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Cape September condo sales seem to shake off Irma

November 3, 2017
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

This week we will be looking at the third quarter Cape Coral condominium results and unlike our single-family home market, which had a noticeable and comparable decline in homes sold due to Hurricane Irma, we are unable to reach the same conclusion with our condo market. This is, at least in part, because the month of September has been the weakest month of the year for units sold in our overall condo market in the prior two years. In fact, the number of Cape condo units sold in September versus August declined by 25.86 percent in 2016, while dropping by 35.4 percent in 2015, making the month-to-month "Irma-related" decline in condos sold this year, look like an improvement. Even though it would seem logical Irma had an impact on the number of condos sold in September, the comparable numbers do not make pinning the decline on Irma as obvious as we saw with single-family homes.

The number of all Cape Coral condominiums sold in September totaled 45 units, which was 16.67 percent lower than the 54 condo units sold in August, prior to Hurricane Irma, but up 4.65 percent versus the 43 units sold in September 2016. Year-to-date, through Sept. 30, the overall Cape condo market has averaged 57.33 condo units sold per month, which is up 8.62 percent versus the average of 52.78 units sold per month over the first 9 months of 2016. While in the third quarter, there were 156 condos sold, up 6.85 percent from the 146 sold in the third quarter 2016, but down 8.24 percent from 170 sold in the second quarter of 2017.

Year-to-date in 2017, the median sales price for all Cape condos, has averaged $154,611 per month through Sept. 30, which was 13.87 percent higher than the average of $135,778 per month over the first 9 months of 2016. In September, the median sales price for all Cape condos was up 28.36 percent to $172,000 versus $134,000 in September 2016, and up 1.18 percent from $170,000 in August of this year. While in the third quarter, median sales prices were up 29.17 percent to an average of $165,333 per month versus an average of $128,000 per month in the third quarter 2016, and 5.53 percent higher from an average of $156,667 in the second quarter of this year.

Gulf access canal condos

There were 18 gulf access canal condominiums sold in Cape Coral during September, down 5.26 percent from the 19 units sold in September 2016, and 30.77 percent less than the 26 units sold this past August. By comparison, the number of gulf access condos sold in September versus August declined by 17.4 percent in 2016, while dropping 34.48 percent in 2015, so Irma likely had an impact, but the sales this year were not out of line with recent years.

Through Sept. 30, in the Cape Coral gulf access canal condo market, an average of 26.44 units have been sold per month in 2017, which was 2.29 percent above the average of 24.11 gulf access condos sold per month over the first 9 months of 2016. While in the third quarter, there were 72 gulf access condos sold, up 20 percent from the 60 sold in the third quarter 2016, but down 17.24 percent from the 87 sold in the second quarter of this year.

The 2017, year-to-date median sales price for Cape Coral gulf access canal condos have averaged $195,022 per month through Sept. 30, or 20 percent higher than the average of $162,389 per month over the first 9 months of 2016. In September, the median sales price for Cape gulf access condos was up 36.7 percent to $218,700 versus $160,000 in September 2016, and up 5.4 percent from $207,500 in August of this year. While in the 3rd quarter, median sales prices were 25 percent higher to an average of $197,900 per month versus an average of $158,333 per month in the third quarter 2016, but down 8.17 percent from an average of $215,500 per month in the 2nd quarter of this year.

Sailboat access canal condos

There were 11 sailboat access canal condominiums sold in Cape Coral during September, the same as in 2016, but down 45 percent from the 20 units sold in August of this year. Last year, the number of September condos sold went up by 10 percent from August, but in 2015, September sailboat access condo sales plummeted by 64.7 percent from August, without an assist from a hurricane.

Through Sept. 30, an average of 14.89 sailboat access condo units have been sold per month in 2017, which is up 27.6 percent versus an average of 11.67 units sold per month over the first 9 months of 2016. While in the third quarter, there were 49 sailboat access units sold, up 63.33 percent from the 30 sold in the third quarter 2016, and up 2.1 percent from the 48 sold in the second quarter of this year.

The 2017, year-to-date median sales price for Cape Coral sailboat access canal condos has averaged $213,728 per month through Sept. 30, or 12.66 percent higher than the average of $189,717 per month over the first 9 months of 2016. In September, the median sales price for Cape sailboat access condos spiked up 46.11 percent to $263,000 versus $180,000 in September 2016, and up 20.92 percent from $217,500 in August of this year. While in the third quarter, median sales prices were 13.28 percent higher to an average of $223,083 per month versus an average of $196,933 per month in the third quarter 2016, but down 5.07 percent from an average of $235,000 in the second quarter of this year.

Dry lot condos

There were 24 dry lot (non-canal) condominiums sold in Cape Coral during September, up 20 percent from the 20 units sold in September 2016, while matching the amount sold in August of this year, showing no ill effects from Hurricane Irma in this market segment. In the third quarter, there were 73 dry lot condos sold, up 1.39 percent from the 72 units sold in the third quarter 2016, and flat with the 73 condos sold in the second quarter of this year. Through Sept. 30, an average of 26.33 dry lot condos have been sold each month in 2017, up 9.71 percent from an average of 24 sold per month over the first 9 months of 2016.

The 2017, year-to-date median sales price for Cape Coral dry lot condos has averaged $123,998 per month through Sept. 30, or 26.95 percent higher than the average of $97,678 per month over the first 9 months of 2016. In September, the median sales price for Cape dry lot condos jumped 77.75 percent to $151,000 versus $84,950 in September 2016, and up 20.8 percent from $125,000 in August of this year. While in the third quarter, median sales prices were 50 percent higher to an average of $133,333 per month versus an average of $88,817 per month in the third quarter 2016, and up 16.28 percent from an average of $114,667 in the second quarter of this year. Prices will usually settle back lower following monthly spikes.

(The September 2017 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of Oct. 29, 2017, and it was compiled by Bob and Geri Quinn. It includes information specifically for Cape Coral condominiums, villas and townhouses, and it does not include 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 38 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.)

 
 
 

 

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