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Cape mid-year supply of unsold homes trending lower

July 27, 2018
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

To wrap-up last week's column, we will begin with the closed sales and median sales prices of dry lot homes, and finish with the mid-year monthly supply of unsold Cape Coral homes.

The number of homes sold in the Cape Coral single-family dry lot home segment was up 12.73 percent through June 30 of this year, averaging 306.83 homes sold per month versus an average of 272.17 sold per month over the first six months of 2017. Following a strong month of April, the second quarter ended with 1,031 dry lot homes sold, which was 9.45 percent above the 942 dry lot homes sold in the second quarter of 2017, and 27.28 percent higher than the 810 dry lot homes sold in the first quarter of this year.

Through June 30, the median sales price for Cape Coral single-family dry lot homes has averaged $213,835 per month in 2018, which is 5.96 percent higher than the average median sales price of $201,805 per month over the first six months of 2017. In the second quarter of this year, the median sales price averaged $213,975 per month, or 4.57 percent higher than the second quarter of 2017, when the median sales price for dry lot homes averaged $204,630 per month. However, second quarter median sales prices were only up a fraction versus the first quarter of this year, when they averaged $213,695 per month, as median sales prices in this segment have been flattening out so far in 2018.

Moving on to the mid-year numbers for the monthly supply of unsold homes in the overall Cape Coral single-family home market, the second quarter supply was 6.19 percent lower, averaging 5 months versus an average of 5.33 months in the second quarter of 2017. The typical seasonal decline in second quarter unsold supply was also evident once again this year, with a 31.79 percent drop-off from the average of 7.33 months of supply in the first quarter of the year. At the June 30 mid-point, the unsold supply has averaged 6.17 months in 2018, or 5.08 percent lower than the average of 6.5 months of unsold supply over the first six- months of 2017. This places the overall Cape Coral single-family home market on the border between being in a neutral market and a lower inventory seller's market, but as you will see below, the conditions can be different for each unique segment of the Cape's real estate market.

Gulf access canal homes

In the second quarter of 2018, the monthly supply of unsold Cape Coral single-family gulf access canal homes averaged 6.33 months, which was 17.47 percent lower than the average of 7.67 months of unsold supply in the second quarter of 2017, and 45.76 percent below the average of 11.67 months of supply in the first quarter of this year. Year-to-date, through June 30, the unsold supply of gulf access homes has averaged 9 months, which is down slightly compared to the average of 9.33 months of unsold supply over the first six months of 2017. This segment has moved from being in a high inventory buyer's market during the first quarter of this year, and into the higher side of a neutral market range with a somewhat lower inventory in the second quarter.

Sailboat access canal homes

The monthly supply of unsold single-family sailboat access canal homes listed for sale in the second quarter of this year is running slightly higher than the broader gulf access canal home segment, but it is trending lower than last year. With an average unsold supply of 7.33 months in the just completed second quarter, the sailboat access segment came in 12 percent below the average of 8.33 months of unsold supply in the second quarter of last year, and 31.3 percent below the average of 10.67 months of supply in the first quarter of this year. For the year, through June 30, the supply of unsold sailboat access homes has averaged 9 months, which is 3.54 percent lower than the average of 9.33 months of unsold supply over the first six months of 2017. This segment has also moved from being in a buyer's market at the beginning of this year, to a lower inventory neutral market at mid-year.

Freshwater canal homes

The second quarter supply of unsold Cape Coral single-family freshwater canal homes averaged 5.67 months, which was 5.5 percent lower than the average of 6 months in the second quarter of 2017, and 22.65 percent below the average unsold supply of 7.33 months from the first quarter of this year. On a year-to-date basis, through June 30, the unsold supply of freshwater canal homes has averaged 6.5 months in 2018, down 15.25 percent versus an average of 7.67 months over the first six months of 2017. This segment of our market remains in the lower end of a neutral market range, and it is trending towards edging its way into becoming a lower inventory seller's market.

Dry lot homes

In the Cape Coral single-family dry lot home segment, the supply of unsold homes listed for sale on the market averaged 5 months in the second quarter, which was 15.47 percent higher than the average of 4.33 months in the second quarter of 2017. This was the only market segment in the Cape that came in with a higher second quarter supply compared to a year ago, however, it did follow the seasonal trend by coming in with 21 percent less in unsold supply compared to the first quarter of this year, which had an average of 6.33 months of supply. Year-to-date, through June 30, the dry lot segment has averaged 5.67 months of unsold supply, which is 9.67 percent above the average of 5.17 months of supply over the first six months of 2017. So despite being in a lower inventory seller's market, with less than 6 months of unsold supply, the dry lot home segment was the only portion of our market to have an increased level of supply at mid-year compared to a year ago.

(The June and second-quarter 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of July 14, 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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