales in October of this year. In the first 11 months of 2023, there were 478 closed sales in this segment, or 17% less than the 576 sales in the first 11 months of 2022.

The median sales price in our single-family freshwater canal and lake home segment was $526,000 in November, or 16.9% above the $450,000 posted in November 2022, but 4.4% lower than the $550,000 in October of this year. In the first 11 months of 2023, the median sales price in this segment averaged $520,131 per month, or 0.9% below the average of $524,714 per month in the first 11 months of 2022.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 255 closed sales in November, which was 22.6% higher than the 208 closed sales in November 2022, but it was 11.5% below the 288 closed sales in October of this year. In the first 11 months of 2023, there were 3,492 closed sales in this segment, down 8.2% from the 3,803 closed sales in the first 11 months of 2022.

The median sales price in this segment was $369,999 in November, or 0.4% less than the $371,495 posted in November 2022, and down 1.1% from $372,995 in October of this year. In the first 11 months of 2023, the median sales price for dry lot homes in the Cape averaged $373,979 per month, or 1.6% less than the average of $380,213 per month in the first 11 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 Dec. 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.