Trending
Heading into year end, the Cape Coral real estate market of 2021 can be summed up as a year that included a record number of closed home sales, with record high median sales prices and an abnormally low level inventory to go with an excessively high level of out-of-town buyer demand. The brief lull we noted this past fall to the multiple above list price offer craziness that dominated our market through much of the year appears to have reached its conclusion, as recent listings have been immediately swarmed with showing appointments from anxious buyers who are willing to once again bid up on the asking price.
As of Dec. 20, there were 507 active Cape Coral single-family homes listed for sale through a Realtor in the Multiple Listing Service at prices ranging from $249,900 to $5.995 million. The median list price for these 507 active listings came in at $529,900 with only 12 homes currently on the market below $300,000 and 70 homes in the Cape priced at $1 million and above. We currently have 972 Cape Coral single-family homes under contract with buyers as pending sales at prices ranging from $179,900 to $4 million. Distressed properties are almost non-existent, as the wave of foreclosures that some buyers have been waiting for in the aftermath of the government mandated mortgage forbearance program implemented during the first COVID lockdowns in 2020, has yet to materialize.
By comparison, a month ago on Nov. 22, there were 545 active Cape Coral single-family homes listed for sale through a Realtor at prices ranging from $212,500 to $5.995 million. Of these listings, 25 had asking prices under $300,000 and 68 listings were priced at $1 million and above, with a median list price of $480,000. There were 1,005 homes under contract as pending sales. On Oct. 26, there were 588 active listings, with 46 of these homes priced at $300,000 and below, while 75 homes were listed for $1 million and above, with 1,002 pending sales in the pipeline. So supply has been tightening.
In the overall Cape Coral single-family home market, there were 567 closed home sales in November, which was 8.2 percent higher than the 524 closed sales in November 2020, and 3.5 percent above the 548 sales in October of this year. In the first 11 months of 2021, there were a total of 6,446 closed sales in the Cape's overall single-family home market, or 18.4 percent more than the 5,444 closed sales in the first 11 months of 2020.
The median sales price in the overall Cape Coral single-family home market was $379,900 in November, or 27 percent higher than the $299,125 posted in November 2020, and 2.7 percent above the $370,000 in October of this year. In the first 11 months of 2021, the overall median sales price in the Cape averaged $345,586 per month, which was 29.8 percent more than the average of $266,159 per month in the first 11 months of 2020.
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 62 closed home sales in November, which was 20.5 percent lower than the 78 closed sales in November 2020, but 17 percent above the 53 sales in October of this year. In the first 11 months of 2021, we had 744 closed sales in this segment, or 15.5 percent more than the 644 sales in the first 11 months of 2020.
The median sales price in the Cape's single-family indirect gulf access canal home segment was $755,000 in November, which topped the $537,500 posted in November of 2020 by 40.5 percent, and it was 7.1 percent above the $705,000 in October of this year. In the first 11 months of this year, the median sales price in this segment averaged $640,359 per month, or 38.9 percent above the average of $461,177 per month in the first 11 months of 2020.
Direct sailboat access canal homes
In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canals to reach open water), there were 54 closed home sales in November. This was 12.9 percent lower than the 62 sales in November 2020, but 20 percent above the 45 sales in October of this year. In the first 11 months of 2021, there were 681 sales in this segment, or 18.8 percent more than the 573 sales in the first 11 months of 2020.
The median sales price in the Cape's single-family direct sailboat access canal home segment was $810,000 in November, or 56.5 percent above the $517,500 in November 2020, and 9.8 percent higher than the $737,500 in October of this year. In the first 11 months of 2021, the median sales price in this segment averaged $690,220 per month, or 42.6 percent above the average of $484,047 per month in the first 11 months of 2020.
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 boating access to the river or the Gulf of Mexico, there were 64 closed home sales in November. This was 4.5 percent lower than the 67 closed sales registered in both November 2020, and in October of this year. In the first 11 months of 2021, there were 714 closed sales in this segment, or 8.3 percent more than the 659 sales in the first 11 months of 2020.
The median sales price in the Cape's single-family freshwater canal and lake home segment was $465,000 in November, or 38.8 percent above the $335,000 posted in November 2020, and 5.7 percent higher than the $440,000 in October of this year. In the first 11 months of 2021, the median sales price in this segment averaged $406,436 per month, or 29.1 percent above the average of $314,732 per month in the first 11 months of 2020.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 385 closed home sales in November, which was 22.2 percent higher than the 315 closed sales in November 2020, and it was 1.3 percent above the 380 closed sales in October of this year. In the first 11 months of 2021, there were 4,268 closed sales in this segment, or 21.3 percent more than the 3,519 closed sales in the first 11 months of 2020.
The median sales price in this segment was $337,500 in November, or 34.5 percent more than the $250,900 posted in November of 2020, and up 1.4 percent from $332,750 in October of this year. In the first 11 months of 2021, the median sales price for dry lot homes in the Cape averaged $295,786 per month, or 26.8 percent more than the average of $233,293 per month in the first 11 months of 2020.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Dec. 18, 2021, 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.