Homing In: Overall April home sales solid, sellers continue reducing prices
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It is good to be back after an unexpected three-week hiatus following a run in with the bottom rung of a ladder, with the resulting gravitational pull leading to a new hip. We will pick up where we left off, beginning with the April market numbers for Cape Coral single-family homes.
The number of price reductions being made on active listings continues to be the top daily market statistic in the MLS, as sellers battle with each other in trying to attract buyers to their homes. The pace of closed home sales in the Cape remained solid, while the number of active listings and pending home sales edged lower in May and June with the expectation that the number of closed home sales will have likely reached their peak levels for the year during the second quarter before fading to lower levels in the second half of this year.
As of Monday, June 17, there were 2,727 active listings for single-family homes in the Cape, with the median list price coming in at $495,000. There are currently 1,146 homes listed for sale at $450,000 and under, along with 312 homes listed at $1 million and above. One month ago on May 21, there were 2,804 single-family homes listed for sale in the Cape through the MLS, with the median list price at $499,000 including 1,173 homes priced at $450,000 and under, and 337 homes listed at $1 million and above. One year ago on June 20, 2023, there were 1,680 Cape Coral homes on the market at a median list price of $525,000.
The number of pending home sales in the Cape have dipped by 6.7% from 832 homes under contract a month ago on May 21, to 776 pending sales on June 17. The current pending home sales range in price from $199,000 to $4.995 million and the median pending sales price came in at $398,950. Two-thirds of our current pending sales, or 517 homes, are priced at $450,000 and under, while only 26 pending sales were priced at $1 million and above. One year ago on June 20, 2023, we had 820 pending home sales in the pipeline, including 535 homes priced at $450,000 and under, along with 34 homes at $1 million and above. The median pending home sales price one year ago was $399,999.
In the overall Cape Coral single-family home market, there were 529 closed home sales in April, which was 6.7% higher than the 496 closed sales in April 2023, but 0.8% less than the 533 closed sales in March of this year. In the first four months of 2024, there were a total of 1,725 closed sales in the Cape's overall single-family home market, which was 1% higher than the 1,708 closed sales in the first four months of 2023.
The median sales price in the overall Cape Coral single-family home market was $416,400 in April, or 0.9% less than the $420,000 in April 2023, and 11.4% below the all-time high in our overall market of $470,000 posted in April 2022. This April came in 4.1% above the $400,000 in March of this year. In the first four months of 2024, the overall median sales price for single-family homes in the Cape averaged $413,475 per month, or virtually flat with the average of $413,750 per month in the first four months of 2023.
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 65 closed home sales in April. This was 32.7% higher than the 49 closed sales in April 2023, and 14% above the 57 closed sales in March of this year. In the first four months of 2024, there were 192 closed sales in this segment, or 22.3% above the 157 sales in the first four months of 2023.
The median sales price in the Cape's single-family indirect gulf access canal home segment was $835,000 in April, which was 1.8% above the $820,000 posted in April 2023, and 11.3% higher than the $750,000 in March of this year. In the first four months of 2024, the median sales price in this segment averaged $802,813 per month, or 2.8% more than the average of $780,625 per month in the first four months of 2023.
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 40 closed home sales in April. This was 9.1% lower than the 44 closed sales in April 2023, and even with the 40 sales in March of this year. In the first four months of 2024, there were 142 closed sales in this segment, or 9% less than the 156 sales in the first four months of 2023.
The median sales price in the Cape's single-family direct sailboat access canal home segment was $825,000 in April, or 12.4% above the $733,970 in April 2023, but 2.9% lower than the $850,000 recorded in March of this year. In the first four months of 2024, the median sales price in this segment averaged $836,875 per month, or 14.2% more than the average of $732,868 per month in the first four months of 2023.
Freshwater canal and lake homes
In the Cape Coral single-family freshwater canal and lake home segment, which consists of landlocked canal and lake homes with no boating access to the river or the Gulf of Mexico, there were 64 closed home sales in April. This was 23.1% higher than the 52 closed sales in April 2023, and up 16.4% from the 55 closed sales in March of this year. In the first four months of 2024, there were 192 closed sales in this segment, which was 7.3% more than the 179 sales in the first four months of 2023.
The median sales price in the Cape's single-family freshwater canal and lake home segment was $491,000 in April, or 1.1% below the $496,250 posted in April 2023, but 6.7% higher than the $460,000 in March of this year. In the first four months of 2024, the median sales price in this segment averaged $481,250 per month, or 4.5% less than the average of $504,063 per month in the first four months of 2023.
Dry lot homes
In the Cape Coral single-family dry lot (non-canal) home segment, there were 359 closed home sales in April, which was 3.8% higher than the 346 closed sales in April 2023, but 5.5% below the 380 sales in March of this year. In the first four months of 2024, there were a total of 1,194 closed sales in this segment, or 1.2% less than the 1,208 closed sales in the first four months of 2023.
The median sales price in this segment was $370,000 in April, or 2.2% below the $378,495 posted in April 2023, and fractionally lower than the $370,500 in March of this year. In the first four months of 2024, the median sales price in this segment averaged $375,123 per month, up 0.7% from the average of $372,448 per month in the first four months of 2023.
The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of May 25, 2024, 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.