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May home sales solid, despite weakness in freshwater market

June 22, 2018
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

In the overall Cape Coral single-family home market, there were 493 home sales closed in the month of May, which was 5.57 percent higher than the 467 homes sold in May of last year, but down 9.2 percent from the 543 home sales closed in April of this year. Through May 31 of this year, we have had an average of 439.8 homes sold per month in the Cape, up 12.48 percent compared to the 391 homes sold per month over the first five months of 2017. We are also well on the way towards maintaining our track record of having a strong second quarter in overall home sales in the Cape, as closed sales are running about 50 percent above the numbers from the first quarter of 2018, and 14 percent higher than the second quarter of last year.

Median sales prices in the overall Cape Coral single-family home market are up about 4 percent to an average of $238,400 per month after the first five months of 2018, compared to the 12-month average of 229,146 in 2017. The median sales price in May came in at $240,000 for the third time in the last four months, and it was down a fraction from the $242,000 posted in April, while finishing 6.67 percent above the $225,000 from May of 2017.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home market, there were 110 home sales closed in the month of May, which was 19.57 percent higher than the 92 homes sold in May of last year, but down 4.35 percent from the 115 home sales closed in April of this year. So far, through May 31 of this year, we have had an average of 88.4 gulf access homes sold per month in Cape Coral, which is down 5.96 percent compared to the 94 homes sold per month over the first five months of 2017. Also, with 225 closed home sales in the gulf access canal segment in just the first two months of the second quarter, we have already surpassed the total of 217 closed sales over the first three months of this year, and the number of closed sales is running more than 6 percent above the second quarter of 2017.

Median sales prices in the Cape Coral single-family gulf access canal home segment are up 1.25 percent to an average of $427,700 per month after the first five months of 2018, compared to the 12 month average of 422,423 in 2017. The median sales price for the month of May dipped by 3.17 percent to $412,500 from $426,000 in April, but it was 2.96 percent higher than the $400,625 from May of 2017.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home market, which is a subgroup of the gulf access canal home segment, there were 52 home sales closed in the month of May, which was 52.94 percent higher than the 34 homes sold in May of last year, but down 8.77 percent from the 57 home sales closed in April of this year. So far, through May 31 of this year, we have had an average of 45.2 sailboat access homes sold per month in Cape Coral, which is up 2.73 percent compared to the 44 homes sold per month over the first five months of 2017. With 109 closed home sales in the sailboat access canal home segment in just the first two months of the second quarter, this segment is sitting just shy of the total of 117 closed sales over the first three months of this year, and well within reach of being able to top the 131 closed sales from the second quarter of last year, likely keeping these trends in place.

Median sales prices in the Cape Coral single-family sailboat access canal home segment fell below the $400,000 level for the first time in a single month since December of 2016, when the results for this May came in at $398,000. There is a possibility this number could be revised at some point, but for now, it is 14.22 percent below the $464,000 posted in April, and 4.1 percent less than the $415,000 from back in May of 2017. So far this year, through May 31, median sales prices in the sailboat access home segment are up 1.4 percent to an average of $451,200 per month, compared to the 12-month average of $444,975 in 2017.

Freshwater canal homes

The Cape Coral freshwater canal home segment had the largest decline in closed sales out of all of our property segments during the month of May, dropping 22 percent to 39 homes sold from 50 sold in May of 2017, and down 39 percent from 64 closed sales in April of this year. Since the other market segments in the Cape did not see these types of declines, it would seem that the low dry season water levels in the freshwater canals back in March and April may have scared off some potential buyers. Keep in mind that it can take about 30 to 60 days from the time a home goes under contract with a buyer until the sale is finalized, so the timing of this decline would seem fit those parameters. If the weakness in the number of freshwater canal homes sold in the month of May spills over into June, we could break a four-year trend of year-over-year second quarter sales gains in this segment.

Median sales prices in the Cape Coral single-family freshwater canal home segment have been stuck in a tight quarterly trading range, with an average of between $275,350 and $278,317 per month since the third quarter of 2016. While we have seen some single month spikes above these quarterly median sales price levels, they have proved to be unsustainable, as these prices have stagnated. Examples of this can be found in the median sales price for the month of May, which dipped by 2.67 percent to $274,950 from $282,500 in April, and it was 2.83 percent below the $282,950 posted in May of 2017. These stagnant prices also showed-up over the first five months of 2018, with median sales prices down a fraction to an average of $276,971 per month, versus a 12-month average of $278,233 per month in 2017.

Due to space limitations, we will include the homes sold and median sales price data for the dry lot home segment of our market next week, when we will also review the numbers for the monthly supply of unsold homes for the month of May.

(The May 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of June 18, 2018. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral single-family homes, not including condominiums, 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 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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