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About one year ago in this column when we analyzed the July 2022 results for the Cape Coral condominium market compared to July 2021, we summed things up by saying, "what a difference a year makes!" Today we are going to take a look at the number of closed sales and median sales prices for the month of July, along with the current active listings and pending sales for our condo market compared to the same time frames in 2022 and 2021.
We will begin with the number of active listings and pending sales in our condo market. As of Tuesday, Aug. 29, there were 295 condos listed for sale in the MLS at prices ranging from $138,000 to $3.9 million. The current median list price for condos came in at $325,000 and there were 61 condos listed for sale at $250,000 and under, with 59 units listed at $500,000 and above, including 11 condos priced at $1 million and up. There are currently 47 Cape Coral condos under contract with buyers as pending sales at prices ranging from $167,900 to $575,000. The current median pending sales price came in at $269,900 and 36 of the 47 pending sales were priced at $300,000 and under, including 19 units at $250,000 and under. The two highest-priced pending sales were at $525,000 and $575,000. So sales in our high-end luxury condo market are virtually non-existent right now.
About one year ago on Sept. 6, 2022, there were 162 active condo listings in Cape Coral through the MLS at list prices ranging from $154,900 to $5 million. The median list price was $310,000 and there were 35 condos listed at $250,000 and under, with 14 units priced at $500,000 and above including only four condos listed for sale above $1 million. We had 64 pending condo sales in the pipeline at prices ranging from $169,000 to $1,635,000 with 25 units under contract at $250,000 and under. At that time there were three condos pending at $599,000 to $949,000 and only one condo under contract above $1 million.
Two years ago on Aug. 31, 2021, we had 63 active listings for condos in Cape Coral with 62 units at list prices ranging from $92,200 to $625,000 and one condo listed at $1.1 million. The median list price on that date was $239,900 and there were 82 condos under contract with buyers as pending sales.
In the overall Cape condo market, there were 31 closed sales in the month of July, which was 39.2% lower than the 51 condo sales in July 2022, and 64.4% below the 87 closed condo sales two years ago in July 2021. The number of closed sales this July were also down 41.5% from 53 sales in June of this year. In the first seven months of this year, there were a total of 333 condos sold overall in the Cape, down 28.4% from 465 sales in the first seven months of 2022, and 48.8% below the 650 condo units sold in the first seven months of 2021.
The July median sales price came in at $285,000 for the overall Cape Coral condo market, which was 5.6% above the $270,000 posted in July 2022, and 32.6% above the $214,900 from back in July 2021. This July edged slightly higher from $284,500 in June of this year. In the first seven months of 2023, the median sales price averaged $283,854 per month in our overall condo market, up 3.2% from the average of $275,036 per month in the first seven months of 2022. It was also 38% above the average of $205,521 per month in the first seven months of 2021.
Gulf access canal condos
In the Cape Coral gulf access canal condo segment, which includes all "saltwater" canal condos, there were 9 closed sales in July. This was 57.1% below the 21 condos sold in July 2022, and 74.3% lower than the 35 condos sold in July 2021. The number of closed sales this July was also down 66.7% from the 27 sales in June of this year. In the first seven months of 2023, there were a total of 152 saltwater canal condos sold in the Cape, or 29.3% less than the 215 units sold in the first seven months of 2022, and down 48.6% from the 296 condo units sold in the first seven months of 2021.
The July median sales price came in at $415,000 for the Cape's saltwater canal condo segment, which is the peak month for prices so far this year. This was 6.4% above the $390,000 posted in July of 2022, and 66% higher than the $250,000 from July 2021. It was also 18.6% more than the $349,900 in June of this year. In the first seven months of 2023, the median sales price in this segment averaged $355,487 per month, up 7.1% from the average of $331,786 per month in July 2022, and 45.3% higher than the average of $244,607 per month in the first seven months of 2021.
Direct sailboat access canal condos
In the Cape Coral direct sailboat access canal condo segment, which is a subgroup of gulf access condos where boaters have no bridges to go under in the canal system, there were 7 closed sales in July. This was down 41.7% from the 12 condos sold in July 2022, and 66.7% below the 21 units sold in July 2021. It was also down by 30% from the 10 units sold in June of this year. In the first seven months of 2023, there were a total of 86 condos sold in this segment, which was 37.7% below the 138 units sold in the first seven months of 2022, and 47.6% less than the 164 units sold in the first seven months of 2021.
The July median sales price was $449,900 for the Cape's sailboat access condo segment, which was the peak month for prices so far this year. This was 3.1% higher than the $436,250 posted in July 2022, and 42.8% above the $315,000 in July 2021. This July was also 25% higher than the $359,950 in June of this year. In the first seven months of 2023, the median sales price in this segment averaged $396,407 per month, up 7.3% from the average of $369,386 per month in the first seven months of 2022, and 27.3% above the average of $311,386 per month in the first seven months of 2021.
Dry lot condos
In the Cape Coral dry lot (non-canal) condo segment, there were 16 closed sales in July, which was 33.33% lower than the 24 condos sold in July of 2022, and 55.6% below the 36 units sold in July 2021. Sales this July were also 30.4% below the 23 sales in June of this year. In the first seven months of 2023, there were a total of 146 dry lot units sold in the Cape, which was 30.5% less than the 210 units sold in the first seven months of 2022, and 47.5% below the 278 sold in the first seven months of 2021.
The July median sales price came in at $228,750 for the Cape's dry lot condo segment, which was 5.2% above the $217,500 posted in July 2022, and 43% higher than the $160,000 in July 2021. But this July came in 8.5% below the $249,990 in June of this year. In the first seven months of 2023, the median sales price in this segment averaged $245,391 per month, which was 7.2% above the $228,939 per month in the first seven months of 2022, and 55.6% more than the average of $157,706 per month in the first seven 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 Aug. 28, 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.