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We saw a large drop in the number of closed condo sales in the third quarter compared to the second quarter of this year, which was a return to a more normal historical sales pattern. In most years, the number of closed sales usually hits a peak in the second quarter and then tails off in the third and fourth quarters leading to fewer second half of the year sales. In 2020, due to the COVID shutdowns, this pattern was reversed with weaker second quarter and first half of the year sales followed by a booming second half after Florida was reopened for business. There was some slowing in condo prices in the third quarter versus the second quarter of this year, but this was outweighed by the large price gains from 2020 price levels.
As of Nov. 9, there were only 41 active condo listings through a Realtor in the Multiple Listing Service in the Cape at prices ranging from $155,900 to $1.1 million, with the current median list price for Cape Coral condos at $279,900. The number of active listings is down from 55 condo listings in the MLS on Aug. 3, when list prices ranged from $105,000 to $1.2 million. It is also lower than both the 48 and 102 active condo listings from back on May 4 and March 15 of this year, respectively. There are currently 87 condos under contract with buyers as pending sales, which is up from the 82 pending sales back on Aug. 3, but well below the 153 condos under contract in the Cape on May 4 of this year. There are currently no condos listed for sale or pending as foreclosures or short sales in Cape Coral.
In the Cape's overall condo market, there were 68 closed sales in September, which was 5.6 percent lower than the 72 closed condo sales in September 2020, but 25.9 percent above the 54 sales in August of this year. In the third quarter, there were a total of 209 closed condo sales, which was down 2.3 percent compared to the total of 214 closed sales in the third quarter of 2020, and 34.5 percent below the total of 319 closed sales in the second quarter of this year. In the first nine months of this year, there were a total of 769 condos sold in the Cape, or 46.2 percent more than the 526 condos sold in the first nine months of 2020.
The median sales price came in at $236,250 for the overall Cape Coral condo market in September, which was 36 percent above the $173,750 posted in September 2020, and 8.5 percent higher than the $217,750 in August of this year. In the third quarter, the median sales price averaged $222,967 per month in the Cape's overall condo market, up 25.3 percent from the average of $177,917 per month in the third quarter of 2020, and 6.7 percent above the average of $209,033 per month in the second quarter of this year. In the first nine months of 2021, the overall median sales price for Cape condos averaged $210,072 per month, or 22.5 percent more than the average of $171,447 per month in the first nine months of 2020.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 36 closed sales in September, which was 2.7 percent lower than the 37 closed sales in September 2020, but 28.6 percent above the 28 sales in August of this year. In the third quarter, there were a total of 99 closed condo sales in this segment, which was down 19.5 percent versus the total of 123 closed sales in the third quarter of 2020, and 30.3 percent below the total of 142 gulf access condo sales in the second quarter of this year. In the first nine months of this year, there were a total of 357 gulf access condos sold in the Cape, or 19.8 percent more than the 298 condos sold in the first nine months of 2020.
The September median sales price came in at $271,950 for the Cape's gulf access condo segment, which was 32.7 percent above the $205,000 posted in September 2020, and 11 percent higher than the $244,950 in August of this year. In the third quarter, the median sales price averaged $255,633 per month in this segment, which was 27.2 percent higher than the average of $201,000 per month in the third quarter of 2020, but 4.4 percent below the average of 267,500 per month in the second quarter of this year. In the first nine months of 2021, the median sales price for Cape gulf access condos averaged $247,683 per month, or 29.4 percent more than the average of $191,389 per month in the first nine 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 17 closed sales in September. This was 26.1 percent lower than the 23 closed condo sales in September 2020, but 21.4 percent above the 14 sales in August of this year. In the third quarter, there were a total of 52 condos sold in this segment, which was down 23.5 percent versus the total of 68 closed sales in the third quarter of 2020, and 30.7 percent below the total of 75 closed sales in the second quarter of this year. In the first nine months of 2021, there were a total of 194 sailboat access condos sold in the Cape, or 17.6 percent more than the 165 condos sold in the first nine months of 2020.
The September median sales price was $316, in the Cape's sailboat access condo segment, which was 31.7 percent above the $239,900 posted in September 2020, and up 4.8 percent from $301,500 in August of this year. In the third quarter, the median sales price averaged $310,833 per month in this segment, or 35.9 percent higher than the average of $228,800 per month in the third quarter of 2020, but 11 percent below the average of $349,167 per month in the second quarter of this year. In the first nine months of 2021, the median sales price for Cape Coral sailboat access condos averaged $310,411 per month, or 41.5 percent above the average of $219,444 per month in the first nine months of 2020.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 25 closed sales in September, which was 16.7 percent lower than the 30 dry lot condos sold in September 2020, but 31.6 percent above the 19 closed sales in August of this year. In the third quarter, there were a total of 80 closed condo sales in this segment, which was up 12.7 percent compared to the total of 71 closed sales in the third quarter of 2020, but 44.1 percent lower than the total of 143 closed dry lot condo sales in the second quarter of this year. In the first nine months of 2021, there were a total of 322 dry lot condos sold in the Cape, or 80.9 percent more than the 178 condos sold in the first nine months of 2020.
The September median sales price came in at $214,000 for the Cape's dry lot condo segment, which was 85.3 percent above the $115,500 posted in September 2020, and it was 15.7 percent higher than the $185,000 in August of this year. In the third quarter, the median sales price averaged $186,333 per month in this segment, or 30.4 percent higher than the average of $142,917 per month in the third quarter of 2020, and 12.9 percent above the average of $165,000 per month in the second quarter of this year. In the first nine months of 2021, the median sales price for Cape dry lot condos averaged $166,994 per month, or 22.7 percent above the average of $136,128 per month 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 Nov. 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 42 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.