Trending
Closed sales and median sales prices remained very strong in the Cape Coral condo market during both the second quarter and first half of this year, although the COVID-19 shutdown period from mid-March through May of last year made for easier comparisons. Some of the recent craziness in the market seems to have slowed down a bit, however, buyer interest still remains solid. The wild cards for the remainder of 2021 would seem to rest with the Delta variant, the economy, inflation and the growing potential for new restrictions and shutdowns.
As of Aug. 3, there were 55 active condo listings through a Realtor in the Multiple Listing Service in the Cape at prices ranging from $105,000 to $1.2 million. This was up from 48 active listings on May 4, but still down a lot from the 102 active listings on March 15. By comparison, there were 149 condos listed for sale in the Cape on Jan. 31, and 202 condo units for sale on the market back on Nov. 1, 2020. There are currently 82 Cape Coral condos under contract with buyers as pending sales (84 including distressed property), most of which should go into the books as closed sales within the next 30 to 60 days. Three months ago, on May 4, there were 153 condos under contract as pending sales.
In the Cape's overall condo market, there were 99 closed sales in June, which was 98 percent higher than the 50 closed condo sales in June 2020, and 10 percent above the 90 closed sales in May of this year. In the second quarter of this year, there were a total of 319 closed condo sales, which was up 143.5 percent compared to the total of 131 closed sales in the second quarter of 2020, and 32.4 percent above the total of 241 closed sales in the first quarter of this year. In the first half of this year, there were a total of 560 condos sold in the Cape, or 81.2 percent more than the 309 condos sold in the first six months of 2020.
The median sales price came in at $219,900 for the overall Cape Coral condo market in June, which was 42.8 percent above the $154,000 posted in June 2020, and 7 percent higher than the $205,450 in May of this year. In the second quarter of this year, the median sales price averaged $209,033 per month in the Cape's overall condo market, up 28.3 percent from the average of $162,875 per month in the second quarter of 2020, and 5.5 percent above the average of $198,217 per month in the first quarter of this year. In the first half of 2021, the overall median sales price for Cape condos averaged $203,625 per month, or 21.1 percent more than the average of $168,212 per month in the first six months of 2020.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 46 closed sales in June, which was 64.3 percent higher than the 28 closed sales in June 2020, and 9.5 percent above the 42 closed sales in May of this year. In the second quarter, there were a total of 142 closed condo sales in this segment, which was up 100 percent compared to the total of 71 closed sales in the second quarter of 2020, and 22.4 percent above the total of 116 closed gulf access condo sales in the first quarter of this year. In the first half of this year, there were a total of 258 gulf access condos sold in the Cape, or 47.4 percent more than the 175 condos sold in the first six months of 2020.
The June median sales price came in at $300,000 for the Cape's gulf access condo segment, which was 75.7 percent above the $170,750 posted in June of 2020, and 20 percent higher than the $250,000 in May of this year. In the second quarter, the median sales price averaged $267,500 per month in this segment, which was 46.4 percent higher than the average of $182,750 per month in the second quarter of 2020, and 21.6 percent above the average of 219,917 per month in the first quarter of this year. In the first half of this year, the median sales price for Cape gulf access condos averaged $243,708 per month, or 30.6 percent more than the average of $186,583 per month in the first six months of 2020.
Direct sailboat access canal condos
In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos and includes condos with no bridges to go under in the canal system, there were 28 closed sales in June. This was 100 percent higher than the 14 closed condo sales in June 2020, and 27.3 percent above the 22 closed sales in May of this year. In the second quarter, there were a total of 75 condos sold in this segment, which was up 102.7 percent versus the total of 37 closed sales in the second quarter of 2020, and up 11.9 percent from the total of 67 closed sales in the first quarter of this year. In the first half of this year, there were a total of 142 sailboat access condos sold in the Cape, or 46.4 percent more than the 97 condos sold in the first six months of 2020.
The June median sales price came in at $425,000 for the Cape's sailboat access condo segment, which was 89.8 percent above the $223,950 posted in June 2020, and up 31.8 percent from $322,500 in May of this year. In the second quarter, the median sales price averaged $349,167 per month in this segment, which was 56 percent higher than the average of $223,867 per month in the second quarter of 2020, and 28.7 percent above the average of $271,233 per month in the first quarter of this year. In the first half of this year, the median sales price for Cape sailboat access condos averaged $310,200 per month, or 44.4 percent more than the average of $214,767 per month in the first six months of 2020.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 43 closed sales in June, which was 126.3 percent higher than the 19 dry lot condos sold in June 2020, and 10.3 percent above the 39 closed sales in May of this year. In the second quarter, there were a total of 143 closed condo sales in this segment, which was up 186 percent compared to the total of 50 closed sales in the second quarter of 2020, and 44.4 percent higher than the total of 99 closed dry lot condo sales in the first quarter of this year. In the first half of this year, there were a total of 242 dry lot condos sold in the Cape, or 126.2 percent more than the 107 condos sold in the first six months of 2020.
The June median sales price came in at $165,000 for the Cape's dry lot condo segment, which was 26 percent above the $131,000 posted in June 2020, and it was 3.1 percent higher than the $160,000 in May of this year. In the second quarter, the median sales price averaged $165,000 per month in this segment, which was 19 percent higher than the average of $138,667 per month in the second quarter of 2020, and 10.3 percent above the average of $149,648 per month in the first quarter of this year. In the first half of this year, the median sales price for Cape dry lot condos averaged $157,324 per month, or 18.5 percent more than the average of $132,733 per month in the first six months of 2020.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Aug. 1, 2021, 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 41 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.