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There were no surprises in our real estate market through the first seven months of 2023, as the number of single-family home sales and sales prices in Cape Coral were lower compared to the first seven months of last year, while the supply of homes listed for sale continued to edge higher. In the meantime, mortgage interest rates suddenly spiked higher this week, reaching the 7.6% range on 30-year fixed rate mortgages. This is the highest level since back in 2001 and they are now just shy of the highest levels in the 21st century. Just over two years ago in February 2021, mortgage rates were at a record low of 2.8%. This week, all eyes are turning to Federal Reserve Chief Jerome Powell, trying to anticipate his next moves on interest rates, with some experts believing home prices have already bottomed out, while other experts continue to look for a bigger correction in home prices.
As of Tuesday, Aug. 22, there were 1,817 active listings in the MLS for Cape Coral single-family homes at prices ranging from $175,000 to $7.59 million. The median list price remained at $525,000 with 424 homes priced at $400,000 and under, and 213 Cape Coral homes listed for sale at $1 million and above. There are currently 746 homes in the Cape under contract with buyers as pending sales at prices ranging from $150,000 to $4.5 million. The median pending sales price came in at $399,000 with 397 pending sales priced at $400,000 and under, and only 22 pending sales at $1 million and above.
By comparison, one year ago on Aug. 23, 2022, there were 1,425 active home listings through a Realtor in the Cape at prices ranging from $269,500 to $5.995 million. The median list price a year ago was $519,000 and there were 321 homes listed at $400,000 and below, with 180 homes on the market at $1 million and above. Two years ago on Aug. 17, 2021, there were only 513 single-family homes listed for sale in the Cape at prices ranging from $215,000 to $5.995 million. One year ago there were 732 single-family homes under contract with buyers as pending sales at prices ranging from $220,000 to $2.85 million, with 356 of these pending sales priced at $400,000 and under, and 26 homes pending at $1 million and above. Two years ago on Aug. 17, 2021, there were 896 homes under contract as pending sales in the Cape with many homes being sold in a matter of days.
In the overall Cape Coral single-family home market, there were 416 closed home sales in July, which was 12.8% lower than the 477 closed sales in July of 2022, and 10.3% below the 464 closed sales in June of this year. In the first seven months of 2023, there were a total of 3,131 closed sales in the Cape's overall single-family home market, which was 23.4% lower than the 4,088 closed sales in the first seven months of 2022.
The median sales price in the overall Cape Coral single-family home market was $413,525 in July, or 2.7% lower than the $425,000 posted in July 2022, and down 0.4% from $415,000 in June of this year. In the first seven months of 2023, the overall median sales price for single-family homes in the Cape averaged $414,789 per month, which was 3.5% below the average of $430,000 per month in the first seven 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 31 closed home sales in July. This was 8.8% lower than the 34 closed sales in July 2022, and 32.6% below the 46 sales in June of this year. In the first seven months of 2023, there were 291 closed sales in this segment, or 31% less than the 422 sales in the first seven months of 2022.
The median sales price in the Cape's single-family indirect gulf access canal home segment was $700,000 in July, which was 7.3% below the $755,000 posted in July 2022, and it was 9.9% below the $777,000 in June of this year. In the first seven months of this year, the median sales price in this segment averaged $772,786 per month, or 4.2% below the average of $806,436 per month in the first seven 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 27 closed home sales in July. This was 3.8% higher than the 26 closed sales in July of 2022, but 3.6% below the 28 sales in June of this year. In the first seven months of 2023, there were 246 closed sales in this segment, or 33% less than the 367 sales in the first seven months of 2022.
The median sales price in the Cape's single-family direct sailboat access canal home segment was $800,000 in July, or 5.9% above the $755,625 in July of 2022, but 3.8% lower than the $831,500 in June of this year. In the first seven months of 2023, the median sales price in this segment averaged $758,281 per month, or 15% less than the average of $891,932 per month in the first seven months of 2022.
Freshwater canal and lake homes
In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked waterfront property with no boating access to the river or the Gulf of Mexico, there were 51 closed home sales in July. This was 13.33% higher than the 45 closed sales in July of 2022, and 21.4% above the 42 closed sales in June of this year. In the first seven months of 2023, there were 320 closed sales in this segment, or 25.9% less than the 432 sales in the first seven months of 2022.
The median sales price in the Cape's single-family freshwater canal and lake home segment was $490,000 in July, or 4.9% below the $515,000 posted in July of 2022, and 7.1% lower than the $527,500 in June of this year. In the first seven months of 2023, the median sales price in this segment averaged $505,964 per month, or 2.7% less than the average of $520,264 per month in the first seven months of 2022.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 304 closed home sales in July, which was 18.1% lower than the 371 closed sales in July 2022, and it was 12.4% below the 347 closed sales in June of this year. In the first seven months of 2023, there were 2,260 closed sales in this segment, or 20.3% less than the 2,837 closed sales in the first seven months of 2022.
The median sales price in this segment was $375,000 in July, or 5.1% below the $395,000 posted in July of 2022, and down 2.6% from $385,000 in June of this year. In the first seven months of 2023, the median sales price for dry lot homes in the Cape averaged $375,084 per month, or 1.3% less than the average of $380,000 per month in the first seven months of 2022.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, FL, as of Aug. 21, 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.