Homing In | October home sales and prices weaken, as inventory rises
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As expected, the number of closed home sales in the month of October were up big compared to October of last year, when the number of sales in our market hit their post Hurricane Ian lows. However, the 10-month sales totals were weak as the leading daily market statistic continues to be the number of price reductions being made by sellers hoping to attract a buyer as they compete against the massive incentives being offered by new homebuilders trying to sell their spec home inventory. New construction homes make up 28% of the active listings and they are grabbing a 41% share of the pending sales.
As of Tuesday, Nov. 21, there were a total of 2,416 active listings in the MLS for single-family homes in Cape Coral ranging in price from $266,000 to $11.9 million. The median list price dipped to $499,900 in our weekly market survey. As we have noted in the past, the highest median list price in our surveys occurred on April 19, 2022, at $610,000. Three weeks ago on Oct. 31, there were 2,259 active listings in the Cape with a median list price of $505,175. One year ago on Nov. 22, 2022, we had 1,320 active listings at prices ranging from $240,000 to $5 million, with the median list price at $500,000. Currently, 563 homes are listed at $400,000 and under, versus a year ago when there were 363 homes in this price range. At the other end of the spectrum, there are 287 Cape homes currently listed for sale at $1 million and above, compared to only 146 such listings one year ago.
The number of homes under contract with buyers as pending sales in the Cape continued to soften, coming in at 533 pending sales on Nov. 21, down from 588 pending sales three weeks ago, and below the 551 pending sales from one year ago. The current price range for the pending sales in the pipeline is from $199,000 to $3.395 million, with the median pending sales price at $399,000. There are currently 372 pending sales at $450,000 and under, to go with the 19 pending sales at $1 million and above. Two years ago on Nov. 22, 2021, there were 1,005 pending home sales in the Cape, and only 545 active listings in the MLS.
In the overall Cape Coral single-family home market, there were 370 closed home sales in October, which was up 65.9% from 223 closed sales in October 2022, but 10.6% below the 414 sales in September of this year. In the first ten months of 2023, there were a total of 4,393 closed sales in the Cape's overall single-family home market, which was 14.1% less than the 5,117 closed sales in the first ten months of 2022.
The median sales price in the overall Cape Coral single-family home market was $397,000 in October, or 10.8% lower than the $445,000 posted in October 2022, and 0.8% below the $400,000 in September of this year. In the first 10 months of 2023, the overall median sales price for homes in the Cape averaged $409,600 per month, which was 4.6% less than the average of $429,500 per month in the first ten 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 30 closed home sales in October. This was 57.9% higher than the 19 closed sales in October 2022, but 21.1% below the 38 sales in September of this year. In the first 10 months of 2023, we had 379 closed sales in this segment, or 25.7% less than the 510 sales in the first ten months of 2022.
The median sales price in the Cape's single-family indirect gulf access canal home segment was $735,000 in October, which was 13.5% below the $850,000 posted in October of 2022, and 3.9% below the $765.000 in September of this year. In the first 10 months of 2023, the median sales price in this segment averaged $778,850 per month, or 3.1% less than the average of $804,005 per month in the first 10 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 21 closed home sales in October. This was 110% higher than the 10 sales in October 2022, but 19. % below the 26 sales in September of this year. In the first 10 months of 2023, there were a total of 321 sales in this segment, or 26.2% less than the 435 sales in the first 10 months of 2022.
The median sales price in the Cape's singl-family direct sailboat access canal home segment was $775,000 in October, or 15.8% below the $920,000 in October 2022, and 3.7% lower than the $805,000 posted in September of this year. In the first 10 months of 2023, the median sales price in this segment averaged $764,047 per month, or 13.9% less than the average of $887,853 per month in the first 10 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 31 closed home sales in October. This was even with the 31 closed sales in October 2022, but down 16.2% from the 37 closed sales in September of this year. In the first 10 months of 2023, there were 441 closed sales in this segment, or 18.8% less than the 543 sales in the first ten months of 2022.
The median sales price in the Cape's single-family freshwater canal and lake home segment was $550,000 in October, or 3.5% below the $570,000 posted in October of 2022, but 3.8% above the $530,000 in September of this year. In the first 10 months of 2023, the median sales price in this segment averaged $519,544 per month, or 2.4% less than the average of $532,185 per month in the first 10 months of 2022.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 287 closed sales in October, which was 76.1% higher than the 163 closed sales in October 2022, but 7.7% below the 311 closed sales in September of this year. In the first 10 months of 2023, there were 3,234 closed sales in this segment, or 10% less than the 3,595 closed sales in the first 10 months of 2022.
The median sales price in this segment was $371,990 in October, or 3.4% below the $385,000 posted in October 2022, and down 0.8% from $375,000 in September of this year. In the first 10 months of 2023, the median sales price for dry lot homes in the Cape averaged $374,356 per month, or 1.8% less than the average of $381,084 per month in the first 10 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 Nov. 20, 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 44 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.