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The number of closed single-family home sales in Cape Coral declined in April versus April 2021, while median sales prices posted huge year-over-year gains in April, as prices remained at record levels. The number of active listings has also continued to increase, providing more choices for buyers.
We are seeing what we would call "hints" in the market that the price surge for homes is leveling off, as the buyer frenzy has slowed and our market seems to be returning to a more normal, seasonal pattern. Much of the upcoming performance in our housing market will likely hinge on the Federal Reserve's commitment towards raising interest rates in its attempt to battle the plague of out of control inflation, and whether or not the already record high gas prices crush consumers by reaching $6 per gallon, as some experts are now predicting.
As of May 24, there were 763 active single-family homes listed for sale through a Realtor in Cape Coral (up 113 percent from a year ago) with asking prices ranging from $225,000 to $5.995 million. The second lowest-priced home in the Cape is listed for $259,900. There are a total of 123 homes listed at $400,000 and under, with only six of these homes priced below $300,000. At the other end of the spectrum, there were 139 Cape Coral homes with list prices of $1 million and up. For the second straight week, the median list price came in at $575,000. There were a total of 939 pending home sales in the Cape at list prices ranging from $210,000 to $4.495 million, with 37 homes under contract with a buyer at $300,000 and under, while 52 homes were in a pending sale status at $1 million and above.
By comparison, a week ago on May 17, there were 725 active listings for Cape Coral single-family homes in the MLS, with 127 homes priced at $400,000 and under, and 133 homes listed at $1 million and above. There were 962 pending sales a week ago. One year ago on May 24, there were only 357 active single-family home listings in the Cape at asking prices ranging from $188,500 to $5.995 million.
In the overall Cape Coral single-family home market, there were 606 closed home sales in April, which was 18 percent lower than the 739 closed sales in April 2021, and 11 percent less than the 681 closed sales in March of this year. In the first four months of 2022, there were a total of 2,348 closed sales in the Cape's overall single-family home market, which was 1.4 percent higher than the 2316 closed sales in the first four months of 2021.
The median sales price in the overall Cape Coral single-family home market was $470,000 in April, or 40.3 percent higher than the $335,000 posted in April 2021, and up 11.1 percent from $423,000 in March of this year. In the first four months of 2022, the overall median sales price for single-family homes in the Cape averaged $422,250 per month, which was 32.8 percent higher than the average of $317,925 per month in the first four months of 2021.
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 68 closed home sales in April, which was 11.7 percent lower than the 77 closed sales in April 2021, but 3 percent above the 66 closed sales in March of this year. In the first four months of 2022, there were 243 closed sales in this segment, or 16.8 percent below the 292 sales in the first four months of 2021.
The median sales price in the Cape's single-family indirect gulf access canal home segment was $825,000 in April, which topped the $621,000 posted in April 2021 by 32.9 percent, but it was 4.9 percent lower than the $867,450 in March of this year. In the first four months of 2022, the median sales price in this segment averaged $810,613 per month, or 41 percent above the average of $574,750 per month in the first four months of 2021.
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 68 closed home sales in April. This was 21.8 percent lower than the 87 closed sales in April 2021, and 5.6 percent below the 72 sales in March of this year. In the first four months of 2022, there were 253 closed sales in this segment, or 4.9 percent less than the 266 sales in the first four months of 2021.
The median sales price in the Cape's single-family direct sailboat access canal home segment was $886,450 in April, or 23.1 percent above the $719,900 in April 2021, but 9.4 percent lower than the $978,000 recorded in March of this year. In the first four months of 2022, the median sales price in this segment averaged $875,488 per month, or 36.1 percent more than the average of $643,213 per month in the first four months of 2021.
Freshwater canal and lake homes
In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canal and lake homes with no boating access to the river or the Gulf of Mexico, there were 69 closed home sales in April. This was 15.9 percent lower than the 82 closed sales in April 2021, but up 11.3 percent from the 62 closed sales in March of this year. In the first four months of 2022, there were 251 closed sales in this segment, which was 5.6 percent less than the 266 sales in the first four months of 2021.
The median sales price in the Cape's single-family freshwater canal and lake home segment was $550,000 in April, or 37.5 percent above the $399,950 posted in April 2021, and 8.9 percent higher than the $504,950 in March of this year. In the first four months of 2022, the median sales price in this segment averaged $502,988 per month, or 32.8 percent more than the average of $378,738 per month in the first four months of 2021.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 397 closed home sales in April, which was 19 percent lower than the 490 closed sales in April 2021, and 16.2 percent below the 474 closed sales in March of this year. In the first four months of 2022, there were a total of 1,579 closed sales in this segment, or 7.3 percent more than the 1,472 closed sales in the first four months of 2021.
The median sales price in this segment was $394,350 in April, or 40.8 percent above the $280,000 posted in April 2021, and up 6.6 percent from $370,000 in March of this year. In the first four months of 2022, the median sales price for dry lot homes in the Cape averaged $366,338 per month, or 38 percent more than the average of $265,500 per month in the first four months of 2021.
The sales data for this article was obtained from the Florida Realtors®Multiple Listing Service Matrix for Lee County, Fla., as of May 22, 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.