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The number of closed sales in the Cape Coral condominium market has gotten off to a rocky start in the first quarter of 2022, posting a sharp decline compared to the first three months of last year. Condo sales in the month of March were also down compared to March 2021, however, median condo sales prices had large year-over-year gains versus both March and the first quarter of 2021.
The number of active condo listings through a Realtor in the Cape is running 97 percent higher compared to March 1, but is still well below the number of active listings from 12 to 18 months ago, as our supply remains relatively tight with higher asking prices. The still high median condo list price may be showing early signs of reaching a peak.
As of our market snapshot on May 3, there were 77 active condo listings in Cape Coral through a Realtor in the Multiple Listing Service at prices ranging from $165,000 to $2.2 million. There were 18 condo units available below $250,000 in the Cape, with only three of these units listed for sale below $200,000. At the other end of the spectrum, there were just two condos priced above $1 million, with the highest priced unit listed for $2.2 million. The median list price for Cape Coral condos was at $300,000 and there were no condos listed as short sales or foreclosures. There were 108 condos under contract with buyers as pending sales from $129,900 for a small one-bedroom, one-bathroom unit, up to $1.495 million for a 2,875-square-foot, eighth floor unit in Tarpon Landings.
For some perspective, back on March 1 of this year, there were only 39 active Cape Coral condo listings in the MLS with asking prices ranging from $139,000 to $959,000. The median list price for condos at that time was $320,000 and there were 99 pending condo sales in the pipeline. Looking back to a year ago on May 4, 2021, there were 48 condos listed for sale in the MLS at list prices ranging from $98,000 to $719,000 with 153 condos under contract with buyers. This compares to Nov. 1, 2020, when there were 202 Cape Coral condos listed for sale in the MLS, with the inventory dropping to 149 units for sale by Jan. 31, 2021, and then down to an active supply of 102 units on the market on March 15, 2021.
In the overall Cape Coral condo market, there were 70 closed sales in the month of March, which was 38.6 percent lower than the 114 closed condo sales in March 2021, but 16.7 percent above the 60 closed sales in February of this year. In the first quarter, there were a total of 183 closed condo sales, which was down 24.1 percent compared to the total of 241 closed sales in the first three months of 2021, but 10.2 percent higher than the total of 166 closed sales in the fourth quarter of last year.
The median sales price came in at $280,000 for the overall Cape Coral condo market during March, which was 34.8 percent above the $207,750 posted in March 2021, and it was 6.7 percent higher than the $262,500 in February of this year. In the first quarter, the median sales price averaged $272,500 per month in the Cape's overall condo market, which was up 37.5 percent from the average of $198,217 per month in the first quarter of 2021, and 23.7 percent above the average of $220,217 per month in the fourth quarter of last year.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 30 closed sales in the month of March, which was 43.4 percent lower than the 53 closed condo sales in March 2021, and 9.1 percent below the 33 closed sales in February of this year. In the first quarter, there were a total of 91 closed condo sales in this segment, which was down 21.6 percent compared to the total of 116 closed sales in the first quarter of 2021, but up 37.9 percent versus the total of 66 closed gulf access condo sales in the fourth quarter of last year.
The March median sales price came in at $322,500 for the Cape's gulf access condo segment, which was 37.8 percent above the $234,000 posted in March 2021, but 0.8 percent lower than the $325,000 in February of this year. In the first quarter, the median sales price averaged $310,833 per month in this segment, which was 41.3 percent higher than the average of $219,917 per month in the first quarter of 2021, and 17.4 percent above the average of 264,833 per month in the fourth quarter of last year.
Direct sailboat access canal condos
In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos and includes condos with no bridges to go under in the canal system, there were 16 closed sales in the month of March, which was 51.5 percent lower than the 33 closed condo sales in March 2021, and 27.3 percent below the 22 closed sales in February of this year. In the first quarter, there were a total of 54 condos sold in this segment, which was down 19.4 percent compared to the total of 67 closed sales in the first quarter of 2021, but up 68.8 percent from the total of 32 closed sales in the fourth quarter of last year.
The March median sales price came in at $364,450 for the Cape's direct sailboat access canal condo segment, which was 26.5 percent above the $288,000 posted in March 2021, but down 5.3 percent from $385,000 in February of this year. In the first quarter, the median sales price averaged $357,317 per month in this segment, which was 31.7 percent higher than the average of $271,233 per month in the first quarter of 2021, but 17.4 percent below the average of $432,500 in the fourth quarter of last year.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 34 closed sales in the month of March, which was 26.1 percent lower than the 46 dry lot condos sold in March 2021, but 47.8 percent above the 23 closed sales in February of this year. In the first quarter, there were a total of 74 closed condo sales in this segment, which was down 25.3 percent compared to the total of 99 closed sales in the first quarter of 2021, and 14 percent lower than the total of 86 closed dry lot condo sales in the fourth quarter of last year.
The March median sales price came in at $223,125 for the Cape's dry lot condo segment, which was 34.9 percent above the $165,444 posted in March 2021, and it was just fractionally higher than the $223,000 in February of this year. In the first quarter, the median sales price averaged $217,042 per month in this segment, which was 45 percent higher than the average of $149,648 per month in the first quarter of 2021, and 20.1 percent above the average of $180,658 per month in the fourth quarter of last year.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of May 2, 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.