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

Cape sailboat access condos strongest in first quarter

May 4, 2018
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

The results for the Cape Coral condominium market came in a bit mixed, but generally steady for the month of March and for the first quarter of 2018, when it came to the number of condos sold and median sales prices. By property type, the sailboat access canal condo segment posted the best overall numbers and it is the only condo segment with median sales prices coming in solidly above the $200,000 level at this point in time. By comparison, the median sales price for dry lot condos averaged $128,317 per month in the first quarter of 2018, which was 44.61 percent or $103,333 less than the average median sales price of $231,650 for sailboat access canal condos in the first quarter of this year.

In the overall Cape Coral condominium market, the number of condos sold in the month of March came in at 77 units, which was 14.44 percent lower than the 90 condo units sold in March of last year, but 22.22 percent higher than the 63 units sold in February of this year. On a quarterly basis, there were 198 condo units sold overall in the Cape in the first quarter of this year, which was up 4.21 percent compared to the 190 units sold in the first quarter of last year, and 25.32 percent higher than the 158 condos sold in the fourth quarter of 2017.

The median sales price in the overall Cape condo market was up only 1.33 percent in the month of March to $152,500 compared to $150,500 in March of 2017, while coming in 2.87 percent below the $157,000 posted in February of this year. In the first quarter of 2018, the median sales price averaged $156,917 per month, which was 10.64 percent higher than the average of $141,833 per month in the first quarter of last year, but 3.83 percent below the average of $163,167 per month in the fourth quarter of 2017. Of note, the average median sales price of $156,917 in the overall Cape Coral condo market during the first quarter of 2018 are running virtually flat with the 12-month average median sales price of $156,750 per month for the year in 2017.

Gulf access canal condos

In the month of March, there were 40 gulf access canal condominiums sold in Cape Coral, which was up only 2.56 percent compared to the 39 gulf access condos sold in March of last year. However, there was a strong rebound in March of almost 74 percent from the 23 condo units sold in this segment during the month of February. The first quarter of this year, with a total of 92 gulf access condos sold, posted solid gains of 16.46 percent in the number of units sold compared to the 79 sold in the first quarter of last year, and a 48.39 percent gain versus the 62 units sold in the fourth quarter of 2017.

Median sales prices for Cape Coral gulf access canal condos were 6.4 percent higher at $186,200 this March compared to $175,000 in March of 2017, but they dipped 4 percent from $194,000 in February. The first quarter of 2018 also had mixed results, averaging $195,067 per month, or 13.63 percent higher than the average of $171,667 per month in the first quarter of last year, but down 1.85 percent from an average of $198,750 per month in the fourth quarter of 2017. Of note, the median sales price of $195,067 for gulf access canal condos in the Cape during the first quarter of 2018 is running a fraction lower than the 12-month average median sales price of $195,954 per month for the year in 2017.

Sailboat access canal condos

The number of Cape Coral sailboat access canal condos sold in March totaled 25 units, which was up 31.58 percent compared to the 19 sailboat access units sold in March of 2017, and 78.57 percent higher than the 14 units sold in February of this year. We also saw solid gains in the number of these units sold on a quarterly basis, with 56 sailboat access units sold in the first quarter of 2018, up 51.35 percent from the 37 units sold in the first quarter of last year, and 40 percent above the fourth quarter of 2017, when 40 units were sold.

Median sales prices for Cape Coral sailboat access canal condos were 18.26 percent higher at $215,000 this March compared to $181,804 in March of 2017, but dropped by 18.85 percent from $264,950 in February. The first quarter of 2018 came in with an average of $231,650 per month, up 26.45 percent from the average median sales price of $183,201 per month in the first quarter of last year, and 1.42 percent above the average of $228,417 posted in the fourth quarter of 2017. Of note, the median sales price for sailboat access canal condos in the Cape during the first-quarter of 2018, at an average of $231,650 per month, are running 6.55 percent above the 12-month average median sales price of $217,400 per month for the year in 2017.

Dry lot condos

There were 33 Cape Coral dry lot (non-canal) condominiums sold in March, which was down 17.5 percent compared to the 40 condos sold in March of last year, but up 10 percent from the 30 units sold in February. In the first quarter of this year, there were 89 dry lot condos sold, down 2.2 percent from the 91 units sold in the first quarter of last year, but up 20.27 percent from the 74 condos sold in the fourth quarter of 2017.

The median sales price for dry lot condos was $137,500 in the month of March, which was slightly weaker than a year ago, down 3.51 percent from $142,500 in March of 2017, but it rebounded by 10.44 percent from $124,500 in February of this year. On a quarterly basis, the ?median sales price was slightly higher in the first quarter of this year, coming in at an average of $128,317 per month, or 3.49 percent higher than the average of $123,993 in the first quarter of 2017. The first quarter of this year also edged 2.42 percent higher than the average of $125,283 per month in the fourth quarter of 2017. Of note, with its first quarter average of $128,317 per month, this segment is running 3.22 percent above the 12-month average median sales price of $124,319 per month for the year in 2017.

(The March and first-quarter 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of April 30, 2018. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, villas, and townhouses, and 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.)

 
 
 

 

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