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The biggest takeaway in the Cape Coral single-family home market from this week's column revolves around the steady decline in the number of active listings, making an already abnormally tight seller's market even tighter. Historically, we usually see the number of active listings available on the market increase in January and February, as a large number of sellers typically pile into the market after the first of the year trying to capitalize on the seasonal influx of winter visitors looking to buy a home in Southwest Florida.
Anecdotally, we are aware of home sellers looking to list their homes within the next several weeks, however, we continue to come across people who have been thinking about selling, but are hesitating because they are concerned about finding an adequate home to buy or rent after selling their existing home. In many cases, these potential sellers need to sell their existing home before buying their next home, which can put them in a precarious predicament.
As a point in fact, we just had a situation with one of our listings where the buyer had sold their home up north and the day before they were scheduled to close on the home they were purchasing here, the seller on that deal backed out because they could not find another home to buy. Needless to say, the agent representing this buyer, who was stuck "homeless" and living in a hotel, made the most competitive offer to our seller in a multiple offer situation.
We continue to see strong out-of-town buyer interest and the multiple offer buying frenzy has been ramping up. Combining this strong demand with the fact that we normally reach our peak for pending and closed sales in the first six months of the year makes us think we will see a continued shrinkage in our available home supply for the foreseeable future. Barring anything crazy happening that suddenly shocks the economy, we could see our inventory get dangerously low again this winter, as it did in March of 2021.
As of Dec. 28, there were 498 active listings of single-family homes for sale in Cape Coral (500 including foreclosures) through the Multiple Listing Service at list prices ranging from $199,000 for a wood frame "investor's special" in the northeast Cape built in 1986 with 1,176 square feet of living area, to the highest-priced home, now on the market for 253 days at $5.995 million. One of the foreclosure homes is listed at $243,200 and the second lowest priced "regular" home is listed for $249,900. There are currently 17 homes listed for under $300,000 in the Cape, with another 43 homes at prices ranging from $300,000 to $350,000. At the other end of the price spectrum, we have 70 homes on the market for $1 million and up, while the median list price is at $539,950. There are currently 893 single-family homes under contract with buyers as pending sales in the Cape (900 including foreclosures and short sales) from $179,900 to $4 million, with a total of three homes pending for under $200,000.
One month ago, on Nov. 29, there were 521 active listings for Cape Coral single-family homes in the MLS ranging in price from $255,000 to $5.995 million. The median list price was $508,000 and a total of 61 homes had list prices below $350,000 with 10 of these homes priced below $300,000. There were 67 homes in the Cape priced at $1 million and above, with 1,035 single-family homes under contract with buyers as pending sales. By comparison, nine months ago on March 29, 2021, there were only 325 active listings for single-family homes through the MLS in Cape Coral with asking prices ranging from $199,900 to $3.850 million. At that time, there were 1,311 homes under contract with buyers as pending sales, with an additional 11 "distressed homes" under contract.
In the overall Cape Coral single-family home market, the monthly supply of unsold homes came in at 3 months in November, which was 25 percent lower than the 4 months of supply in November 2020, and even with the 3 months of supply in October of this year. In the first 11 months of 2021, the monthly level of unsold supply in the Cape's overall single-family home market also averaged 3 months, which was 37.8 percent less than the average of 4.82 months of unsold supply in the first eleven months of 2020.
Indirect gulf access canal homes
In the Cape Coral single-family indirect gulf access canal home segment, which includes homes with at least one bridge for boaters to go under in the canal system, the monthly supply of unsold homes came in at 3 months in November. This was even with the 3 months of unsold supply in November 2020, but 25 percent below the 4 months of supply in this segment during October of this year. In the first 11 months of 2021, the monthly level of unsold supply for indirect gulf access homes in the Cape averaged 3.09 months, which was 46.9 percent below the average of 5.82 months of supply in the first 11 months of 2020.
Direct sailboat access canal homes
In the Cape's single-family direct sailboat access canal home segment, which includes homes without bridges in the canal system, the monthly supply of unsold homes was 3 months in November. This was 25 percent lower than the 4 months of unsold supply that was registered in both November 2020, and in October of this year. In the first 11 months of 2021, the monthly level of unsold supply in this segment averaged 3 months, or 51.5 percent below the average of 6.18 months of supply in the first 11 months of 2020.
Freshwater canal homes
In the Cape Coral single-family freshwater canal home segment, which consists of homes in landlocked canals and lakes with no access to the river or the Gulf of Mexico by boat, the monthly supply of unsold homes came in at 3 months in November. This was even with the 3 months of unsold supply registered in both November 2020, and in October of this year. In the first 11 months of 2021, the monthly level of unsold supply in this segment averaged 3 months, or 40 percent below the average of 5 months of supply in the first 11 months of 2020.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, the monthly supply of unsold homes was 3 months in November, which was 25 percent less than the 4 months of supply in November 2020, but even with the 3 months of supply in October of this year. In the first 11 months of 2021, the monthly level of unsold supply in this segment averaged 3 months, or 31.2 percent less than the average of 4.36 months of unsold supply in the first 11 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 Dec. 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 Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.