Homing In: First quarter Cape condo sales up, prices lower
The main takeaway from the first quarter results in the Cape Coral condo market was that the combination of declining median list prices and declining median pending sales prices versus the first quarter of last year has brought on lower first quarter median sales prices. This trifecta of lower condo prices has led to a higher number of closed first quarter condo sales in the Cape, and as illustrated in several startling examples shown below, when a seller gets their condo priced properly to the market, a buyer will emerge and make an offer.
Active condo listings and pending sales
As of Tuesday, April 28, there were 376 Cape Coral condos listed for sale in the MLS at prices ranging from $62,000 for a one-bedroom, one-bathroom, 74-square-foot unit built in 1974, to the two highest-priced units, each at $1.299 million. The current median list price for condos in the Cape is $225,000. To help illustrate what has been happening, the lowest priced condo mentioned above came onto the market for $90,000 on Feb. 23, so it has now had total price reductions of 31%, and one of the two highest-priced luxury condos on the market right now was initially listed at $1.8 million in January 2023. This condo has now gone through six price reductions totaling 27.8% as it tries to attract a buyer.
Back on Jan. 1 of this year, there were 373 Cape Coral condos on the market with a median list price of $249,711. One year ago on April 29, 2025, there were 497 condos listed for sale in the Cape ranging in price from $93,000 for a one-bedroom, one-bathroom unit, to a high of $1,599,999. The median condo list price was at $249,900 one year ago.
As of Tuesday, April 28, there were 92 pending condo sales in the Cape at prices ranging from $84,900 to $1.325 million, and the median pending sales price came in at $241,990.
The lowest priced pending condo sale was listed at $219,900 in January 2024, before going through 12 price reductions down to a list price of $84,900 on March 11 of this year, and ultimately going under contract with a buyer on April 22. The highest priced pending condo sale came on the market at $1.425 million in September 2025, and had one price reduction to $1.325 million on Feb. 20 of this year, before going under contract on April 11. The second highest priced pending condo sale in the Cape was initially listed at $830,000 in December 2024, and following nine price reductions down to $649,000 on March 26 of this year it went under contract four days later. According to the records, the seller of this Cape Harbour condo bought it for $830,000 in March 2023, so they are selling at a loss. Of note, one year ago on April 29, 2025, there were only 50 pending condo sales in the Cape ranging from $125,000 to $749,000 and the median pending sales price was $259,495.
Closed condo sales and median sales prices
In the overall Cape Coral condo market, there were 70 closed sales in the month of March, which was 22.8% above the 57 sales in March 2025, and 37.3% above the 51 sales in February of this year. In the first quarter, there were a total of 164 closed condo sales, which was up 26.2% versus the total of 130 sales in the first three months of 2025, and 45.1% higher than the total of 113 sales in the fourth quarter of last year.
The median sales price came in at $216,000 for the overall Cape Coral condo market during March, which was 4% below the $225,000 posted in March 2025, but it was up 0.5% from $215,000 in February of this year. In the first quarter, the median sales price averaged $210,333 per month in the Cape’s overall condo market, which was down 12% from the average of $239,000 per month in the first quarter of 2025, and 5% below the average of $221,497 per month in the fourth quarter of last year. Two years ago in the first quarter of 2024, the median sales price averaged $263,667 per month, so the average first quarter median sales price in our overall condo market is down 20.2% since 2024.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 33 closed sales in the month of March. This was 26.9% higher than the 26 condo sales in March 2025, and 3.1% above the 32 sales in February of this year. In the first quarter, there were a total of 88 closed condo sales in this segment, which was up 37.5% compared to the total of 64 sales in the first quarter of 2025, and up 57.1% versus the total of 56 sales in the fourth quarter of last year.
The March median sales price came in at $226,000 for the Cape’s saltwater access canal condo segment, which was 7.6% below the $244,500 posted in March 2025, and 11.1% lower than the $254,250 in February of this year. In the first quarter, the median sales price averaged $228,417 per month in this segment, which was 17.9% lower than the average of $278,067 per month in the first quarter of 2025, and 13.7% below the average of $264,625 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 22 closed sales in the month of March. This was 37.5% higher than the 16 sales in both March 2025, and in February of this year. In the first quarter, there were a total of 54 condos sold in this segment, which was up 31.7% compared to the total of 41 sales in the first quarter of 2025, and 58.8% higher than the total of 34 sales in the fourth quarter of last year.
The March median sales price came in at $311,250 for the Cape’s direct sailboat access canal condo segment, or 15.1% above the $270,500 posted in March 2025, and up 11.2% from $280,000 in February of this year. In the first quarter, the median sales price averaged $270,417 per month in this segment, which was 25.5% lower than the average of $363,083 per month in the first quarter of 2025, and 13.4% below the average of $312,083 per month in the fourth quarter of last year.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 31 closed sales in the month of March, which was up 6.9% from the 29 sales in March 2025, and 106.7% above the 15 sales in February of this year. In the first quarter, there were a total of 62 closed sales in this segment, which was up 8.8% versus the 57 sales in the first quarter of 2025, and 29.2% higher than the 48 sales in the fourth quarter of last year.
The March median sales price was $195,000 for the Cape’s dry lot condo segment, which was 1% below the $197,000 posted in March 2025, but 34.5% higher than the $145,000 in February of this year. In the first quarter, the median sales price averaged $163,000 per month in this segment, or 19% below the average of $201,167 per month in the first quarter of 2025, but 0.7% above the average of $161,833 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 25, 2026, 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 46 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.)