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The big takeaway in the Cape Coral single-family home market for the month of January was that median home sales prices were up big compared to January 2021. Despite this year-over-year January price surge, the increases in median sales prices did flatten out a bit when compared to the month of December.
The number of closed home sales for January edged higher in our overall market versus January of last year, led by our dry lot home segment, while closed sales dipped in our higher-priced canal home segments. Keep in mind that closed sales typically go under contract with buyers as pending sales some 30 to 60 days prior to being finalized as a closed sale. We have also included a quick look at median sales prices from back in January 2006, which, as we all know, was just prior to the beginning of the mortgage-backed economic crisis and market meltdown. But before we get into those numbers, here is an update on the number of current active listings and the pending sales pipeline, as out-of-town buyer interest remains strong in our seller's market.
As of Tuesday, Feb. 22, there were a total of 424 active single-family homes listed for sale through a Realtor in the Multiple Listing Service (up from 416 listings a week ago) with asking prices ranging from $238,500 to $5.995 million. A total of 26 homes were priced at $350,000 and under, with five of these listed below $300,000 and only two homes on the market for less than $250,000. There were 83 Cape Coral homes listed at $1 million and above, while the median list price was at $597,450. As we noted last week, about a month ago on Jan. 19, the median list price for a single-family home in the Cape was at $519,495 and a week ago it was $582,450. There are currently 1,025 homes under contract with buyers as pending sales in the Cape.
By comparison, back on Feb. 24, 2021, there were 354 active home listings in the Cape, with a pipeline of 1,257 pending sales waiting to close. The active listings had declined from 391 listings on Feb. 15, 2021, on their way down to only 315 active listings in March 2021. Our thought is that the difference in the number of active listings from last year to a somewhat higher number of active listings right now is most likely a function of higher prices.
In the overall Cape Coral single-family home market, there were 463 closed home sales in January, which was 5.5 percent higher than the 439 closed sales in January 2021, but 20.3 percent less than the 581 closed sales in December. The median sales price in the Cape's overall single-family home market was $400,000 in January, or 30.3 percent higher than the $306,900 posted in January of 2021, and up 3.9 percent from $385,000 in December. The median sales price this January compares to $285,450 back in January of 2006. The monthly supply of unsold homes in the overall Cape home market came in at 4 months in January, which was even with the 4 months of supply in January 2021, but 33.33 percent higher than the 3 months of supply in December.
Indirect gulf access canal homes
In the Cape Coral single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 47 closed home sales in January. This was 11.3 percent lower than the 53 closed sales in January 2021, and 26.6 percent less than the 64 closed sales in December. The median sales price in this segment was $750,000 in January, which topped the $569,000 posted in January 2021 by 31.8 percent, but it was 0.4 percent below the $753,000 from December. There is no data available for this segment from back in 2006, as this particular group of homes was not tracked back then. The monthly supply of unsold homes in this segment was 4 months in January, which was 33.33 percent more than the 3 months of supply in both January 2021, and in December.
Direct sailboat access canal homes
In the Cape Coral single-family direct sailboat access canal home segment (meaning canal homes with no bridges in the canal system to get out to open water), there were 53 closed home sales in January. This was 17.2 percent lower than the 64 closed sales in January 2021, but 3.9 percent above the 51 sales in December. The median sales price in this segment was $800,000 in January, which was 23.1 percent above the $649,950 posted in January 2021, and even with the $800,000 in December. Back in 2006, the median sales price for direct sailboat access canal homes in the Cape came in at $772,500 in January, with the peak month for median sales prices occurring in this segment during March 2006, at $793,000. The monthly supply of unsold homes in this segment came in at 3 months in January, which was even with the 3 months of supply registered in both January 2021, and in December.
Freshwater canal and lake homes
In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canals and lakes with no access to the river or to the Gulf of Mexico by boat, there were 55 closed home sales in January. This was 8.3 percent lower than the 60 closed sales in January 2021, and down 22.5 percent from the 71 closed sales in December. The median sales price in this segment was $482,000 in January, or 32.1 percent above the $365,000 posted in January 2021, and 4.8 percent higher than the $460,000 in December. The median sales price for freshwater canal and lake homes in the Cape came in at $337,500 back in January 2006, before hitting their peak at $382,000 in March 2006. The monthly supply of unsold homes in this segment came in at 3 months in January, which was even with the 3 months of supply in January 2021, but 50 percent higher than the 2 months of supply registered in December.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 304 closed home sales in January, which was 18.3 percent higher than the 257 closed sales in January 2021, but 22.6 percent less than the 393 closed sales in December. The median sales price in this segment was $354,000 in January, or 39.9 percent above the $253,000 posted in January 2021, and up 1.2 percent from $349,975 in December. The median sales price for dry lot homes in the Cape came in at $264,500 back in January 2006, before hitting their peak at $268,000 in February 2006. The monthly supply of unsold homes in this segment came in at 4 months in January, which was even with the 4 months of supply in January 2021, but 33.33 percent above the 3 months of unsold supply in December.
With interest rates already higher this year, and expected to move even higher, there are growing concerns about market valuations. In upcoming columns, we will plan to dig deeper into some of the differences between the market now versus back in 2006, while closely tracking any shifts in current sales, prices, buyer demand, and inventory trends.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Feb. 21, 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.