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This week we will examine the performance of the Cape Coral luxury condo market for the first half of 2023 in our mid-year salute to Robin Leach, the late great host of "Lifestyles of the Rich and Famous." For the record, we define the Cape's luxury condo market as units selling for $500,000 and above, and based on the slowdown in the number of closed sales in this segment in the first half of this year, there is a little bit less in the way of champagne wishes and caviar dreams being spread around. However, this is not overly surprising given that one year ago we were coming out of a red hot real estate market as the Federal Reserve was launching its war on inflation by jacking up interest rates. The impact from Hurricane Ian also affected our prime saltwater canal and riverfront locations at the heart of our luxury condo market.
Despite the negative influences from the actions of the Federal Reserve and the impacts from Ian on our real estate market in general, we would say our luxury condo market has been knocked down, but not completely out as it searches for its new equilibrium.
In the first half of 2023, there were a total of 31 closed sales for luxury condominiums priced at $500,000 and above in Cape Coral, including 5 sales ranging from $1.55 million to $2 million. There was a sharp drop-off to the sixth highest sale, which was at $830,000. Of note is the fact that the most recent million dollar-plus condo sale in the Cape closed on March 24 of this year at $1.7 million, with the highest-priced closed condo sale since then in the first 6 months of this year coming in at $740,000 on April 6.
Several other interesting points from the first half of this year were that the five highest-priced sales were all higher than the highest-priced condo sale in the first half of last year, which was for $1.5 million, while the median sales price in our luxury condo market was down 5.8% to $600,000 this year versus $637,000 last year.
Looking back at the numbers in the first half of last year, there were 42 closed luxury condo sales in Cape Coral at $500,000 and above, including 9 sales from $1 million to $1.5 million. Three of these million dollar-plus sales occurred in the first quarter of 2022, and six sales in this price range were posted in the second quarter of last year. To help illustrate how much our market has changed since the first half of last year, the highest priced condo sale in 2022 was listed for sale at $1.25 million on March 9, and it went under contract with the buyer two days later on March 11. The cash sale of this unit, located in Tarpon Landings, closed on May 20, 2022, at $1.5 million, which was $250,000 or 20% above the list price.
By comparison, as mentioned above, the most recent million dollar-plus condo sale in the first half of this year closed on March 24. It actually went on the market as a new listing for $2.195 million back on Nov. 4, 2022, and following two price reductions it went under contract with a buyer as a pending sale at $1.795 million on Feb. 21 of this year. This cash sale ended up closing for $1.7 million, which was $495,000 or 22.6% less than the initial list price. What a difference a year makes!
Shifting back to our current market conditions, as of Tuesday, July 11, there were 282 condos in the Cape listed for sale in the MLS at prices ranging from $150,000 to $3.9 million. The median list price was $325,000 and there were 58 luxury condos on the market at $500,000 and above, including 14 units priced above $1 million. About one year ago on June 28, 2022, there were only 118 active condo listings in the Cape through a Realtor, with the median list price at $299,900. At that time, there were 11 condos listed at $500,000 and above, including only 2 units priced above $1 million.
We currently have a total of 50 condos under contract with buyers as pending sales in the Cape at prices ranging from $169,000 to $749,000. The current median pending sales price for condos is $279,900 and there are only 3 units pending at $500,000 and above. About one year ago on June 28, 2022, there were 80 condos in the Cape in the pending sales pipeline at prices ranging from $169,700 to $2.2 million, including 12 condos that were pending at $500,000 and above, with two of those units under contract above $1 million.
In summary, the total number of closed luxury condo sales in Cape Coral during the first half of this year came in 26.2% lower than a year ago, and the number of million dollar-plus condo sales is down by 44.4% versus last year, with the million dollar-plus market segment currently in a deep freeze. The number of currently pending luxury condo sales in the Cape is down by 75% compared to a year ago. The median pending sales price is currently 13.9% below the current median list price, indicating a continued downward pressure on sales prices that has been compounded by the complete evaporation of condo sales above $1 million since March 24. And the number of active listings in our luxury condo market have spiked higher by 427% compared to a year ago.
We will wrap up with a closer look at the highest-priced condo sale in Cape Coral during the first half of this year, which will also provide a bit of market history. Our highest priced condo sales tend to be in the riverfront high-rise Tarpon Landings buildings located in the Tarpon Point Marina complex in the southwest Cape. This particular unit came on the market as a new listing on Nov. 14, 2022, at $2.195 million and it went under contract with a buyer on Dec. 8, before closing for $2 million through a conventional loan. The sellers bought this 12th floor unit with 3,048 square feet of living area back in October 2017 for $740,000 and did extensive remodeling, along with selling the unit "Turnkey."
Along with the expansive river views, this condo features three en-suite bedrooms plus an additional half bathroom and a den. It has a chef's kitchen with three ovens, stone countertops, a bar area and a private elevator. Additional features include a Savant home automation system, motorized blinds and a water softener with a water leak stop. The unit also came with a finished pool-side cabana, a golf cart and a three-car garage, along with amenity areas including 3 swimming pools, 2 fitness centers, tennis and bocce courts, a sauna and more.
According to the records, this property was originally built back in 2007 with the first owner buying it for $1,073,800 on March 23, 2007. This was when our real estate market was in the early stages of the market collapse that led into the Great Recession. The property was never occupied before the current sellers bought it for $740,000 in 2017, as noted above.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of July 9, 2023, 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 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.