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Sales in the overall Cape Coral single-family home market have remained on a torrid, record-setting pace in the first two months of 2022, despite a tiny bit of softness in saltwater canal home sales. However, median home sale prices have not missed a beat in their ongoing march to new record highs. Stronger headwinds could be developing in the housing market with the growing possibility that the Jerome Powell-led Federal Reserve may enact more aggressive interest rate hikes in the coming months, likely leading to higher mortgage rates.
As of March 22, there were 463 active listings for Cape Coral single-family homes through a Realtor in the Multiple Listing Service (466 with foreclosures) at prices ranging from $275,000 to $5.995 million. A total of 68 of these listings were priced at $400,000 and below, with only five homes listed for less than $300,000. There were a total of 80 single-family homes listed for $1.0 million and above in the Cape, and the current median list price for the 463 active listings was $569,900. There are 1,004 homes under contract with buyers as pending sales (1,010 including distressed properties).
Looking back to March 24, 2021, there were only 314 active listings of Cape Coral single-family homes in the MLS at prices ranging from $209,900 to $3.85 million. So our current inventory is holding up better than a year ago, but our supply is still abnormally tight. As we pointed out last week, we seem to be generating just enough of a just-in-time inventory to meet some of the strong out-of-town buyer demand in our "next home up" seller's market.
In the overall Cape Coral single-family home market, there were 521 closed home sales in February, which was 9.9 percent higher than the 474 closed sales in February 2021, and 11.6 percent above the 467 closed sales in January of this year. In the first two months of 2022, there were a total of 988 closed sales in the Cape's overall single-family home market, which was 8.1 percent higher than the 914 closed sales in January and February 2021. This was the highest level of closed home sales over the first two months of any year in history in the overall Cape Coral single-family home market.
The median sales price in the overall Cape Coral single-family home market was $415,000 in February, or 33.9 percent higher than the $310,000 posted in February 2021, and up 3.8 percent from $400,000 in January of this year. In the first two months of 2022, the overall median sales price for single-family homes in the Cape averaged $407,500 per month, which was 32.2 percent higher than the average of $308,350 per month in January and February 2021. This was the first time in Cape Coral history that the median sales price for single-family homes in our overall market topped $400,000 in both January and February. This blew away last year's record and it easily surpassed the $284,725 per month average median sales price from back in the first two months of 2006, when our home prices peaked during the irrational home flipping market leading up to the mortgage-backed housing market collapse and the Great Recession.
Indirect gulf access canal homes
In the Cape Coral single-family indirect gulf access canal home segment (homes with bridges in the canal system), there were 61 closed home sales in February. This was 14.1 percent lower than the 71 closed sales in February 2021, but 29.8 percent above the 47 closed sales in January of this year. In the first two months of 2022, there were 108 closed sales in this segment, or 12.9 percent below the 124 sales in January and February 2021.
The median sales price in the Cape's single-family indirect gulf access canal home segment was $800,000 in February, which topped the $549,000 in February 2021 by 45.7 percent, and it was 6.7 percent higher than the $750,000 in January of this year. In the first two months of this year, the median sales price in this segment averaged $775,000 per month, or 38.6 percent above the average of $559,000 per month in January and February 2021.
Direct sailboat access homes
In the Cape Coral single-family direct sailboat access canal home segment (no bridges to get out to open water), there were 59 closed home sales in February. This was 11.3 percent higher than the 53 closed sales in both February 2021, and in January of this year. In the first two months of 2022, there were 112 closed sales in this segment, or 4.3 percent below the 117 sales in January and February 2021.
The median sales price in the Cape's single-family direct sailboat access canal home segment was $835,000 in February, or 39.2 percent above the $600,000 in February 2021, and 4.4 percent more than the $800,000 in January of this year. In the first two months of 2022, the median sales price in this segment averaged $817,500 per month, or 30.8 percent more than the average of $624,975 per month in January and February 2021.
Freshwater canal and lake homes
In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canals with no access to the river or the Gulf of Mexico by boat, there were 64 closed home sales in February. This was 20.8 percent higher than the 53 closed sales in February 2021, and 16.4 percent above the 55 closed sales in January of this year. In the first two months of 2022, there were 119 closed sales in this segment, or 5.3 percent more than the 113 sales in January and February 2021.
The median sales price in the Cape's single-family freshwater canal and lake home segment was $467,450 in February, or 31.7 percent above the $355,000 posted in February 2021, but 3 percent lower than the $482,000 in January of this year. In the first two months of 2022, the median sales price in this segment averaged $474,725 per month, or 31.9 percent more than the average of $360,000 per month in January and February 2021.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 330 closed home sales in February, which was 12.2 percent higher than the 294 closed sales in February 2021, and 7.1 percent above the 308 closed sales in January of this year. In the first two months of 2022, there were 638 closed sales in this segment, or 15.6 percent more than the 552 sales in January and February 2021.
The median sales price for dry lot homes in the Cape was $369,500 in February, or 42.1 percent above the $260,000 posted in February 2021, and up 4.9 percent from $352,250 in January of this year. In the first two months of 2022, the median sales price for homes in this segment averaged $360,875 per month, or 40.6 percent more than the average of $256,750 per month 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 March 21, 2022, 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.