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The biggest takeaways in the Cape Coral condominium market through November 2021 are the record high prices and record levels of closed sales for the year, with a limited supply.
As of Jan. 4, there were 37 condos listed for sale through the Multiple Listing Service in Cape Coral (38 including the one foreclosure) at prices ranging from $155,000 to $995,000. The median list price for condos is at $293,000 and there are only four units listed for sale under $200,000. There are 70 condos under contract with buyers as pending sales at prices ranging from $109,000 to $699,995. By comparison, about 7 months ago on June 9, 2021, we had 50 active condo listings in the Cape at prices ranging from $95,000 to $1.025 million, with 127 pending sales (129 including distressed sales).
In the overall Cape condo market, there were 57 closed sales in the month of November, which was 19.7 percent lower than the 71 closed condo sales in November 2020, but 9.6 percent above the 52 sales in October of this year. In the first 11 months of this year, there were a total of 880 condos sold overall in the Cape, which was up 26.6 percent from the 695 condo units sold in the first 11 months of 2020.
The November median sales price came in at $232,500 for the overall Cape Coral condo market, which was 27.7 percent above the $182,000 posted in November 2020, and 17.3 percent higher than the $198,250 in October of this year. In the first 11 months of 2021, the median sales price averaged $211,218 per month in our overall condo market, or 21.8 percent above the average of $173,457 per month in the first 11 months of 2020.
The overall monthly supply of unsold condos in the Cape came in at 2 months in November, which was 50 percent below the 4 months of supply registered in November 2020, and even with the 2 months of unsold supply in October of this year. In the first 11 months of 2021, the level of overall unsold condo supply has averaged 2.55 months, or 58.1 percent less than the average of 6.09 months of supply in the first 11 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 November, which was 26.3 percent lower than the 38 condos sold in November 2020, but 64.7 percent above the 17 sales in October of this year. In the first 11 months of 2021, there were a total of 404 saltwater canal condos sold in the Cape, or 3.6 percent more than the 390 units sold in the first 11 months of 2020.
The November median sales price came in at $259,500 for the Cape's saltwater canal condo segment, which was 15.3 percent above the $225,000 posted in November 2020, but 0.2 percent lower than the $260,000 in October of this year. In the first 11 months of 2021, the median sales price for saltwater access condos averaged $250,555 per month, or 27.2 percent higher than the average of $196,909 per month in the first 11 months of 2020.
The level of unsold supply for Cape Coral saltwater access canal condos came in at 2 months in November, which was 33.33 percent less than the 3 months of supply in November of 2020, and 50 percent below the 4 months of unsold supply in October of this year. In the first 11 months of 2021, the level of unsold saltwater access canal condo supply averaged 2.55 months, or 56.9 percent less than the average of 5.91 months of supply in the first 11 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 15 closed sales in November. This was down 16.7 percent from the 18 condos sold in November 2020, but 114.3 percent above the 7 sold in October of this year. In the first 11 months of 2021, there were a total of 217 direct sailboat access canal condos sold in the Cape, or 0.46 percent less than the 218 units sold in the first 11 months of 2020.
The November median sales price came in at $415,000 for the Cape's sailboat access condo segment, which was 30.7 percent above the $317,500 posted in November 2020, and up 9.2 percent from $380,000 in October of this year. In the first 11 months of 2021, the median sales price for sailboat access canal condos averaged $326,564 per month, or 42 percent more than the average of $229,955 per month in the first 11 months of 2020.
The level of unsold supply for Cape Coral direct sailboat access canal condos came in at 2 months in November, or 60 percent less than the 5 months of supply in November 2020, and 50 percent below the 4 months of supply in October of this year. In the first 11 months of 2021, the level of unsold sailboat access condo supply averaged 2.55 months, or 63.6 percent below the average of 7 months of supply in the first 11 months of 2020.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 26 closed sales in November, which was 3.7 percent lower than the 27 condos sold in November 2020, and 16.1 percent below the 31 sales in October of this year. In the first 11 months of 2021, there were a total of 379 dry lot condos sold in the Cape, which was 55.3 percent more than the 244 dry lot condo units sold in the first 11 months of 2020.
The November median sales price came in at $192,075 for the Cape's dry lot condo segment, which was 32.5 percent higher than the $145,000 posted in November 2020, and 16.5 percent above the $164,900 in October of this year. In the first 11 months of 2021, the median sales price for dry lot condos in the Cape averaged $169,084 per month, or 22.5 percent above the average of $138,014 per month in the first 11 months of 2020.
The level of unsold supply for Cape Coral dry lot condos came in at 2 months in November, which was down 60 percent from the 5 months of supply in November 2020, but even with the 2 months of supply in October of this year. In the first 11 months of 2021, the level of unsold dry lot condo supply averaged 2.91 months, or 54.2 percent less than the average of 6.36 months of supply 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 Jan. 3, 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.