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The big takeaways for the Cape Coral condominium market in the first half of this year versus a year ago involve a 140% increase in the number of active listings and a 21% decline in the number of pending sales in the pipeline waiting to be finalized.
Despite the rising inventory, the current median list price is higher than a year ago even as it has become a much more difficult market for sellers. This difficulty for condo sellers is reflected in the 13% gap between the higher median list price and the lower median pending sales price, along with the decline in the number of closed condo sales in the first half of this year versus last year. For their part, the increases in median sales prices have slowed from the red hot pace set in the post-COVID boom, but they continue to edge higher compared to a year ago even as our high-end condo sales have all but evaporated in the summer heat.
As of Tuesday, July 25, there were 285 active listings for Cape Coral condos in the MLS at prices ranging from $155,900 to $3.9 million, with the median list price for condos coming in at $329,000. A total of 59 condos were listed at $250,000 and under, with 21 of these units priced below $200,000. We currently have 58 condos listed in the Cape at $500,000 and above, with 12 of these units priced at $1 million and up. On July 25 there were 52 condos in the Cape under contract with buyers as pending sales at prices ranging from $174,900 to $665,000 with the median pending sales price at $290,000. There are 18 pending condo sales at $250,000 and under, with eight of these units priced under $200,000 and only two condos in the Cape under contract above $500,000.
One year ago on July 26, 2022, there were only 119 condos listed for sale in Cape Coral through a Realtor, ranging in price from $149,000 to $1.65 million with the median list price at $294,000. At that time there were a total of 39 condos listed at $250,000 and under, with 15 of these priced below $200,000 and 15 condos were listed above $500,000 with three of these units topping $1 million. There were 66 condos in the Cape under contract with buyers as pending sales, with 26 of these priced at $250,000 and under, and six units priced between $500,000 and $699,900 with one other unit above the million dollar mark at $1.35 million.
In the Cape's overall condo market, there were 52 closed sales in June, which was even with the 52 sales in both June 2022, and in May of this year. As a point of reference about the market, this was 48% below the 100 condo sales posted back in June 2021. In the second quarter of this year, there were a total of 156 closed condo sales, down 32.5% versus 231 sales in the second quarter of 2022, but up 7.6% from 145 sales in the first quarter of this year. In the first half of 2023, a total of 301 condos were sold in the Cape, which was 27.3% less than the 414 condos sold in the first six months of 2022.
The median sales price was $282,250 for the overall Cape Coral condo market in June, or virtually flat with the $282,500 in June 2022, and 4.2% below the $295,000 in May of this year. In the second quarter, the median sales price averaged $293,242 per month in the Cape's overall condo market, up 5% from the average of $279,250 per month in the second quarter of 2022, and 7.3% above the average of $273,333 per month in the first quarter of this year. In the first half of 2023, the overall median sales price for Cape condos averaged $283,288 per month, or 2. % above the average of $275,875 per month in the first six months of 2022.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all saltwater canal condos, there were 26 closed sales in June. This was 18.2% higher than the 22 closed sales in both June 2022, and in May of this year. In the second quarter, there were a total of 78 closed sales in this segment, down 24.3% versus the total of 103 sales in the second quarter of 2022, but 21.9% above the total of 64 condo sales in the first quarter of this year. In the first half of 2023, there were a total of 142 saltwater condos sold in the Cape, down 26.8% from the 194 units sold in the first six months of 2022.
The June median sales price was $349,950 for the Cape's gulf access condo segment, which was 10.2% above the $317,500 in June 2022, but down 1.4% from $354,950 in May of this year. In the second quarter, the median sales price averaged $348,420 per month in this segment, up 4.5% from the average of $333,333 per month in the second quarter of 2022, and 1.7% above the average of $342,733 per month in the first quarter of this year. In the first half of 2023, the median sales price for Cape gulf access condos averaged $345,577 per month, up 7.3% from the average of $322,083 per month in the first six months of 2022.
Direct sailboat access canal condos
In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos and includes condos with no bridges to go under in the canal system, there were 10 closed sales in June. This was down 37.5% from 16 condo sales in June 2022, and 28.6% below the 14 sales in May of this year. In the second quarter, there were a total of 45 condos sold in this segment, down 37.5% versus the total of 72 sales in the second quarter of 2022, but up 32.4% from the total of 34 sales in the first quarter of this year. In the first half of 2023, there were a total of 79 sailboat access condos sold in the Cape, down 37.3% from 126 condos sold in the first six months of 2022.
The June median sales price was $359,950 for the Cape's sailboat access condo segment, up 6.7% from $337,500 in June 2022, but down 15.8% from $427,500 in May of this year. In the second quarter, the median sales price averaged $386,650 per month, up 7.7% from the average of $359,167 per month in the second quarter of 2022, but down 0.43% from the average of $388,333 per month in the first quarter of this year. In the first half of 2023, the median sales price in this segment averaged $387,492 per month, up 8.2% from the average of $358,242 per month in the first six months of 2022.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 23 closed sales in June, up 4.5% from 22 sales in June 2022, and even with the 23 sales in May of this year. In the second quarter, a total of 66 condo sales closed in this segment, down 41.1% versus the 112 sales in the second quarter of 2022, but up 3.1% from the total of 64 in the first quarter of this year. In the first half of 2023, a total of 130 dry lot condos were sold in the Cape, down 30.1% from the 186 condos sold in the first six months of 2022.
The June median sales price was $249,990 for the Cape's dry lot condo segment, which was 7.5% above the $232,500 posted in June of 2022, but it was 9.1% lower than the $275,000 in May of this year. In the second quarter, the median sales price averaged $257,497 per month in this segment, up 5.3% from the average of $244,650 per month in the second quarter of 2022, and 7.8% above the average of $238,833 per month in the first quarter of this year. In the first half of 2023, the median sales price for Cape dry lot condos averaged $248,165 per month, or 7.5% more than the average of $230,846 per month in the first six 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 July 24, 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.