Homing In | Median sales prices for Cape condos down from 2024
The main takeaways in the Cape Coral condo market were that the number of closed sales in our overall condo market in the month of May were 28% higher than they were in May 2024, but during the first five months of this year the number of overall closed condo sales were 6% lower compared to the first five months of 2024. This decline in the first five months was driven by a drop in the number of dry lot condo sales. Another positive note was that the number of closed condo sales in our saltwater canal segments were higher than they were over the first five months of last year. But the big negative in the Cape’s condo market was that median condo sales prices were lower across the board this May when compared to May 2024.
We are also seeing the typical shift from our busier winter season to our slower summer months being reflected in the number of pending condo sales in the pipeline. Based on our daily market snapshots, we started this year with 39 pending condo sales on Jan. 1, before reaching our peak of 71 pending sales in mid-March, followed by our recent high of 62 pending sales on May 14. We have been below 50 pending condo sales in the pipeline since May 30, while remaining stuck in a range of 40 to 48 condos under contract since then.
One of the more interesting things we came across that helps illustrate the changes in our condo market over the past three years was the data underneath the surface of the second highest-priced current pending condo sale in the Cape. The seller purchased this direct gulf access canal condo with a deeded boat slip for $400,000 near the end of the post-COVID market boom in April 2022. At that time, this condo was initially listed for sale at $375,000 on Feb. 8, 2022, and it went under contract on Feb. 12. The prior owner who was selling in 2022, bought this condo for $213,900 on March 9, 2020. The current owner listed this unit for sale at $365,000 in May 2024, and took it off of the market in November of last year, before relisting it for $365,000 on April 2 of this year. This condo went under contract at $365,000 about two weeks ago, which is 8.8% below what the seller paid for it in 2022.
Current active condo listings and pending sales
As of June 24, there were 430 active listings in the MLS for Cape Coral condos at list prices ranging from $113,000 to $1,599,999. The current median condo list price is $254,950. Back on Jan. 1 of this year there were 422 condos listed for sale with the median list price at $266,000. Based on our daily market surveys our seasonal high for condos listed for sale in Cape Coral this year occurred on March 29 when we topped out with 506 active listings. Just under a year ago on July 8, 2024, there were 413 condos listed for sale in the MLS at prices ranging from $135,900 to $3.9 million, and the median list price was $289,900.
There were 48 pending condo sales in the pipeline as of June 24, at prices ranging from $93,000 to $449,000 with the median pending condo sales price in the Cape at $249,990. A total of 43 of the 48 pending sales are priced at $300,000 and under. At the beginning of this year there were 39 pending condo sales in the pipeline with a median pending sales price of $259,900. About one year ago on July 8, 2024, there were 44 pending condo sales at prices ranging $110,000 to $854,000 and the median pending sales price was $292,450.
Closed condo sales and median sales prices
In the overall Cape Coral condo market, there were 54 closed sales in May, which was 28.6% higher than the 42 sales in May 2024, and 3.8% above the 52 sales in April of this year. In the first five months of 2025, there were a total of 236 condos sold overall in the Cape, which was 6% below the 251 sold in the first five months of 2024.
The May median sales price came in at $235,250 for the overall Cape Coral condo market, which was 9.9% below the $261,000 posted in May 2024, but it was 2.1% higher than the $230,500 in April of this year. In the first five months of 2025, the median sales price averaged $236,500 per month in our overall condo market, or 10.9% below the average of $265,400 per month in the first five months of 2024.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all “saltwater” canal condos, there were 21 closed sales in May. This was 40% more than the 15 condos sold in May 2024, but 8.7% below the 23 sales in April of this year. In the first five months of 2024, there were a total of 108 gulf access saltwater canal condos sold in the Cape, which was 16.1% above the 93 units sold in the first five months of 2024.
The May median sales price came in at $249,900 for the Cape’s gulf access saltwater canal condo segment, which was 25.4% below the $335,000 posted in May 2024, but 2% higher than the $245,000 in April of this year. In the first five months of 2025, the median sales price in this segment averaged $265,820 per month, which was down 16.4% versus the average of $318,100 per month in the first five months of 2024.
Direct sailboat access canal condos
In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos where boaters have no bridges to go under in the canal system, there were 16 closed sales in May. This was up 23.1% from 13 condos sold in May 2024, and 6.7% above the 15 units sold in April of this year. In the first five months of 2025, there were a total of 72 condos sold in this segment, up 33.33% from 54 sales in the first five months of 2024.
The May median sales price came in at $260,000 for the Cape’s direct sailboat access canal condo segment, which was 29.7% below the $370,000 posted in May 2024, but up 2% from $255,000 in April of this year. In the first five months of 2025, the median sales price in this segment averaged $320,850 per month, which was down 10.1% versus the average of $356,950 per month in the first five months of 2024.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 27 closed sales in May, which was 28.6% higher than the 21 condos sold in May 2024, and 22.7% above the 22 sales in April of this year. In the first five months of 2025, there were a total of 106 dry lot condos sold in the Cape, which was 13.1% percent less than the 122 dry lot units sold in the first five months of 2024.
The May median sales price came in at $205,000 for the Cape’s dry lot condo segment, which was 6.8% below the $220,000 posted in May 2024, but 14.2% more than the $179,500 in April of this year. As a point of reference, two years ago the median sales price was $277,450 in the month of May 2023. In the first five months of 2025, the median sales price in this segment averaged $197,600 per month, or 10.6% less than the average of $221,000 per month in the first five months of 2024. Of note, during the first five months of 2023, the median sales price for dry lot condos averaged $248,790 per month.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of June 22, 2025, 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 45 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.
To reach GERI and BOB QUINN, please email news@breezenewspapers.com