Homing In | Sellers struggle as May median sales prices soften
The main takeaway in the Cape Coral single-family home market was that the monthly average median sales prices for the first five months of this year were down across the board in all of our property segments compared to the first five months of 2024. Also of note, the second highest priced active listing in the Cape reduced their list price by $500,000 to $6.2 million on June 12. This new construction riverfront home was initially listed for $7.867 million in September 2024, so the price has been reduced by a total of $1.667 million or 21.2%. When priced properly to the market, buyers emerge, offers are made and homes get sold.
Geri and Bob Quinn
Current active listings and pending sales
As of Tuesday, June 17, we continue to see the number of active listings in the MLS for Cape Coral single-family homes drift a bit lower, dipping to 3,067 homes on the market. This is down from our seasonal peak of 3,520 active listings reached on Feb. 24, with the number of listings now approaching our starting point of 3,044 back on Jan. 1 of this year, as things are slowing down heading into the summer months. Currently, list prices in the Cape are ranging from a low of $170,000 for a buyer willing to take over the construction of a partially built home, to a high of $6.985 million. The median list price is remaining steady at $475,000 with 34.8% of the current listings priced at $400,000 and under, including 176 homes priced below $300,000. There are a total of 314 homes in the Cape listed at $1 million and above, with 214 of these luxury homes priced at $1.5 million and under.
Also as of Tuesday, June 17, there were 655 Cape Coral single-family homes under contract with buyers as pending sales at prices ranging from $180,000 for a buyer taking over a home from a builder in mid-construction to a high of $3.6 million. The number of pending home sales continues to decline as we shift into our slower summer season. Based on our daily market surveys, we reached a seasonal peak of 789 pending home sales on April 17, after beginning this year with 378 pending sales in the pipeline on Jan. 1. We climbed above 700 pending sales on Feb. 20, and remained above 700 pending sales everyday through May 30. The current median pending home sales price is $386,785 and 59.5% of our pending home sales are priced at $400,000 and under, including 97 homes priced below $300,000. There are 19 homes in the Cape under contract at $1 million and above.
Closed home sales and median sales prices
In the overall Cape Coral single-family home market, there were 521 closed home sales in May, which was 9.1% lower than the 573 closed sales in May 2024, but 5.3% above the 495 closed sales in April of this year. In the first five months of 2025, there were a total of 2,146 closed sales in the Cape’s overall single-family home market, which was 7.3% below the 2,314 closed sales in the first five months of 2024.
The median sales price in the overall Cape Coral single-family home market came in at $370,900 in May. This was the lowest monthly level so far this year, and it was 6.1% lower than the $395,000 posted in May 2024, and 1.5% below the $376,437 in April of this year. In the first five months of 2025, the overall median sales price for single-family homes in the Cape averaged $380,567 per month, which was 6.9% less than the average of $408,844 per month in the first five months of 2024.
Indirect gulf access canal homes
In the Cape Coral single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 53 closed home sales in May. This was 8.6% lower than the 58 sales in May 2024, but 20.5% above the 44 sales in April of this year. In the first five months of 2025, there were 195 closed sales in this segment, or 22% less than the 250 sales in the first five months of 2024.
The median sales price in the Cape’s single-family indirect gulf access canal home segment was $645,000 in May, down 19.9% from $805,000 in May 2024, and 8.5% below the $705,000 posted in April of this year. In the first five months of 2025, the median sales price in this segment averaged $717,400 per month, or 10.7% less than the average of $803,250 per month in the first five months of 2024.
Direct sailboat access canal homes
In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canals to reach open water), there were 48 closed home sales in May. This was 2% lower than the 49 closed sales in May 2024, and even with the 48 sales in April of this year. In the first five months of 2025, there were 191 closed sales in this segment, which was equal to the 191 sales in the first five months of 2024.
The median sales price in the Cape’s single-family direct sailboat access canal home segment was $754,500 in May. This was 9.1% below the $830,000 posted in May 2024, but 1.6% higher than the $742,500 in April of this year. In the first five months of 2025, the median sales price in this segment averaged $771,400 per month, or 7.7% less than the average of $835,500 per month in the first five months of 2024.
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 boating access to the river or the Gulf of America, there were 72 closed home sales in May. This was 20% higher than the 60 sales in May 2024, and up 12.5% from 64 sales in April of this year. In the first five months of 2025, there were 282 sales in this segment, or 11.5% more than the 253 sales in the first five months of 2024.
The median sales price in the Cape’s single-family freshwater canal and lake home segment was $447,500 in May, or 2.3% above the $437,450 posted in May 2024, and 10.5% more than the $405,000 in April of this year. In the first five months of 2025, the median sales price in this segment averaged $442,872 per month, or 6.2% less than the average of $472,290 per month in the first five months of 2024.
Dry lot homes
In the Cape’s single-family dry lot (non-canal) home segment, there were 348 closed sales in May, which was 13.6% lower than the 403 sales in May 2024, but 2.7% above the 339 sales in April of this year. In the first five months of 2025, there were 1,477 sales in this segment, or 8.4% less than the 1,612 sales in the first five months of 2024.
The median sales price in this segment was $339,000 in May, or 5.8% less than the $360,000 in May 2024, and 2.1% below the $346,259 in April of this year. In the first five months of 2025, the median sales price in this segment averaged $349,231 per month, or down 6.2% from the average of $372,199 per month in the first five months of 2024.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of June 15, 2025, 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 45 years. Geri has been a full-time Realtors since 2005, and Bob joined Geri as a full-time Realtors in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.