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The main takeaways in the Cape Coral condo market in 2021 involved records in both the number of closed sales and median sales prices, while active condo listings remain at abnormally low levels. In our overall condo market, the number of closed sales for the year were up big in 2021, as compared to 2020, but there was a slowdown in both December and fourth quarter condo sales. The same was true with median sales prices, which were solidly higher versus 2020, while dipping a bit into year-end.
Breaking it down further, with the details shown below, our saltwater canal condo segments saw the number of closed sales decline last year compared to 2020, as their median sales prices continued to post large year-over-year gains, while the number of closed sales and median sales prices in the Cape's dry lot condo segment posted solid increases compared to 2020, with median sales prices in this segment drifting a bit lower into the end of the year in 2021.
As of Feb. 1, there were only 33 condos listed for sale through a Realtor in the Multiple Listing Service in Cape Coral at prices ranging from $160,000 to $995,000. The second highest-priced condo on the market in the Cape is listed for $699,000 with all of the other 31 condos going for under $600,000. The current median list price for condos in the Cape is $309,900 and only five of the 33 condos on the market had list prices under $200,000. There are 90 (91 with foreclosures) Cape Coral condos under contract with buyers as pending sales from $109,000 to $1.085 million. By comparison, a year ago on Jan. 31, 2021, there were 149 condos listed for sale in the Cape, with 125 pending sales in the pipeline.
In the overall Cape condo market, there were 56 closed sales in the month of December, which was 22.2 percent lower than the 72 condos sold in December 2020, and 1.8 percent below the 57 sales in November 2021. In the fourth quarter of 2021, there were 165 closed condo sales, which was down 32.4 percent compared to the 244 sales in the fourth quarter of 2020, and 21.4 percent below the 210 sales in the third quarter of 2021. For the year, there were a record total of 937 condos sold overall in the Cape during 2021, which was 22.2 percent higher than the 767 condo units sold for the year in all of 2020.
The December median sales price was $229,950 in the overall Cape Coral condo market, which was 13.6 percent above the $202,500 posted in December 2020, but it was 1.1 percent lower than the $232,500 in November 2021. In the fourth quarter of 2021, the median sales price averaged $220,233 per month in the Cape's overall condo market, or up 16.4 percent from the average of $189,167 per month in the fourth quarter of 2020, but 1.3 percent below the average of $223,050 in the third quarter of 2021. For the year, the median sales price averaged $212,633 per month in our overall condo market during 2021, or 20.9 percent above the average of $175,877 per month for the year in all of 2020.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 20 closed sales in the month of December. This was 55.6 percent lower than the 45 condos sold in December of 2020, and 28.6 percent below the 28 sales in November of 2021. In the fourth quarter of 2021, there were a total of 65 closed condo sales in this segment, down 52.6 percent compared to the 137 sales in the fourth quarter of 2020, and 35 percent below the 100 sales in the third quarter of 2021. For the year, there were a total of 425 gulf access condos sold in the Cape during 2021, or 2.3 percent less than the 435 units sold for the year in all of 2020.
The December median sales price came in at $277,500 for the Cape's gulf access condo segment, which was 18.1 percent above the $235,000 posted in December 2020, and 6.9 percent higher than the $259,500 in November 2021. In the fourth quarter of 2021, the median sales price averaged $265,667 per month in this segment, which was 17.5 percent higher than the average of $226,167 per month in the fourth quarter of 2020, and 3.3 percent above the average of $257,283 per month in the third quarter of 2021. For the year, the median sales price for gulf access condos averaged $252,629 per month in 2021, which was up 26.3 percent versus the average of $200,083 per month for the year in all 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 with no bridges in the canal system, there were 10 closed sales in the month of December. This was 68.8 percent lower than the 32 condos sold in December 2020, and 33.33 percent below the 15 sales in November 2021. In the fourth quarter of 2020, there were 32 closed condos sales in this segment, or down 62.4 percent compared to the 85 sales in the fourth quarter of 2020, and 38.5 percent lower than the 52 sales in the third quarter of 2021. For the year, there were a total of 227 sailboat access condos sold in the Cape during 2021, which was 9.2 percent less than the 250 sailboat access condo units sold for the year in all of 2020.
The December median sales price came in at $502,500 for the Cape's direct sailboat access condo segment, which was 77.2 percent above the $283,500 posted in December 2020, and up 21.1 percent from $415,000 in November 2021. In the fourth quarter of 2021, the median sales price averaged $432,500 per month in this segment, which was 54.8 percent higher than the average of $279,333 per month in the fourth quarter of 2020, and 39.1 percent above the average of $310,833 per month in the third quarter of 2021. For the year, the median sales price for sailboat access condos averaged $341,225 per month in 2021, or 34 percent higher than the average of $234,417 per month for the year in all of 2020.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 29 closed sales in the month of December, which was 45 percent higher than the 20 condos sold in December 2020, and 11.5 percent above the 26 sales in November 2021. In the fourth quarter of 2021, there were 86 closed condo sales in this segment, which was even with the 86 sales in the fourth quarter of 2020, and 7.5 percent higher than the 80 sales in the third quarter of 2021. For the year, there were a total of 408 dry lot condos sold in the Cape during 2021, which was 54.5 percent more than the 264 condo units sold for the year in all of 2020.
The December median sales price came in at $185,000 for the Cape's dry lot condo segment, which was 22.7 percent above the $150,758 posted in December 2020, but 3.7 percent less than the $192,075 in November 2021. In the fourth quarter of 2021, the median sales price averaged $180,658 per month in this segment, which was 22.1 percent higher than the average of $147,919 per month in the fourth quarter of 2020, but 3 percent below the average of $186,333 per month in the third quarter of 2021. For the year, the median sales price for dry lot condos in the Cape averaged $170,410 per month in 2021, or 22.5 percent above the average of $139,076 per month for the year in all of 2020.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Jan. 27, 2022, 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.