Geri and Bob Quinn

The results for the month of March and the first quarter of this year for the Cape Coral condominium market are in, confirming the number of closed sales and median sales prices are both lower than they were a year ago. The one exception was in the typically lower priced dry lot (non-canal) segment of our market, where prices were down but the number of closed sales came in higher than a year ago.

All of this while the number of condos listed for sale in the MLS have continued to rise. In fact, over the past 3 years, the number of Cape condos on the market in the MLS is up a whopping 813% from 48 active listings on May 4, 2021, to this week’s total of 438 condos on the market, including a 90% jump from the 230 active condo listings just one year ago.

The number of pending condo sales have also declined from 153 in the pipeline three years ago to 70 pending sales this week, after backing off to 108 pending sales two years ago and down to 86 a year ago. Also of note, the total number of 141 closed condo sales in the Cape during the first quarter of this year and the 145 first quarter sales of last year, were the lowest first quarter tallies since 142 sales were posted back in 2014 and 150 sales in 2019. However, the overall median condo sales price of $250,000 for this March was the third highest ever for the month of March, only behind the $295,000 posted in March of last year, and the $280,000 in March 2022.

As of Tuesday, April 30, there were 438 active condo listings in Cape Coral through a Realtor in the Multiple Listing Service at prices ranging from $144,900 to $3.9 million. A total of 184 condos, equaling 42% of the active listings, were on the market at $275,000 and under, with 50 of these units priced below $200,000. At the other end of our condo price spectrum, there were 66 condos in the Cape listed at $500,000 and above, with 22 of these units priced at $1 million and above. The current median condo list price came in at $299,000.

One month ago on March 26, there were 411 condos in the Cape listed for sale in the MLS with the median list price also at $299,000. Going back one year to April 25, 2023, there were 230 condos listed for sale through a Realtor in the Cape at prices ranging from $159,900 to $3.9 million. At that time there were 67 units listed at $275,000 and under, including only 19 units priced below $200,000 and there were 52 condos listed at $519,900 and up, including 16 units above $1 million. The median list price a year ago was $314,950.

There are currently 70 condos under contract with buyers as pending sales in the Cape at prices ranging $139,000 to $1.995 million. The median pending sales price is $274,600 with 45 of the pending sales priced at $275,000 and under, including 15 units below $200,000. Four condos are under contract from $508,500 to $784,137 with just one unit pending above $1 million compared to the 66 active listings at $1 million and above. One month ago on March 26, there were 88 pending condo sales with a median pending sales price of $279,950.

In the overall Cape Coral condo market, there were 73 closed sales in the month of March, which was 1.4% below the 74 sales in March 2023, but 78% above the 41 sales in February of this year. In the first quarter, there were a total of 141 closed condo sales, which was down 2.8% versus the total of 145 sales in the first three months of 2023, but 29.4% higher than the total of 109 sales in the fourth quarter of last year.

The median sales price came in at $250,000 for the overall Cape Coral condo market during March, which was 15.3% below the $295,000 posted in March 2023, and it was 3.5% less than the $259,000 in February of this year. In the first quarter, the median sales price averaged $263,667 per month in the Cape’s overall condo market, which was down 3.5% from the average of $273,333 per month in the first quarter of 2023, and 4.6% below the average of $276,333 per month in the fourth quarter of last year.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 24 closed sales in the month of March, which was 25% lower than the 32 closed condo sales in March 2023, but 50% more than the 16 sales in February of this year. In the first quarter, there were a total of 51 closed condo sales in this segment, which was down 20.3% compared to the total of 64 sales in the first quarter of 2023, but up 18.6% versus the total of 43 sales in the fourth quarter of last year.

The March median sales price came in at $313,350 for the Cape’s gulf access condo segment, which was 7.4% below the $338,250 posted in March 2023, and 2.8% lower than the $322,250 in February of this year. In the first quarter, the median sales price averaged $315,200 per month in this segment, which was 8% lower than the average of $342,733 per month in the first quarter of 2023, and 9.7% below the average of $349,167 per month in the fourth quarter of last year.

Direct sailboat access canal condos

In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos consisting of condos with no bridges to go under in the canal system, there were 12 closed sales in the month of March. This was 40% lower than the 20 sales in March 2023, but 33.33% above the nine sales in February of this year. In the first quarter, there were a total of 27 condos sold in this segment, which was down 20.6% compared to the total of 34 sales in the first quarter of 2023, but up 8% from the total of 25 sales in the fourth quarter of last year.

The March median sales price came in at $426,250 for the Cape’s direct sailboat access canal condo segment, or 3.1% below the $440,000 posted in March 2023, but up 28.2% from $332,500 in February of this year. In the first quarter, the median sales price averaged $366,250 per month in this segment, which was 5.7% lower than the average of $388,333 per month in the first quarter of 2023, and 7.8% below the average of $397,083 in the fourth quarter of last year.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were 37 closed sales in the month of March, which was up 8.8% from the 34 sales in March 2023, and 76.2% above the 21 sales in February of this year. In the first quarter, there were a total of 70 closed sales in this segment, which was up 9.4% versus the 64 sales in the first quarter of 2023, and 34.6% higher than the 52 sales in the fourth quarter of last year.

The March median sales price came in at $225,000 for the Cape’s dry lot condo segment, which was 14.6% below the $263,500 posted in March 2023, but 15.4 higher than the $195,000 in February of this year. In the first quarter, the median sales price averaged $210,833 per month in this segment, which was 11.7% lower than the average of $238,833 per month in the first quarter of 2023, and 4.4% below the average of $220,500 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 29, 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.