Geri and Bob Quinn

If we had to recap the 2023 Cape Coral real estate market in one sentence, we would summarize it with, “home prices have been weaker than most sellers want to believe, but stronger than the collapse that a lot of buyers have been waiting for.” We are noticing a seasonal increase in active listings and pending sales so far this January, in a generally slower paced, higher inventory buyers market. The year-end numbers for each of our single family home segments are broken down, below. Keep in mind that the fourth quarter numbers are being compared to the Hurricane Ian influenced market of 2022. Next week we will take a deeper dive into the market analytics. Our condo numbers will be in two weeks.

In the overall Cape Coral single family home market, there were 383 closed home sales in December, which was up 9.1 percent from the 351 homes sold in December of 2022, and it was 10.4 percent higher than the 347 sales in November of 2023. In the fourth quarter of 2023, there were 1,103 closed sales, which was 27.8 percent higher than the 863 homes sold in the fourth quarter of 2022, but 15.6 percent below the 1,307 sales in the third quarter of 2023. Last year, there were 5,134 single family homes sold in the Cape, which was 10.8 percent below the 5,758 homes sold during 2022.

The median sales price in the overall Cape Coral single family home market was $388,900 in December, which was down 2.8 percent from the $399,990 posted in December of 2022, and 2.4 percent below the $398,500 in November of 2023. In the fourth quarter, the median sales price averaged $395,133 per month, which was 4.8 percent below the average of $414,997 per month in the fourth quarter of 2022, and down 2 percent from the average of $403,000 per month in the third quarter of 2023. Last year, the median sales price in the Cape’s overall single family home market averaged $407,033 per month to finish 4.1 percent below the average median sales price of $424,583 per month for the year in 2022.

Indirect gulf access canal homes

In the Cape’s single family indirect gulf access canal home segment, meaning canal homes with bridges in the canal system, there were 17 closed sales in December. This was 26.1 percent lower than the 23 sales in December of 2022, and 45.2 percent below the 31 sales in November of 2023. In the fourth quarter of 2023, there were 78 closed sales in this segment, or 11.4 percent more than the 70 sales in the fourth quarter of 2022, but 11.4 percent below the 88 sales in the third quarter of 2023. For the year in 2023, there were a total of 427 homes sold in this segment, or 23.9 percent less than the 561 sales for the year in 2022.

The median sales price in the Cape Coral single family indirect gulf access canal home segment came in at $849,000 in December, which was up 17.9 percent from the $720,000 in December of 2022, and 19.2 percent above the $712,500 in November of 2023. In the fourth quarter of 2023, the median sales price in this segment averaged $765,500 per month, or 3.1 percent below the average of $790,000 per month in the fourth quarter of 2022, and 2.1 percent less than the average of $782,000 per month in the third quarter of 2023. For the year, the median sales price in this segment averaged $779,167 per month in 2023, or 2.2 percent below the average median sales price of $796,671 per month for the year in 2022.

Direct sailboat access canal homes

In the Cape Coral single family direct sailboat access canal home segment (homes with no bridges in the canal system to reach open water), there were 23 closed sales in December. This was 20.7 percent lower than the 29 sales in December of 2022, but 15 percent above the 20 sales in November of 2023. In the fourth quarter of 2023, there were 65 closed sales in this segment, which was 8.3 percent more than the 60 sales in the fourth quarter of 2022, but 21.7 percent below the 83 closed sales in the third quarter of 2023. For the year in 2023, there were a total of 367 homes sold in this segment, which was 24.3 percent below the 485 homes sold for the year in 2022.

The median sales price in the Cape Coral single family direct sailboat access canal home segment came in at $808,000 in December, which was up 21.5 percent from $665,000 in December of 2022, and 1.6 percent above the $795,000 in November of 2023. In the fourth quarter, the median sales price in this segment averaged $788,500 per month, which was up 7 percent from the average of $736,667 per month in the fourth quarter of 2022, and 0.9 percent above the average of $781,667 per month in the third quarter of 2023. For the year, the median sales price in this segment averaged $769,237 per month in 2023, or 9.2 percent less than the average of $847,377 per month for the year in 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 34 closed sales in December. This was 5.6 percent lower than the 36 sales in December of 2022, and 10.5 percent below the 38 sales in November of 2023. In the fourth quarter of 2023, there were 103 closed sales in this segment, which was 3 percent above the 100 sales in the fourth quarter of 2022, but 27 percent below the 141 sales in the third quarter of 2023. For the year in 2023, there were a total of 513 homes sold in this segment, which was 16.2 percent lower than the 612 homes sold for the year in 2022.

The median sales price in the Cape Coral single family freshwater canal and lake home segment came in at $500,000 in December, which was down 5.3 percent from $528,200 in December of 2022, and 5.1 percent below the $526,750 in November of 2023. In the fourth quarter, the median sales price in this segment averaged $525,583 per month, beating the average of $516,067 per month in the fourth quarter of 2022 by 1.8 percent, but down by 1.1 percent from the average of $531,229 per month in the third quarter of 2023. For the year, the median sales price in this segment averaged $518,516 per month in 2023, or 1.2 percent less than the average of $525,004 per month for the year in 2022.

Dry lot homes

In the Cape’s single family dry lot (non-canal) home segment, there were 308 closed sales in December, which was 16.7 percent higher than the 264 sales in December of 2022, and 18.9 percent above the 259 closed sales in November of 2023. There were 856 closed sales in this segment during the fourth quarter, which was 34.8 percent above the 635 sales in the fourth quarter of 2022, but 13.5 percent less than the 990 sales in the third quarter of 2023. For the year, there were a total of 3,809 dry lot homes sold in 2023, which was 6.3 percent lower than the 4,067 dry lot homes sold in all of 2022.

The median sales price in the Cape Coral single family dry lot home segment came in at $375,000 in December, which was virtually flat with the $375,495 posted in December of 2022, and up 1.4 percent from $370,000 in November of 2023. In the fourth quarter of 2023, the median sales price in this segment averaged $372,330 per month, or 1.3 percent below the average of $377,330 per month in the fourth quarter of 2022, and 0.3 percent lower than the average of $373,333 per month in the third quarter of 2023. For the year, the median sales price in this segment averaged $373,980 per month in 2023, which was 1.5 percent lower than the average of $379,820 per month for the full year in 2022.

The sales data for this article was obtained from the Florida Realtors® Multiple Listing Service Matrix for Lee County, FL, as of Jan. 21, 2024, 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 Quinn’s 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 with Geri as a full-time REALTOR® in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.