Homing In | Sellers struggling with housing market weakness
We continue to see a lot of sellers in Cape Coral and throughout Southwest Florida struggling to attract potential buyers and get their homes sold. Based on our personal experiences and from conversations with a number of Realtors, it is clear that the level of frustration is continuing to grow.
As we have been noting repeatedly in this column for the past three years now, as difficult as it has been for a lot of sellers, homes are still being sold in our market at a relatively decent clip. When a seller gets their list price in line with the current market, a buyer emerges. If a seller has their home overpriced, it will sit on the market unsold for months on end.
In general, sellers need to be more aggressive with their list prices than they were likely anticipating if they want or need to get their homes sold, and as this realization sinks in, we are seeing a growing number of sellers taking their homes off of the market in hopes of getting a higher price in the future.
Today we have some real life, anecdotal stories to share from our recent experiences with buyers, sellers and Realtors.
But before we get into that, we will begin with some current market data so you can see how our market has shifted into a slow motion, painfully frustrating deterioration in home prices.
Preliminary sales numbers for July
Based on the preliminary Cape Coral single-family home sales numbers for July, the summer slowdown is upon us as the number of closed home sales will probably settle in somewhere about 7% below the 481 sales in July 2024 and under the 469 sales in June of this year, but above the 421 sales in July 2023. The preliminary July median sales price for single-family homes in the Cape looks poised to set a new 2025 monthly low, likely edging below the previous low of $370,000 for this year which was set in May. The last time we had a month with median sales prices in the overall Cape Coral single-family home market in the $360,000s was back in August through October 2021. Also of note, the preliminary average sales price in the overall Cape Coral single-family home market for the month of July reached its lowest level since back in August 2021. This is another subtle sign that home prices are continuing to shift lower and that the bottom is likely not yet in place.
Current active listings and pending home sales
As of Tuesday, Aug. 5, there were 2,786 active listings in the MLS for Cape Coral single-family homes at list prices ranging from $180,000 to $8.9 million, and the current median list price came in at $465,000. The number of homes listed for sale in the Cape continues its steady descent, largely driven by some sellers throwing in the towel because they have been unable to get the price they want or need. Based on our daily market surveys, we reached a peak of 3,520 homes on the market back on Feb. 24. On that day, the median list price for single-family homes in the Cape was at $480,000.
Currently, there are 1,025 homes listed for sale at $400,000 and under, including 194 homes listed below $300,000. We have 262 luxury homes for sale in the Cape at $1 million and above. About one year ago on Aug. 12, 2024, there were 2,573 homes listed for sale in the Cape through the MLS at list prices ranging from $199,900 to $5.98 million, and the median list price was $489,900. Back then we had 757 homes on the market at $400,000 and under, including only 56 homes listed below $300,000 and there were 274 homes on the market at $1 million and above.
As a side note, 34.4% of the Cape’s current active listings in the MLS are for new and newer construction homes built in 2023 through 2025.
Shifting over to pending home sales, as of Tuesday, Aug. 5, there were 565 Cape Coral homes under contract with buyers at prices ranging from $169,900 for a partially built home to $3.6 million. The median pending home sales price came in at $375,000 and 60.4% of our current market, or 341 homes, have a pending sales price of $400,000 and under, including 92 homes priced below $300,000. There are currently 16 luxury homes in the Cape under contract with buyers at $1 million and above.
Back on Aug. 12, 2024, there were 662 Cape Coral single-family homes in the pending sales pipeline at prices ranging from $150,000 for a fire damaged home to $4,87 million. The second lowest priced “regular” pending home sale was $199,900 and the median pending sales price was at $395,000. A total of 54.4% of the pending home sales one year ago, or 360 homes, were priced at $400,000 and under, including only 51 homes priced below $300,000. At that time there were 23 luxury homes under contract with buyers at $1 million and above.
As a side note, 38.8% of the Cape’s current pending home sales in the MLS are for new and newer construction homes built in 2023 through 2025.
Real life anecdotal market experiences
The problems being faced by home sellers have become pretty widespread. For example, back in April we had a buyer from the Boynton Beach area contact us about one of our listings. She told us she was getting ready to list her townhome and her Realtor was telling her to be prepared to move because it was going to sell in a matter of weeks, if not days. We showed her our listing and had her sign a buyers agreement so we could show her some other homes. We told her she needed to get her home listed and most likely under contract with a buyer before she would get a seller over here to consider any offers. She cares for her elderly mother, who lives with her and she was panicking that her home would sell so fast that they would not have a place to live. Her home in Boynton Beach has now been on the market for about 85 days and she has made four price reductions without attracting an offer.
Another buyer we have been working with has decided to buy a new construction home in a development in Estero. We were negotiating the price and builder incentives, and just about had a deal in place when the developer gave them an ultimatum to sign a contract “today” or some of the incentives would go away. Our buyer chose to walk away at that point and we continued looking at other homes in Fort Myers and Estero. In a number of cases, you could sense the desperation of the seller and the Realtor to get any type of offer on some of these homes. And this was often after the sellers had already made sizable 20% plus price decreases. Ultimately, it took another two weeks for that developer to come back to us with more buyer concessions so we could hammer out a deal on the new construction home, which illustrates the competition sellers of existing homes are facing from new construction homes. The actual examples we could show you are nothing short of mind-boggling.
Coming back to Cape Coral, a recent email we received from an established local builder was touting a $20,000 price reduction on one of its move-in ready new construction homes. The information on the home shows it was completed in 2025, so we took a look at the listing information in the MLS. This home was first put on the market as a partially built spec home in June 2023, when it was advertised as having an expected completion date of November 2023. That listing was terminated in November 2023, and it came back on the market at a slightly higher price in September 2024 with a new expected completion date of in December of that year. The builder has just made another $10,000 price reduction on this “delayed” spec home for a total price decrease of $65,000 or an 11.7% discount so far. The local “experts” say this is a “normal correction,” but it doesn’t feel that way to a lot of sellers.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Aug. 5, 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 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.
To reach GERI and BOB QUINN, please email news@breezenewspapers.com