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To illustrate how our market dynamics shifted when the Federal Reserve started its campaign to aggressively raise interest rates back on March 17, 2022, at that time there were only 430 homes listed for sale through a Realtor in Cape Coral with the median list price at $595,000. Only 61 of the 430 homes were listed at $400,000 and under, with 76 homes priced at $1 million and above. Three months later on June 21, 2022, there were 1,031 single-family homes listed for sale by a Realtor in the Cape at prices ranging from $245,000 to $5.995 million with a median list price of $579,000. At that time, there were 184 homes listed at $400,000 and under, and 177 homes listed at $1 million and above.
Compare that to today, when based on our weekly market survey taken on Tuesday, June 20, there were 1,680 active listings for single-family homes in Cape Coral at list prices ranging from $269,900 to $3.995 million, with a median list price of $525,000. This includes a total 403 homes, or 24% of our active listings that are priced at $400,000 and under, along with 226 homes, or 13.5% of our market listed at $1 million and above.
So in the past 15 months, the number of active listings have increased by 291%, while the number of homes listed at $400,000 and under has shot up by 561%, and the number of million dollar-plus homes on the market has risen by 197%. Hurricane Ian has also played a role in this market shift, but our market dynamics had already changed due to the actions of the Federal Reserve well before Ian made landfall in Southwest Florida.
On a positive note, the number of pending home sales in the Cape bumped up about 3% higher from 797 a week ago to 820 homes under contract on June 20. The pending sales in the pipeline ranged in price from $215,000 to $3.45 million, with the median pending sales price dipping to $399,999 from $406,990 a week ago. A total of 419 of the 820 pending sales, or 51.1%, were at $400,000 and under, while 34 were at $1 million and up. Back on June 21, 2022, we had 862 homes under contract as pending sales, with 377 of them at $400,000 and under, and 39 homes pending at $1 million and above.
In the overall Cape Coral single-family home market, there were 541 closed home sales in May, which was 13.6% lower than the 626 closed sales in May of 2022, but 9.5% above the 494 closed sales in April of this year. In the first five months of 2023, there were a total of 2,245 closed sales in the Cape's overall single-family home market, which was down by 24.9 %from 2,989 closed sales in the first five months of 2022.
The median sales price in the overall Cape Coral single-family home market was $420,000 in May, or 7.7% lower than the $455,000 posted in May 2022, and even with the $420,000 in April of this year. In the first five months of 2023, the overall median sales price for single-family homes in the Cape averaged $415,000 per month, which was 3% lower than the average of $428,000 per month in the first five months of 2022.
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 57 closed home sales in May. This was 23% lower than the 74 sales in May 2022, but 16.3% above the 49 sales in April of this year. In the first five months of 2023, there were 214 closed sales in this segment, or 32.9% less than the 319 sales in the first five months of 2022.
The median sales price in the Cape's single-family indirect gulf access canal home segment was $810,000 in May, up 2.8% from $787,600 in May 2022, but 1.2% below the $820,000 in April of this year. In the first five months of 2023, the median sales price in this segment averaged $786,500 per month, or 2.4% less than the average of $806,010 per month in the first five months of 2022.
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 35 closed home sales in May. This was 27.1% lower than the 48 closed sales in May of 2022, and 20.5% below the 44 sales in April of this year. In the first five months of 2023, there were 191 closed sales in this segment, or 36.8% less than the 302 sales in the first five months of 2022.
The median sales price in the Cape's single-family direct sailboat access canal home segment was $745,000 in May. Not surprisingly, this was 34.5% below the all-time record high single month price in this segment of $1,137,500 in May 2022, but it was 1.5% higher than the $733,970 in April of this year. In the first five months of 2023, the median sales price in this segment averaged $735,294 per month, or 20.6% less than the average of $925,580 per month in the first five months of 2022.
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 47 closed home sales in May. This was 31.9% lower than the 69 sales in May 2022, and down 9.6% from the 52 sales in April of this year. In the first five months of 2023, there were 226 sales in this segment, or 29.8% less than the 322 sales in the first five months of 2022.
The median sales price in the Cape's single-family freshwater canal and lake home segment was $510,000 in May, or 8.9% below the $560,000 posted in May 2022, but 2.8% more than the $496,250 in April of this year. In the first five months of 2023, the median sales price in this segment averaged $505,250 per month, or 1.2% less than the average of $511,370 per month in the first five months of 2022.
Dry lot homes
In the Cape's single-family dry lot (non-canal) home segment, there were 400 closed sales in May, which was 7.2% lower than the 431 sales in May 2022, but 16.3% above the 344 sales in April of this year. In the first five months of 2023, there were 1,604 sales in this segment, or 20.6% below the 2,019 sales in the first five months of 2022.
The median sales price in this segment was $377,495 in May, or 5.6% less than the $400,000 in May 2022, and a fraction below the $378,495 in April of this year. In the first five months of 2023, the median sales price in this segment averaged $373,616 per month, up a fraction from the average of $373,070 per month in the first five months of 2022.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of June 19, 2023, 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 43 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.