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In the face of higher interest rates and high inflation, along with growing indications of weakening consumer sentiment and talk of a recession a year or so out into the future, the Cape Coral single-family home market posted a record setting first quarter, with some early hints that some segments could be slowing a bit from scorching hot to just solid and hot.
As of April 19, there were 547 active single-family Cape Coral homes listed for sale in the Multiple Listing Service, ranging from $259,900 to $5.995 million. We had a total 68 homes priced at $400,000 and under, with only four homes available for less than $300,000. The median list price was up to $610,000 and there were 103 homes listed in the MLS at $1 million and above, which was up from the 95 such listings a week ago.
Back on March 29, there were 80 Cape Coral homes listed in the MLS for $1 million and above, so we have seen a 29 percent increase in our high-end inventory in less than a month. Keep in mind that this is just a snapshot in time of our active listings, as other homes are coming on the market and being sold in between our once-a-week peek at the inventory. On April 19, there were a total of 998 single-family homes (1,003 including short sales and foreclosures) under contract with buyers as pending sales, with 77 pending sales at $1 million and above.
By comparison, a month ago on March 22, there were a total of 463 active home listings in the Cape through a Realtor at prices ranging from $275,000 to $5.995 million, with 80 homes listed at $1 million and up. The median list price was $569,900 and there were 1,004 pending sales in the pipeline. A year ago on April 21, 2021, there were only 347 active single-family home listings in the Cape's MLS from $195,000 to $5.995 million, with 1,245 pending sales.
In the overall Cape Coral single-family home market, there were 675 closed home sales in March, which edged up 1.8 percent from the 663 homes sold in March 2021, and it was 17.2 percent above the 576 sales in February of this year. In the first quarter of 2022, there were 1,734 closed sales, which was 10 percent above the 1,577 homes sold in the first three months of 2021, and 1.9 percent more than the 1,702 sales in the fourth quarter of 2021.
The median sales price in the overall Cape Coral single-family home market was $424,900 in March, which was up 32.8 percent from the $320,000 posted in March of 2021, and 6 percent higher than the $401,000 in February of this year. In the first quarter of 2022, the median sales price averaged $407,633 per month, which was 30.6 percent above the average of $312,233 per month in the first quarter of 2021, and up 7.8 percent from the average of $377,983 in the fourth quarter of last year.
Indirect gulf access canal homes
In the Cape Coral single-family indirect gulf access canal home segment (meaning homes with bridges in the canal system), there were 65 closed sales in March, which was 28.6 percent lower than the 91 closed sales in March 2021, but 6.6 percent above the 61 sales in February of this year. In the first quarter of 2022, there were 173 closed sales in this segment, which was 19.5 percent less than the 215 closed sales in the first three months of 2021, and it was 3.4 percent below the 179 closed sales in the fourth quarter of last year.
The median sales price in the Cape's single-family indirect gulf access canal home segment came in at $869,900 in March, which was up 55.3 percent from the $560,000 posted in March 2021, and 8.7 percent higher than the $800,000 in February of this year. In the first quarter of 2022, the median sales price in this segment averaged $806,633 per month, which was 44.2 percent above the average of $559,333 per month in the first quarter of 2021, and 9.3 percent more than the average of $737,667 per month in the fourth quarter of last year.
Direct sailboat access canal homes
In the Cape Coral single-family direct sailboat access canal home segment (meaning no bridges in the canals to get out to open water), there were 72 closed sales in March, which was 16.1 percent higher than the 62 sales in March 2021, and 20 percent above the 60 sales in February of this year. In the first quarter of 2022, there were 185 closed sales in this segment, which topped the 179 sales in the first quarter of 2021 by 3.4 percent, while coming in 22.5 percent above the 151 closed sales in the fourth quarter of last year.
The median sales price in the Cape's single-family direct sailboat access canal home segment came in at $978,000 in March, which was up 62.2 percent from $603,000 in March 2021, and up 16.8 percent compared to $837,500 in February of this year. In the first quarter of 2022, the median sales price in this segment averaged $871,833 per month, which was up 41.2 percent from the average of $617,650 per month in the first quarter of 2021, and 10.7 percent above the average of $787,833 per month in the fourth quarter of last year.
Freshwater canal and lake homes
In the Cape's single-family freshwater canal and lake home segment, which includes landlocked waterfront homes with no boating access to the river or Gulf of Mexico, there were 62 closed sales in March. This was 12.7 percent lower than the 71 sales in March 2021, and 4.6 percent below the 65 sales in February of this year. In the first quarter of 2022, there were 182 closed sales in this segment, which was 1.1 percent below the 184 sales in the first quarter of 2021, and 9.9 percent under the 202 sales in the fourth quarter of 2021.
The median sales price in the Cape Coral single-family freshwater canal and lake home segment came in at $504,950 in March, which was up 27.8 percent from the $395,000 posted in March 2021, and 6.3 percent above the $475,000 in February of this year. In the first quarter of 2022, the median sales price in this segment averaged $487,317 per month, beating the average of $371,667 per month in the first quarter of 2021 by 31.1 percent, and coming in 7 percent above the average of $455,000 per month in the fourth quarter of 2021.
Dry lot homes
In the Cape's single-family dry lot (non-canal) home segment, there were 470 closed sales in March, which was 9.3 percent higher than the 430 sales in March of 2021, and 22.7 percent above the 383 closed sales in February of this year. There were 1,177 closed sales in this segment during the first quarter of this year, which beat the 982 sales in the first quarter of 2021 by 19.9 percent, while coming in only 1.2 percent above the 1,163 closed sales in the fourth quarter of last year.
The median sales price in the Cape Coral single-family dry lot home segment came in at $370,000 in March, which was up 37.8 percent from the $268,500 posted in March 2021, and up 4.2 percent from $355,000 in February of this year. In the first quarter of 2022, the median sales price in this segment averaged $357,667 per month, or 37.2 percent above the average of $260,667 per month in the first quarter of 2021, and 5.5 percent higher than the average of $338,992 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 April 18, 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 with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.