Geri and Bob Quinn

With the month of March quickly winding down in combination with an early Easter holiday, we are getting a sense that the end of our peak selling season is right around the corner. Along that line, we are noticing that some builders are getting even more aggressive with their price reductions and incentives to buyers and Realtors on their spec homes in what we would describe as “end of the season clearance sales.” To be clear, homes will still be sold during the offseason months in Southwest Florida, but with what looks likely to be a chaotic presidential election on the horizon, along with continued uncertainty over inflation and interest rates, the “golden hour” for people hoping to sell their homes and condos in Cape Coral may be upon us. Simply put, buyers hold the upper hand in our current market, and it is forcing many sellers to make price reductions in order to get their homes and condos sold.

In the Cape’s condo market, as of this past Tuesday, March 26, there were 411 active listings through a Realtor in the MLS at prices ranging from $139,000 to $3.9 million, with a median list price of $299,000. So far this year, the number of active condo listings have increased by 13.5%, from 362 condos listed in the MLS on Jan. 2 when prices ranged from $158,750 to $3.9 million, with a median list price of $299,000. Looking back one year to March 28, 2023, the number of condo listings are up 93% from 213 listings in the MLS at prices that ranged from $176,100 to $3.9 million, with a median list price of $320,000.

Digging a bit deeper into list prices, one year ago while we were still dealing with the one-two punch from Hurricane Ian and the impact of still rising interest rates, a total of 60 of the 213 condo units listed for sale in Cape Coral were priced at $275,000 and under, with nine of those units listed below $200,000. Today, 172 of the 411 condos on the market are listed at $275,000 and under, including 47 units that are priced below $200,000. At the other end of the spectrum, a year ago there were a total of 50 condos in the Cape listed for sale at $500,000 and above, including 17 units priced at $1 million and up. Today, there are 60 condos on the market at $500,000 and above, with 19 of them at $1 million and above.

As far as pending condo sales are concerned, as of this past Tuesday, March 26, there were 88 condos in the Cape under contract with a buyer at prices ranging from $155,000 to $1.995 million, with the median pending sales price at $279,950. On a positive note, we are seeing the expected increase in “seasonal” activity, with the number of pending condo sales currently up about 110% from the 42 pending sales that were in the pipeline at the beginning of this year. The median pending sales price was slightly higher at $284,000 at the start of this year. However, one year ago on March 28, 2023, there were 102 pending sales in the MLS, or 14.6% more than today and the median pending condo sales price was at $305,000 or 8.2% higher than the $279,950 in today’s market. A total of 61 of the current 88 pending condo sales are at $325,000 and under, including 14 units priced below $200,000. Right now, five pending condo sales are at $500,000 and above, with one topping $1 million.

Looking at the overall Cape condo market, there were 41 closed sales in the month of February, which was 8.9% lower than the 45 condos sold in February 2023, but 51.9% above the 27 sales in January of this year. In the first two months of 2024, there were a total of 68 condos sold overall in the Cape, down 4.2% from the 71 condo units sold in January and February 2023.

The February median sales price came in at $259,000 for the overall Cape Coral condo market, which was 12.2% below the $295,000 posted in February 2023, and it was down 8.2% from $282,000 in January of this year. In the first two months of 2024, the median sales price averaged $270,500 per month in our overall condo market, or 3% above the average of $262,500 per month in January and February 2023.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 16 closed sales in February. This was 33.33% lower than the 24 condos sold in February 2023, but 45.5% above the 11 sales in January of this year. In the first two months of 2024, there were a total of 27 saltwater canal condos sold in the Cape, or 15.6% less than the 32 units sold in January and February 2023.

The February median sales price came in at $322,250 for the Cape’s gulf access condo segment, which was 11.7% below the $364,950 posted in February of 2023, but 4% above the $310,000 posted in January of this year. In the first two months of 2024, the median sales price in this segment averaged $316,125 per month, which was down 8.4% versus the average of $344,975 in January and February of 2023.

Direct sailboat access canal condos

In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos representing properties with no bridges in the canal system, there were nine closed sales in February. This was down 18.2% from the 11 condos sold in February 2023, but 50% higher than the six units sold in January of this year. In the first two months of 2024, there were a total of 15 condos sold in this segment, which was 7.1% more than the 14 direct sailboat access condo units sold in January and February 2023.

The February median sales price came in at $332,500 for the Cape’s direct sailboat access condo segment, which was 15.8% below the $395,000 posted in February 2023, and down 2.2% from $340,000 in January of this year. In the first two months of 2024, the median sales price in this segment averaged $336,250 per month, which was down 7.2% versus the average of $362,500 per month in January and February 2023.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 21 closed sales in February, which was 40% higher than the 15 condos sold in February 2023, and 75% above the 12 sales in January of this year. In the first two months of 2024, there were a total of 33 dry lot condos sold in the Cape, which was up 10% from the 30 dry lot condo units sold in January and February 2023.

The February median sales price came in at $195,000 for the Cape’s dry lot condo segment, which was 19% below the $243,000 posted in February 2023, and 8.2% less than the $212,500 in January of this year. In the first two months of 2024, the median sales price for dry lot condos in the Cape averaged $203,750 per month, or 10% below the average of $226,500 per month in January and February 2023.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of March 25, 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.