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It is time once again for our quarterly tip of the hat to Robin Leach, the late host of "Lifestyles of the Rich and Famous," as we offer up a toast of champagne wishes and caviar dreams by taking a look back at the Cape Coral luxury home market for the fourth quarter and the year that was 2021. For our purposes, this high-end single family luxury home market segment in the Cape consists of homes that have sold for $1 million and up.
First, to set the table, there were a record total of 7,027 single-family homes sold overall in Cape Coral during 2021, with a record 245, or 3.49 percent, of these closed sales occurring in our $1 million-plus luxury home segment. This was a whopping 210 percent increase in luxury home sales versus the numbers in 2020 (shown below), as the COVID-19, social unrest and lower taxes driven migration to the "free and open" state of Florida picked-up steam. There were four luxury homes sold for more than $3 million last year, with two homes tied for the top spot at $3.5 million. One of these $3.5 million sales, which we will highlight below, closed in November with the other top sale for the year closing back in July.
After posting 110 closed luxury home sales in the first half of 2021, including 66 sales in the second quarter, sales in this segment dipped to a total of 49 in the third quarter as the buyer frenzy cooled a bit. We then rocketed to 86 closed sales in the recently completed fourth quarter of 2021. So, we had more luxury home sales in the fourth quarter of 2021 than in the entire year of 2020. There were also another 29 homes in the Cape that were sold for between $2 million and $2.85 million last year.
By comparison, in all of 2020 there were a total of 79 luxury homes sold in Cape Coral, which at the time was a huge number for our market, equaling 1.3 percent of the then record 6,082 single-family home sales (remember, we do not include distressed sales in our numbers unless otherwise noted). Our closed luxury home sale prices ranged from $1 million to $2,699,900 back in 2020, with only five homes selling for more than $2 million in the Cape, versus a total of 33 sales above $2 million in 2021. This was a 560 percent increase in closed sales at prices above $2 million last year, versus 2020!
As we mentioned above, in the fourth quarter of 2021 there were a total of 86 closed sales in our luxury home market, which was a 152.9 percent increase over the 34 closed sales in the fourth quarter of 2020. Overall, our luxury home market is still dominated by saltwater canal homes with Gulf access that are located in the southwest and southeast sections of Cape Coral. However, one of the most notable changes to our luxury market in 2021 was the increase in home sales in other sections of the Cape. The Northeast Cape broke through the million dollar home sale barrier in October with a $1 million dollar sale for a 5-acre dry lot home, after being shut out in this elite home category in 2020. We also recorded 13 luxury home sales in the Northwest Cape during 2021, with the highest priced home sale in this section of the Cape coming in at $1.85 million for a saltwater canal home in the West Cape Estates gated enclave in November. Back in 2020, there was only one luxury home sold in the Northwest Cape for $1.1 million for a saltwater canal home on Old Burnt Store Road, North.
This luxury home market boom is also evident in the number of active listings, with 70 $1 million-plus homes listed for sale in the Cape, equalling 14.4 percent of the 485 active Cape Coral single-family home listings through the Multiple Listing Service as of Jan. 11. Overall, asking prices for the 485 active home listings in the MLS range from $249,900 to $5.995 million with 72 homes, or 14.8 percent of our market priced at $350,000 and below. This includes 25 homes, or 5.2 percent of our current active listings, at prices under $300,000. There are currently 905 single-family homes under contract with buyers as pending sales at prices ranging from $179,900 to $4,299,999. Distressed home sales remain minimal.
About three months ago, on Oct. 11, 2021, there were also 70 luxury $1 million-plus homes listed for sale in the Cape, equalling 12.6 percent of the then 557 overall active single-family home listings. At that time, there were 39 luxury homes under contract with buyers in the pipeline as pending sales. Using the first quarter of 2021 as a guide, we would expect the supply of homes available for sale on the market to tighten over the next several months, as the overall inventory of homes in the Cape dipped into the low 300s last March.
Here is a snapshot of the highest-priced single-family home sale in Cape Coral during the fourth quarter of 2021, which came in tied for the top sales price with another home sold last July. This particular home, sold in November, was located on the river in the Yacht Club section in the Southeast Cape. Calling it just a home is a bit of an understatement for this Tuscan-style villa, as about the only things missing from this 0.42-acre riverfront location would seem to be a vineyard and wild growing rosemary plants. This 4-bedroom home with 4 1/2 bathrooms has 4,582 square feet of living area and 8,200 square feet of total area. The home is described as having an opulent grand room with breathtaking river views and a gourmet kitchen with an oversized gas burner stove. The white kitchen cabinets are beautifully showcased with blue bah granite and stainless countertops. There is a breakfast nook and a formal dining room, a wine closet and an entertainment room. The "owner's retreat" is described as light and airy with an enormous closet, plus an en suite with double vanities and both an indoor and private outdoor courtyard shower. There are also two large guest bedrooms, each with their own en suites on the second floor of the home, plus a rentable guest house off of the kitchen that shares a balcony with an artist's studio.
Moving outside, there is a full outdoor kitchen and bar, which are adjacent to a massive lanai with multiple seating areas and a gazebo. The heated pool is naturally private and there is 206 feet of seawall with a captains walk dock and a 25,000-pound covered boat lift.
The sellers bought this home, which was built back in 2000, for $1.5 million in May 2014, and they did extensive work to the interior, as well as to the pool and dock. They listed the home for $3.79 million on Sept. 21, 2021, and it went under contract on Oct. 2. The sale closed for $3.5 million on Nov. 10, 2021.
We're guessing that Robin Leach has a big smile on his face with this home sale!
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Jan. 8, 2022, 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.