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The quick overview about the monthly supply levels of single-family homes for sale in Cape Coral is that the third quarter inventory increased from the second quarter of this year, but it still remains abnormally low. Out-of-town buyer demand remains strong against tight supply.
As of Oct. 26, there were 588 active Cape Coral single-family homes listed for sale in the Multiple Listing Service at prices ranging from $212,500 to $5.995 million. Of these active listings, 127, or 21.6 percent, of the homes available on the market through a Realtor have asking prices from $350,000 and below, with only five homes priced under $250,000. At the other end of the spectrum, there were 75 homes or 12.8 percent of the Cape's market listed at $1 million and above. By comparison, back on July 27, there were 483 active listings for single-family homes in the Cape ranging in price from $165,000 to $5.995 million. There are currently 1,002 homes under contract with buyers as pending sales at prices ranging from $204,900 to $4 million. This compares to July 27, when there were 897 single family homes under contract. A quick look back shows that on May 24 of this year there were only 357 active listings and 1,170 pending sales in the Cape through a Realtor.
Before getting into the unsold supply data, we need to finish last week's column about the closed sales and median sales price numbers for the Cape's single-family dry lot (non-canal) home segment, in which there were 384 closed sales in September. This was 4.4 percent higher than the 368 sales in September 2020, and 6.7 percent above the 360 closed sales in August of this year. There were a total of 1,145 closed sales in this segment in the third quarter, topping the 1,100 sales in the third quarter of 2020 by 4.1 percent, but it was 16.4 percent below the 1,370 sales in the second quarter of this year. In the first nine months of this year, there were a total of 3,496 dry lot homes sold in the Cape, for an increase of 25.4 percent compared to the 2,788 sales in this segment during the first nine months of 2020.
The median sales price in the Cape Coral single-family dry lot home segment was $320,250 in September, which was up 34 percent from the $239,040 posted in September 2020, and up 1.7 percent from $314,900 in August of this year. In the third quarter, the median sales price in this segment averaged $312,550 per month, or 29.6 percent above the average of $241,221 per month in third quarter of 2020, and 8.4 percent higher than the average of $288,333 per month in the second quarter of this year. In the first nine months of this year, the median sales price averaged $287,128 per month in this segment, for a 24.6 percent increase versus the average median sales price of $230,416 per month in the first nine months of 2020.
Moving back to this week's topic, in the overall Cape Coral single-family home market, the monthly level of unsold supply was 3 months in September, which was even with the 3 months of supply posted in both September of 2020, and in August of this year. In the third quarter, the monthly average level of unsold supply was 3 months, which was 9.9 percent less than the average of 3.33 months of supply in the third quarter of 2020, but up 28.8 percent from the average of 2.33 months of supply in the second quarter of this year. In the first nine months of this year, the monthly level of unsold supply in the Cape's single-family home market averaged 3 months, or 41.3 percent less than the average of 5.11 months of supply in the first nine months of 2020.
Indirect gulf access canal homes
In the Cape Coral single-family indirect gulf access canal home segment (meaning with bridges in the canal system), the monthly level of unsold supply came in at 4 months in September, which was 33.33 percent higher than the 3 months of unsold supply in both September 2020, and in August of this year. In the third quarter of this year, the monthly average of unsold supply in this segment was 3.33 months, which was even with the average of 3.33 months of supply in the third quarter of 2020, but 24.7 percent higher than the average of 2.67 months of unsold supply in the second quarter of this year. In the first nine months of this year, the monthly level of unsold supply in this segment averaged 2.89 months, or 55.1 percent below the average of 6.44 months in the first nine months of 2020.
Direct sailboat access canal homes
In the Cape Coral single-family direct sailboat access canal home segment (meaning no bridges in the canal system to get out to open water), the monthly level of unsold supply was 3 months in September. This was 25 percent below the 4 months of supply in September 2020, and even with the 3 months of supply in August of this year. In the third quarter, the monthly average of unsold supply in this segment was 3.33 months, or 23.1 percent below the average of 4.33 months of supply in the third quarter of 2020, but 42.9 percent above the average of 2.33 months of supply in the second quarter of this year. In the first nine months of this year, the monthly level of unsold supply in this segment averaged 2.89 months, or 56.7 percent less than the average of 6.67 months of supply in the first nine months of 2020.
Freshwater canal and lake homes
In the Cape's single-family freshwater canal home segment (landlocked canals and lakes with no gulf access), the September level of unsold supply was 3 months, which was even with the 3 months of supply in September 2020, but 25 percent below the 4 months of supply in August of this year. In the third quarter of this year, the monthly average of unsold supply in this segment was 3 months, which was even with the 3 months of supply in the third quarter of 2020, but 12.4 percent higher than the 2.67 months of unsold supply in the second quarter of this year. In the first nine months of this year, the monthly level of unsold supply in the Cape's freshwater canal and lake home segment averaged 2.89 months, or 46.9 percent less than the average of 5.44 months of supply in the first nine months of 2020.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, the monthly level of unsold supply was 3 months in September, which was even with the 3 months of supply in both September 2020, and in August of this year. In the third quarter of this year, the monthly average supply in this segment was 3.33 months, which was even with the average of 3.33 months of supply in the third quarter of 2020, but 42.9 percent above the 2.33 months of supply in the second quarter of this year. In the first nine months of this year, the monthly level of unsold supply in the Cape's dry lot home segment averaged 3 months, or 34.2 percent less than the average of 4.56 months of supply in the first nine 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 Oct. 18, 2021, 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 42 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.