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Homing In | Condo sales sluggish in 2023; listings, pendings up with season

By GERI and BOB QUINN - Homing In | Feb 9, 2024

Geri and Bob Quinn

Generally speaking, the Cape Coral condo market was on the sluggish side in 2023, as the number of active listings coming onto the market continued to increase while pending sales softened throughout the year. We are currently seeing an influx in the number of condo listings in the MLS as the “seasonal sellers” stream into the market. Despite the seasonal pick-up in the number of pending condo sales, we expect the competition between sellers trying to attract a buyer to be fierce in what has become a high inventory buyers market.

As of Tuesday, Feb. 6, there were 408 active condo listings in Cape Coral through the MLS at prices ranging from $157,000 to $3.9 million, with a median list price of $299,450. The number of condo listings have increased by 12.7% from 362 units on the market just over a month ago on Jan. 2, and they are up by 138.6% from 171 listings thirteen months ago on Jan. 5, 2023, when the median list price was at $320,000. Back on Jan. 5 of 2023, there were 41 condos in the Cape listed at $275,000 and under, with eight of those units priced below $200,000. At that time, there were also a total of 23 units listed at $500,000 and above, including seven above $1 million.

As of this week, there were 150 condos listed for sale in the Cape at $275,000 and under, including 41 below $200,000 to go with the 51 condos listed at $500,000 and above, which included 15 units at $1 million and above. The number of currently pending sales has increased by 57% to 66 condos under contract on Feb. 6, from 42 pending sales a month ago on Jan. 2, and up from 54 pending sales back on Jan. 5, 2023. The current median pending sales price is at $266,000 with about 70% of our pending sales priced at $325,000 and under, and eight condos under contract at $508,500 and above, including two units above $1 million.

Moving into the year-end 2023 sales numbers, in the overall Cape condo market there were 37 closed sales in the month of December, which was 15.9% lower than the 44 condos sold in December 2022, and they were even with the 37 sales in November 2023. In the fourth quarter of 2023, there were 108 closed condo sales, which was down 4.4% compared to the 113 sales in the fourth quarter of 2022, and 1.8% below the 110 sales in the third quarter of 2023. For the year, there were a total of 521 condos sold overall in the Cape during 2023, or 22.4% less than the 671 units sold for the year in all of 2022.

The December median sales price was $267,000 in the overall Cape Coral condo market, which was 2% below the $272,450 posted in December 2022, and it was 9.9% lower than the $297,000 in November 2023. In the fourth quarter of 2023, the median sales price averaged $276,333 per month in the Cape’s overall condo market, down 1.7% from the average of $281,117 per month in the fourth quarter of 2022, and 0.21% below the average of $276,920 per month in the third quarter of 2023. For the year, the median sales price averaged $280,145 per month in our overall condo market during 2023, or 1.1% above the average of $276,967 per month for the year in 2022.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 17 closed sales in the month of December. This was 54.5% higher than the 11 condos sold in December 2022, which was in the aftermath of Hurricane Ian, and up 30.8% from the 13 sales in November 2023. In the fourth quarter of 2023, there were a total of 43 closed condo sales in this segment, up 26.5% versus the 34 sales in the fourth quarter of 2022, but 4.4% below the 45 sales in the third quarter of 2023. For the year, there were a total of 231 gulf access condos sold in the Cape during 2023, which was 20.6% less than the 291 units sold for the year in all of 2022.

The December median sales price came in at $315,000 for the Cape’s gulf access condo segment, which was 33% below the $470,000 posted in December 2022, and 8% lower than the $342,500 in November 2023. In the fourth quarter of 2023, the median sales price averaged $349,167 per month in this segment, which was 6.7% lower than the average of $374,150 per month in the fourth quarter of 2022, but 5.6% above the average of $330,583 per month in the third quarter of 2023. For the year, the median sales price for gulf access condos averaged $342,722 per month in 2023, which was 0.4% above the average of $341,454 per month for the year in all 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 with no bridges in the canal system, there were 13 closed sales in the month of December. This was 116.7% higher than the six condos sold in December 2022, and up 62.5% from the eight sales in November 2023. In the fourth quarter of 2023, there were 25 closed condos sales in this segment, up 47.1% versus the 17 sales in the fourth quarter of 2022, and even with the 25 sales in the third quarter of 2023. For the year, there were a total of 129 direct sailboat access canal condos sold in the Cape during 2023, which was down 26.3% from the 175 condos sold for the year in all of 2022.

The December median sales price came in at $340,000 for the Cape’s direct sailboat access condo segment, which was 37.3% below the $542,450 posted in December 2022, and down 1.8% from $346,250 in November 2023. In the fourth quarter of 2023, the median sales price averaged $397,083 per month in this segment, which was 5.5% lower than the average of $419,983 per month in the fourth quarter of 2022, but 7.4% above the average of $369,633 per month in the third quarter of 2023. For the year, the median sales price in this segment averaged $385,425 per month in 2023, which was 1.3 % higher than the average of $380,638 per month for the year in all of 2022.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 18 closed sales in the month of December, which was 25% lower than the 24 sales in December 2022, but up 38.5% from the 13 sales in November 2023. In the fourth quarter of 2023, there were 51 closed condo sales in this segment, which was 15% below the 60 sales in the fourth quarter of 2022, but 4.1% higher than the 49 sales in the third quarter of 2023. For the year, there were a total of 231 dry lot condos sold in the Cape during 2023, which was down 26.2% versus the 313 units sold for the year in all of 2022.

The December median sales price came in at $220,500 for the Cape’s dry lot condo segment, which was 7.6% above the $205,000 posted in December 2022, and 0.23% more than the $220,000 in November 2023. In the fourth quarter of 2023, the median sales price averaged $222,000 per month in this segment, which was 7.8% lower than the average of $240,833 per month in the fourth quarter of 2022, and 8.2% below the average of $241,917 per month in the third quarter of 2023. For the year, the median sales price for dry lot condos in the Cape averaged $240,266 per month in 2023, which was 3.1% above the average of $232,940 per month for the year in all of 2022.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Feb. 5, 2024, 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.

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