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The quick takeaways for the Cape Coral condominium market through the end of August involved a drop off in closed sales from July, but the year-to-date sales are up big versus last year. Also, over the first eight months of this year, there have been huge declines in the supply of condos available for sale and large increases in median sales prices compared to the first eight months of 2020. A breakdown of the condo market numbers is shown below.
Currently, as of Oct. 5, there were 53 active condo listings in Cape Coral offered by Realtors through the Multiple Listing Service ranging in price from $123,000 to $1.1-million. Only three of these active listings were priced below $150,000 and 12 ranged from $169,000 to $200,000. There were two Cape condos listed above $1,000,000 and the median list price for the 53 active listings was $251,900. By comparison, back on August 31, there were 63 active condo listings in the Cape with a median list price of $239,900 and on July 5, the median list price for a Cape Coral condominium was $225,500. There are currently 64 units under contract as pending sales, plus one pending foreclosure sale. On August 31, there were 82 pending sales in the pipeline, plus one additional short sale in pending status.
In the overall Cape condo market, there were 54 closed sales in the month of August, which was 10.2 percent higher than the 49 closed condo sales in August of 2020, but 37.9 percent below the 87 sales in July of this year. In the first eight months of this year, there were a total of 701 condos sold overall in the Cape, up 47.6 percent from the 475 condo units sold in the first eight months of 2020.
The August median sales price came in at $217,750 for the overall Cape Coral condo market, which was 24.4 percent above the $175,000 posted in August of 2020, and it was 1.3 percent higher than the $214,900 in July of this year. In the first eight months of 2021, the median sales price averaged $206,800 per month in our overall condo market, or 20.8 percent above the average of $171,159 per month in the first eight months of 2020.
The overall monthly supply of unsold condos in the Cape came in at 3 months in August, which was 40 percent lower than the 5 months of supply registered in August of 2020, but 50 percent higher than the 2 months of unsold supply in July of this year. In the first eight months of 2021, the level of overall unsold condo supply has averaged 2.75 months, or 60 percent less than the average of 6.88 months of supply in the first eight months of 2020.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all "saltwater" canal condos, there were 28 closed sales in August, which was 37.8 percent lower than the 45 condos sold in August of 2020, and 20 percent below the 35 sales in July of this year. In the first eight months of 2021, there were a total of 321 saltwater canal condos sold in the Cape, or 23 percent more than the 261 units sold in the first eight months of 2020.
The August median sales price came in at $244,950 for the Cape's saltwater canal condo segment, which was 29.6 percent above the $189,000 posted in August of 2020, but it was 2 percent lower than the $250,000 in July of this year. In the first eight months of 2021, the median sales price for saltwater access condos averaged $244,650 per month, which was up 29 percent versus the average of $189,688 per month in the first eight months of 2020.
The level of unsold supply for Cape Coral saltwater access canal condos was 3 months in August, which was 25 percent less than the 4 months of supply in August of 2020, but 50 percent above the 2 months of unsold supply in July of this year. In the first eight months of 2021, the level of unsold saltwater access canal condo supply averaged 2.63 months, or 61.8 percent less than the average of 6.88 months of supply in the first eight months 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 where boaters have no bridges to go under in the canal system, there were 14 closed sales in August. This was down 46.2 percent from the 26 condos sold in August of 2020, and 33.33 percent below the 21 sold in July of this year. In the first eight months of 2021, there were a total of 177 direct sailboat access canal condos sold in the Cape, or 24.6 percent more than the 142 condos sold in this segment during the first eight months of 2020.
The August median sales price came in at $301,500 for the Cape's sailboat access condo segment, which was 34.6 percent above the $224,000 posted in August of 2020, but down 4.3 percent from $315,000 in July of this year. In the first eight months of 2021, the median sales price for sailboat access canal condos averaged $309,713 per month, which was up 42.8 percent versus the average of $216,888 per month in the first eight months of 2020.
The level of unsold supply for Cape Coral direct sailboat access canal condos came in at 3 months in August, which was 25 percent less than the 4 months of supply in August of 2020, but 50 percent above the 2 months of unsold supply in July of this year. In the first eight months of 2021, the level of unsold sailboat access condo supply averaged 2.5 months, or 69.2 percent below the average of 8.13 months of supply in the first eight months of 2020.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 19 closed sales in August, which was even with the 19 condos sold in August of 2020, but down 47.2 percent from the 36 sales in July of this year. In the first eight months of 2021, there were a total of 297 dry lot condos sold in the Cape, which was 100.7 percent more than the 148 dry lot condo units sold in the first eight months of 2020.
The August median sales price came in at $185,000 for the Cape's dry lot condo segment, which was 20.9 percent higher than the $153,000 posted in August of 2020, and 15.6 percent above the $160,000 in July of this year. In the first eight months of 2021, the median sales price for dry lot condos in the Cape averaged $161,118 per month, or 16.2 percent more than the average of $138,706 per month in the first eight months of 2020.
The level of unsold supply for Cape Coral dry lot condos came in at 3 months in August, which was 62.5 percent less than the 8 months of supply in August of 2020, but 50 percent higher than the 2 months of unsold supply in July of this year. In the first eight months of 2021, the level of unsold dry lot condo supply averaged 3.13 months, or 55.3 percent less than the average of 7 months of supply in the first eight months of 2020.
The sales data for this article was obtained from the Florida Realtors® Multiple Listing Service Matrix for Lee County, FL, as of Oct. 3, 2021, 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 Quinn's 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.