Geri and Bob Quinn

The top story on the national real estate scene over the past week was the proposed settlement by the National Association of Realtors in a major lawsuit working its way through the courts about the way commissions are paid to Realtors. This settlement, which is awaiting final approval from the court, is expected to formally go into effect in July of this year.

Everybody is still sorting through the complexities of this proposed legal settlement, while trying to identify any potential unintended consequences of these sweeping changes. Basically, this lawsuit addresses how buyers and sellers will pay for a variety of the services provided by Realtors in the purchase and sale of real estate. As the details and the impact of the various items in this settlement are clarified, we will be providing more information to you in this column over the coming weeks.

We continue to have what we would define as a solid “season” for pending and closed home sales, but because of the continued march higher in the number of homes listed for sale, the vast majority of people trying to sell their homes are struggling to attract a buyer. As of Tuesday, March 19, there were 2,880 active listings for single-family homes in Cape Coral through the MLS at prices ranging from $249,900 to $10.9 million with a median list price of $499,000. Currently, there are 845 pending home sales in the pipeline at prices ranging from $179,900 to $2.8 million, with the median pending sales price at $420,000.

On Jan. 1 of this year, there were 2,442 active home listings through a Realtor in the Cape at prices ranging from $264,600 to $11.9 million, with a median list price of $500,000. At the beginning of this year, there were 427 pending home sales in the Cape at prices ranging from $215,000 to $3.5 million, and a median pending sales price of $414,990. One year ago on March 21, 2023, there were 1,481 active home listings in the Cape at a median list price of $524,900 and there were 850 pending home sales in the pipeline.

In the overall Cape Coral single-family home market, there were 381 closed home sales in February, which was 1.6% higher than the 375 closed sales in February 2023, and it was 38.5% above the 275 closed sales in January of this year. In the first two months of 2024, there were a total of 656 closed sales in the Cape’s overall single-family home market, which was 6.4% lower than the 701 sales in the first two months of 2023.

The median sales price in the overall Cape Coral single-family home market was $415,000 in February, or 1.2% lower than the $419,999 posted in February 2023, and 2.4% below the 425,000 in January of this year. In the first two months of 2024, the overall median sales price for single-family homes in the Cape averaged $420,000 per month, which was 2.4% above the average of $410,000 per month in the first two months of 2023.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (homes with bridges in the canal system), there were 38 closed home sales in February. This was 2.7% higher than the 37 sales in February 2023, and 18.8% above the 32 closed sales in January of this year. In the first two months of 2024, there were 70 closed sales in this segment, or 20.7% more than the 58 sales in January and February 2023.

The median sales price in the Cape’s single-family indirect gulf access canal home segment was $853,750 in February, which topped the $835,000 in February 2023 by 2.2%, and it was 10.5% higher than the $772,500 in January of this year. In the first two months of this year, the median sales price in this segment averaged $813,125 per month, or 1% above the average of $805,000 per month in January and February 2023.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (no bridges in the canals to get out to open water), there were 35 closed sales in February. This was 9.4% higher than the 32 closed sales in February 2023, and 29.6% above the 27 sales in January of this year. In the first two months of 2024, there were 62 closed sales in this segment, or 10.1% less than the 69 sales in January and February 2023.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $832,500 in February, or 21.1% above the abnormally low amount of $687,500 in February 2023. This was due to the continued “clearance sales” of heavily storm damaged homes being sold at below market prices as our market was still regaining its footing following Hurricane Ian. However, median sales prices this February came in 0.9% below the $840,000 posted in January of this year. In the first two months of 2024, the median sales price in this segment averaged $836,250 per month, which was 23.2% above the post Hurricane Ian distorted average of $678,750 per month in January and February 2023.

Freshwater canal and lake homes

In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canals and lakes with no access to the river or the Gulf of Mexico by boat, there were 38 closed sales in February. This was 7.3% lower than the 41 closed sales in February of 2023, but 15.2% above the 33 closed sales in January of this year. In the first two months of 2024, there were 71 closed sales in this segment, which was down 1.4% from 72 sales in January and February 2023.

The median sales price in the Cape’s single-family freshwater canal and lake home segment was $484,000 in February, or 13% below the $560,000 posted in February 2023, and 1.2% lower than the $490,000 in January of this year. In the first two months of 2024, the median sales price in this segment averaged $487,000 per month, or 5.4% less than the average of $515,000 per month in January and February 2023.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 269 closed home sales in February, which was 1.9% higher than the 264 closed sales in February 2023, and 48.6% above the 181 closed sales in January of this year. In the first two months of 2024, there were 450 closed sales in this segment, which was down 9.8% from 499 sales in January and February of 2023.

The median sales price for dry lot homes in the Cape was $380,000 in February, or 1.3% below the $384,995 posted in February 2023, and flat with the $380,000 in January of this year. In the first two months of 2024, the median sales price for homes in this segment averaged $380,000 per month, or 2.4% more than the average of $371,148 per month in January and February of 2023.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of March 18, 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 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.