Geri and Bob Quinn

As of Tuesday, April 23, there were 2,849 active single-family home listings in Cape Coral through a Realtor in the MLS with list prices ranging from $225,000 to $10.9 million. The median list price was at $499,900 and there were 1,165 homes listed $450,000 and under, including 43 homes priced below $300,000. At the other end of the spectrum, there were 351 homes listed at $1 million and above.

A total of 919 of our active listings in the Cape were new construction homes built in 2023 and 2024. We currently have 872 single-family homes under contract with buyers as pending sales at prices ranging from $225,000 to $3.799 million, with the median pending sales price at $400,000. So the median pending sales price is running 20% below the median list price. A total of 546 of the 872 current pending sales are priced at $450,000 and under, including 47 homes below $300,000. There are 54 pending sales at $1 million and above. A total of 345 of the 872 pending sales in the Cape are for new construction homes, capturing a significant 40% share of our market.

One year ago, on April 19, 2023, there were 1,468 active listings in the MLS for Cape Coral single-family homes with the median list price at $535,000 with 215 homes listed for sale at $1 million and above, and a total of 925 homes under contract with buyers. Just two short years ago on April 19, 2022, there were only 547 active listings in the Cape through a Realtor as most homes went under contract with buyers within days, if not hours, of coming onto the market in what we were calling a “just in time inventory” to meet the buyer demand. Based on our market surveys, the median list price peaked at $610,000 that week and there were only 103 homes listed at $1 million and above. At that time there were a total of 998 pending sales for single-family homes, with 77 of them at $1 million and above.

For the month of March in the overall Cape Coral single-family home market, there were 530 closed home sales, which was up 3.7% from the 511 homes sold in March 2023, and up 38.4% versus the 383 sales in February of this year. In the first quarter of 2024, there were 1,189 closed sales, which was 1.9% below the 1,212 homes sold in the first quarter of last year, but up 7.2% from the 1,109 sales in the fourth quarter of 2023.

The median sales price in the overall Cape Coral single-family home market was $400,000 in March, which was down 3.6% from both the $414,999 posted in March 2023, and the $415,000 in February of this year. In the first quarter, the median sales price averaged $412,500 per month, or 0.2% above the average of $411,666 per month in the first quarter of 2023, and up 4.4% from the average of $395,050 per month in the fourth quarter of 2023.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning homes with bridges in the canal system), there were 57 closed sales in March. This was 14% higher than the 50 closed sales in March 2023, and 50% above the 38 sales in February of this year. In the first quarter of 2024, there were 127 closed sales in this segment, which was 17.6% more than the 108 closed sales in the first three months of 2023, and it was 62.8% above the 78 closed sales in the fourth quarter of last year.

The median sales price in the Cape’s single-family indirect gulf access canal home segment came in at $750,000 in March, which was 8.3% above the $692,500 posted in March 2023, but 12.2% lower than the $835,750 in February of this year. In the first quarter, the median sales price in this segment averaged $792,083 per month, or 3.2% above the average of $767,500 per month in the first quarter of 2023, and 3.5% more than the average of $765,500 per month in the fourth quarter of last year.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (meaning no bridges in the canals to get out to open water), there were 40 closed sales in March. This was 7% lower than the 43 sales in March 2023, but 14.3% above the 35 sales in February of this year. In the first quarter of 2024, there were 102 closed sales in this segment, which was 8.9% below the 112 sales in the first quarter of 2023, but 54.5% above the 66 closed sales in the fourth quarter of last year.

The median sales price in the Cape’s single-family direct sailboat access canal home segment came in at $850,000 in March, which was 1.2% above the $840,000 in March 2023, and up 2.1% versus the $832,500 in February of this year. In the first quarter, the median sales price in this segment averaged $840,833 per month, which was up 14.8% from the average of $732,500 per month in the first quarter of 2023, and 6.1% above the average of $792,667 per month in the fourth quarter of last year.

Freshwater canal and lake homes

In the Cape’s single-family freshwater canal and lake home segment, which includes landlocked waterfront homes with no boating access to the river or Gulf of Mexico, there were 55 closed sales in March. This was even with the 55 sales in March of 2023, and 44.7% above the 38 sales in February of this year. In the first quarter of 2024, there were 126 closed sales in this segment, which was 0.8% less than the 127 sales in the first quarter of 2023, but 21.2% above the 104 sales in the fourth quarter of last year.

The median sales price in the Cape’s single-family freshwater canal and lake home segment came in at $460,000 in March, which was down 6.1% from the $490,000 posted in March of 2023, and 5% below the $484,000 in February of this year. In the first quarter, the median sales price in this segment averaged $478,000 per month, down 5.7% from the average of $506,667 per month in the first quarter of 2023, and it was 9.1% below the average of $525,583 per month in the fourth quarter of last year.

Dry lot homes

In the Cape’s single-family dry lot (non-canal) home segment, there were 377 closed sales in March, which was 3.9% higher than the 363 sales in March 2023, and 39.1% above the 271 sales in February of this year. There were 830 closed sales in this segment during the first quarter, which was 3.7% below the 862 sales in the first quarter of 2023, and down 3.5% from the 860 closed sales in the fourth quarter of last year.

The median sales price in the Cape Coral single-family dry lot home segment was $370,000 in March, which edged 0.3% higher from the $369,000 posted in March of 2023, but it was down 2.6% from $380,000 in February of this year. In the first quarter, the median sales price in this segment averaged $376,667 per month, or 1.7% above the average of $370,432 per month in the first quarter of 2023, and 1.2% above the average of $372,330 per month in the fourth quarter of last year.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of April 22, 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 with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.