Trending
The main takeaways in the Cape Coral condo market during the first two months of this year compared to last year were that the supply of condos for sale on the market tightened and the median sales prices surged higher. And although the number of closed sales increased from January, they have declined so far this year versus the first two months of 2021, except for a slight increase in sales in the higher priced direct sailboat access canal condo segment.
As of April 5, there were 53 active condo listings in the Cape through a Realtor in the Multiple Listing Service ranging in price from $160,000 to $999,999 with the median list price at $299,000. Forty-nine of the 53 active condo listings are priced below $600,000 with 41 units listed below $400,000 and only 8 priced under $200,000. The remaining four units are priced at $699,000 and above.
There are currently 124 Cape Coral condos under contract with buyers as pending sales. On Feb. 1 of this year, there were only 33 active condo listings ranging in price from $160,000 to $995,000 with a median list price of $309,900 and only five of these 33 condos had list prices under $200,000. A little over a year ago on March 15, 2021, there were a total of 102 Cape condos listed for sale in the MLS ranging from $99,000 to $740,000 with 173 condos under contract as pending sales. Back on Dec. 1, 2020, there were 196 condos listed for sale in the Cape ranging from $89,000 to $2 million, with 96 condos under contract as pending sales.
In the overall Cape condo market, there were 59 closed sales in the month of February, which was 20.3 percent lower than the 74 condos sold in February 2021, but 11.3 percent above the 53 sales in January of this year. In the first two months of this year, there were a total of 112 condos sold overall in the Cape, down 11.8 percent from the 127 condo units sold in January and February 2021.
The February median sales price came in at $265,000 for the overall Cape Coral condo market, which was 34.5 percent above the $197,000 posted in February 2021, but it was down 3.6 percent from the $275,000 in January of this year. In the first two months of 2022, the median sales price averaged $270,000 per month in our overall condo market, or 39.6 percent above the average of $193,450 per month in January and February of 2021.
The overall monthly supply of unsold condos in the Cape came in at 3 months in February, which was 25 percent lower than the 4 months of supply registered in February 2021, but it was 50 percent above the 2 months of unsold supply in January of this year. In the first two months of 2022, the level of unsold condo supply averaged 2.5 months, or 44.4 percent less than the average of 4.5 months of supply in January and February 2021.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all "saltwater" canal condos, there were 33 closed sales in February. This was 13.2 percent lower than the 38 condos sold in February 2021, but 17.9 percent above the 28 sales in January of this year. In the first two months of 2021, there were a total of 61 gulf access condos sold in the Cape, or 3.2 percent less than the 63 units sold in January and February 2021.
The February median sales price came in at $325,000 for the Cape's gulf access condo segment, which was 43.6 percent above the $226,250 posted in February 2021, and 14 percent higher than the $285,000 in January of this year. In the first two months of 2022, the median sales price for gulf access condos averaged $305,000 per month, which was up 43.3 percent versus the average of $212,875 in January and February 2021.
The level of unsold supply for Cape Coral gulf access canal condos came in at 2 months in February, which was 33.33 percent less than the 3 months of supply in February 2021, and even with the 2 months of unsold supply in January of this year. In the first two months of 2022, the level of unsold gulf access condo supply has averaged 2 months, or 50 percent less than the average of 4 months of supply in January and February 2021.
Direct sailboat access canal condos
In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos representing properties with no bridges in the canal system, there were 22 closed sales in February. This was up 22.2 percent from the 18 condos sold in February 2021, and 37.5 percent higher than the 16 units sold in January of this year. In the first two months of 2022, there were a total of 38 condos sold in this segment, which was 11.8 percent more than the 34 sailboat access condo units sold in January and February 2021.
The February median sales price came in at $385,000 for the Cape's direct sailboat access condo segment, which was 28.1 percent above the $300,450 posted in February 2021, and up 19.4 percent from $322,500 in January of this year. In the first two months of 2022, the median sales price in this segment averaged $353,750 per month, which was up 34.6 percent versus the average of $262,850 per month in January and February 2021.
The level of unsold supply for Cape Coral direct sailboat access canal condos came in at 2 months in February, which was 50 percent less than the 4 months of supply in February 2021, and 33.33 percent below the 3 months of unsold supply in January of this year. In the first two months of 2022, the level of unsold supply in this segment averaged 2.5 months, or 37.5 percent less than the average of 4 months of supply in January and February 2021.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 23 closed sales in February, which was 30.3 percent lower than the 33 condos sold in February 2021, but 35.3 percent above the 17 sales in January of this year. In the first two months of 2022, there were a total of 40 dry lot condos sold in the Cape, which was down 24.5 percent from the 53 dry lot condo units sold in January and February 2021.
The February median sales price came in at $223,000 for the Cape's dry lot condo segment, which was 35.2 percent above the $165,000 posted in February 2021, and 8.8 percent more than the $205,000 in January of this year. In the first two months of 2022, the median sales price for dry lot condos in the Cape averaged $214,000 per month, or 51 percent above the average of $141,750 per month in January and February 2021.
The level of unsold supply for Cape Coral dry lot condos came in at 3 months in February, which was 25 percent less than the 4 months of supply in February 2021, and even with the 3 months of unsold supply in January of this year. In the first two months of 2022, the level of unsold dry lot condo supply averaged 3 months, or 45.5 percent less than the average of 5.5 months of supply in January and February 2021.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of April 4, 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.