Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Staff Contacts | Home RSS
 
 
 

Cape Coral condo market 2017 mid-year review

August 4, 2017
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

In the overall Cape Coral condominium market, there were 50 condos sold in June, which was 4.17 percent higher than the 48 condos sold in June 2016, but 18 percent lower than the 61 condos sold in May of this year. In the second quarter of 2017, there were 167 condos sold, which was down 1.76 percent from the 170 sold in the second quarter of 2016, and 12.11 percent below the 190 condos sold in the first quarter of 2017. Year-to-date, through June 30, an average of 59.5 condos have been sold per month in Cape Coral, up 8.52 percent over the average of 54.83 condos sold per month in the first 6 months of 2016.

The median sales price in the overall Cape Coral condominium market in the month of June was $172,000. This was 22.86 percent higher than the $140,000 posted in June of 2016, and 8.86 percent better than the $158,000 from May of this year. In the second-quarter 2017, the median sales price averaged $156,667 per month, up 11.37 percent from an average of $140,667 per month in the second quarter of 2016, and 10.46 percent higher than the average of $141,833 per month in the first quarter of this year. This was the first break-out above $150,000 per month in average quarterly median sales prices in the overall Cape condo market, since averaging $150,667 per month back in the third quarter of 2008.

Through June 30, the average median sales price in our condo market has been $149,250 per month, up 6.86 percent from an average of $139,667 in the first 6 months of 2016. This was the highest average monthly median sales price in the overall Cape condo market in the first half of any year since 2007, when the average was $181,417 per month.

Gulf access canal condos

The number of Cape Coral gulf access canal condos sold in June, was up 9.1 percent to 24, compared to 22 units sold in June 2016, but down 29.4 percent versus May of this year, with 34 units sold. In the second quarter, there were 86 gulf access condos sold, 14.67 percent higher than the 75 units sold in the second quarter of 2016, and 8.86 percent above the 79 sold in the first quarter of this year. Through June 30, an average of 27.5 condos have been sold per month in this segment, which is 5.08 percent higher than the average of 26.17 condos sold per month during the first 6 months of 2016.

After beginning 2017 with a fairly stable looking increase in median sales prices, averaging $172,500 per month over the first 4 months of the year, there was a sharp spike higher in median sales prices for this group. We saw a 62 percent increase, to $266,500 this June, compared to $164,500 in June 2016, and a 36.67 percent increase from $195,000 in May of this year. This June was the first time median sales prices for gulf access condos topped $200,000 in the last 69 months, when we saw a similar spikes to $278,000 and $294,000 in August and September 2011, respectively, after which median prices quickly dropped back to their much lower, multi-year market recovery price ranges.

The price spike in June, also caused the second quarter gulf access condo median sales price to move higher, increasing 25.23 percent to an average of $212,167 per month, versus $169,417 per month in the second quarter of 2016, and 23.6 percent above the average of $171,667 per month in the first quarter of this year. Through June 30, this segment has averaged $191,917 per month in 2017, or 16.73 percent higher, compared to the first 6 months of 2016, with an average of $164,417 per month.

Sailboat access

canal condos

The number of Cape Coral sailboat access canal condos sold in June was up 77.78 percent to 16 condos sold, compared to only 9 units sold in June 2016, but down 15.8 percent versus May of this year, with 19 units sold. In the second-quarter, there were 47 sailboat access condos sold, up 34.29 percent from 35 sold in the second quarter of 2016, and 27 percent higher than the 37 sold in the first quarter of this year. Through June 30, an average of 14 condos have been sold per month in this segment, which is 12 percent higher than the average of 12.5 sailboat condos sold per month during the first 6 months of 2016.

The median sales price for Cape Coral sailboat access canal condos also spiked higher in June, up 60.53 percent to $305,000 compared to $190,000 in June 2016, and 41.86 percent above May of this year, at $215,000. This was the first month above $300,000 since the last major spike to $442,500 in October 2012. In the second quarter, the median sales price averaged $234,500 per month, up 27.98 percent from $183,233 in 2016, and 28 percent higher than the average of $183,101 per month, in the first-quarter of this year. Through June 30, sailboat access condos have averaged $208,801 per month, or 12.19 percent higher than the average of $186,108 per month over the first 6 months of 2016. This was the first time this segment has averaged over $200,000 per month in the first 6 months of the year, since averaging $204,875 per month in the first half of 2008.

Dry lot condos

The number of Cape Coral dry lot (non-canal) condos sold in June, was up 19 percent to 25 condos sold, compared to 21 units sold in June 2016, and up 8.7 percent versus May of this year, when 23 units were sold. Quarterly, sales declined, with 72 dry lot condos sold in the second quarter, down 12.2 percent from the 82 units sold in the second quarter 2016, and off by 20.88 percent compared to the 91 condos sold in the first quarter of this year. These declines were caused by an abnormally high number of 40 dry lot condos sold in March of this year, capping a strong January and February, leading to a record first quarter. Year-to-date, through June 30, an average of 27.17 dry lot condos were sold per month, up 13.21 percent compared to an average of 24 condos sold per month in the first 6 months of 2016.

Median sales prices for dry lot condos were mixed, with June coming in at $108,000. This was 10 percent lower than the $120,000 from June of 2016, and 18.8 percent below May of this year, at $133,000. In the second quarter they averaged $115,333 per month, or 7.12 percent above the average of $107,667 in the second quarter of 2016, but almost 7 percent below the first quarter of this year, with an average median sales price of $123,993. Through June 30, the median sales price for dry lot condos has averaged $119,663 per month, up 17.19 percent versus the average of $102,108 per month over the first 6 months of 2016.

(The June 2017, and second-quarter 2017, sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of July 29, 2017, and compiled by Bob and Geri Quinn. It includes information specifically for Cape Coral low-rise, mid-rise and high-rise condominiums, along with attached and detached villas, and townhouses. It does not include single-family homes, foreclosures or short sales. 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 Century 21 Birchwood Realty Inc., in Cape Coral. They have lived in Cape Coral for over 37 years. Geri has been a full-time Realtor since 2005, and Bob, who also holds a Certified Financial Planner designation, joined with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)

 
 
 

 

I am looking for:
in:
News, Blogs & Events Web