Geri and Bob Quinn

Last year at this time when we were writing about the condo sales results for November 2022, we commented about the rapid deterioration that we witnessed in the number of closed sales in the Cape Coral condo market from the first six months of that year compared to the July through November time frame.

To recap, in the first half of 2022 there were a total of 414 closed condo sales in the Cape, followed by a plunge to only 213 closed condo sales over the next five months as the Federal Reserve jacked up interest rates and Hurricane Ian delivered a roundhouse blow to our lives in Southwest Florida. The Fed’s aggressive interest rate hikes, which were well telegraphed, marked the end of our post-COVID shutdown real estate market boom, while Ian threw us for an unexpected loop in late September 2022.

By comparison, in the first half of 2023, we posted 303 condo sales in the Cape, down 26.8% from 414 sales in the first half of 2022, and 46% below the 563 sales in the first half of 2021. As much as we would like to say the continued decline in condo sales during 2023 was just a “return” to our more normal, pre-COVID levels, the numbers indicate otherwise.

Going back to the first half of 2020, which includes the COVID shutdown period beginning in mid-March, we recorded 309 condo sales, or 6 more sales than in the first half of this year. Looking at the first 11 months of 2023, we are at 484 condo sales in the Cape, which is just shy of the 490 sales from the first 11 months of 2014, and we need to go back 10 years to 2013 to beat the 462 sales in the first 11 months of that year.

As of Tuesday, Dec. 26, there were 365 condos listed for sale in Cape Coral through the MLS at prices ranging from $158,950 to $2.1 million, with the median list price coming in at $299,000. The number of active condo listings have now remained in a tight range in our last three market surveys, with 361 listings on Nov. 14, and 363 listings on Nov. 27. We have, however, seen a 22% increase in active condo listings from three months ago on Sept. 26, when there were 299 condos on the market. And the number of condo listings in the Cape are now 115% higher from the 170 units listed for sale a year ago on Dec. 26, 2022, when the median list price was at $317,900. Currently, there are 138 condos, or 38% of our market, listed at $275,000 and under, and there are 44 units listed at $510,000 and above, with 14 of these condos priced above $1 million.

As far as pending condo sales are concerned, as of Tuesday, Dec. 26, there were 45 units under contract with buyers at prices ranging from $120,000 to $895,000. The second highest-priced pending condo sale was at $699,800 and the median pending condo sales price was at $289,000. In our previous two condo market surveys, there were 46 pending sales on Nov. 14, and 43 on Nov. 27, so things have remained in a tight range.

One year ago on Dec. 26, 2022, there were 59 condos in the Cape under contract with buyers as pending sales at prices ranging from $149,900 to $2.195 million. Of note, one year ago 52 of the 59 pending sales were under contract for $363,000 or less. Today, 41 of the 45 pending condo sales in the Cape were priced at $384,800 or less.

In the overall Cape condo market, there were 37 closed sales in the month of November, which was 2.8% higher than the 36 closed condo sales in November 2022, and 8.8% above the 34 sales in October of this year. In the first 11 months of 2023, there were a total of 484 condos sold overall in the Cape, which was down 22.8% from the 627 condo units sold in the first 11 months of 2022.

The November median sales price came in at $297,000 for the overall Cape Coral condo market, which was 3.7% below the $308,400 posted in November 2022, but 12.1% higher than the $265,000 in October of this year. In the first 11 months of 2023, the median sales price averaged $281,339 per month in our overall condo market, or 1.4% above the average of $277,377 per month in the first 11 months of 2022.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 13 closed sales in November. This was 62.5% higher than the 8 condos sold in November 2022, and equal with the 13 sales in October of this year. In the first 11 months of 2023, there were a total of 214 saltwater canal condos sold in the Cape, or 23.6% less than the 280 units sold in the first 11 months of 2022.

The November median sales price came in at $342,500 for the Cape’s saltwater canal condo segment, which was 2.8% below the $352,450 posted in November 2022, and 12.2% lower than the $390,000 in October of this year. In the first 11 months of 2023, the median sales price for saltwater condos averaged $345,242 per month, or 4.7% above the average of $329,768 per month in the first 11 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 eight closed sales in November. This was up 166.7% from the three condos sold in November 2022, and 100% above the four units sold in October of this year. In the first 11 months of 2023, there were a total of 116 direct sailboat access canal condos sold in the Cape, or 31.4% less than the 169 units sold in the first 11 months of 2022.

The November median sales price came in at $346,250 for the Cape’s sailboat access condo segment, which was 11.4% below the $391,000 posted in November 2022, and down 31.4% from $505,000 in October of this year. In the first 11 months of 2023, the median sales price for condos in this segment averaged $389,555 per month, or 6.5% more than the average of $365,927 per month in the first 11 months of 2022.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 13 closed sales in November, which was 40.9% lower than the 22 condos sold in November 2022, and 35% below the 20 sales in October of this year. In the first 11 months of 2023, there were a total of 213 dry lot condos sold in the Cape, which was 26.3% less than the 289 dry lot condo units sold in the first 11 months of 2022.

The November median sales price came in at $220,000 for the Cape’s dry lot condo segment, which was 23.5% lower than the $287,500 posted in November 2022, and 2.4% below the $225,500 in October of this year. In the first 11 months of 2023, the median sales price for dry lot condos in the Cape averaged $242,063 per month, or 2.8 % above the average of $235,480 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. 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 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.