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Mid-year condo results mixed by property segments

August 3, 2018
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

The mid-year 2018 results for the number of closed sales and median sales prices in the Cape Coral condo market came in mixed. On the surface, the overall Cape condo market is posting some solid numbers so far this year, but there seems to be a line developing in the sand between the different condo property segments in our market. This seems most evident in the numbers for gulf access, and especially sailboat access canal condos, as they showed signs of weakening, while the results for dry lot condos remained solid. With water quality issues spreading from Englewood southward through Naples this summer, we could be fast approaching the "manatee in the water" moment for real estate prices, so we will be following pricing trends closely, looking for any further shifts in the market tides.

Briefly, despite a weaker month of June, the number of closed condo sales in our overall Cape Coral market were up 18.24 percent in the second quarter, to 201 units sold, versus 170 sold in the second quarter of 2017. While second quarter median sales prices were 4.1 percent higher, averaging $163,083 per month this year versus an average of $156,667 in the second-quarter of 2017. The breakdown by specific condo property segments follows.

Gulf access canal condos

In the month of June, Cape Coral gulf access canal condos had their lowest monthly total of closed sales so far this year, with only 22 units sold, down 40.54 percent from the 37 condo units sold in May, and 8.33 percent lower than the 24 units sold in June 2017. However, a stronger level of closed sales in April and May, helped support the 95 total sales in the second quarter of this year, which was 9.2 percent higher than the 87 gulf access condos sold in the second quarter of 2017, and 3.26 percent above the 92 units sold in the first quarter of this year. Year-to-date, through June 30, there have been an average of 31.17 closed sales per month in this segment, up 12.65 percent versus an average of 27.67 units sold per month over the first six months of 2017.

The median sales price of $188,950 for gulf access canal condos was down 29.1 percent in the month of June compared to June of last year, when the median sales price hit its peak for the year at $266,500. The June number also came in 2 percent lower than the $192,900 posted in May of this year. The weakness in median sales prices for gulf access condos also showed up in the second quarter numbers for this year, with an average of $193,950 per month, down 10 percent versus the average of $215,500 per month in the second quarter of 2017, and off a fraction from an average of $195,067 in the first quarter of this year. Through June 30, the year-to-date median sales price was up a fraction, averaging $194,508 per month in 2018, versus an average of $193,583 per month over the first six-months of 2017.

Sailboat access canal condos

In the Cape Coral sailboat access canal condo segment, the number of closed condo sales also had its weakest month of the year in June, with only 12 units sold. The peak month for closed sales in 2018 was back in March, with 25 sailboat access condos being sold. This June came in 25 percent below the 16 units sold in June of 2017, and 29.41 percent under the 17 units sold in May of this year. In the second quarter of this year, a total of 48 condo units were sold in this segment, which was flat with the 48 sold in the second quarter of 2017, but 14.29 percent lower than the 56 units sold in the first quarter of this year. Through June 30, an average of 17.33 sailboat condo units have been sold per month, up 22.3 percent versus the average of 14.17 units sold per month over the first six months of 2017.

Median sales prices for Cape Coral sailboat access canal condos, also shifted lower in June, as they reached their 2018 monthly low at $188,950. This marked the first time this year that median sales prices in this segment dipped below $200,000 in a single month. This June came in 38 percent below the $305,000 reached in June of 2017, when the median sales price hit its peak for last year, and it was 18.9 percent below the $233,000 posted in May of this year. The peak month in sailboat access condos so far in 2018 was in February, with a median sales price of $264,950. We also saw a drop in second quarter median sales prices to an average of $209,650 per month, down 10.79 percent versus the average of $235,000 per month in the second quarter of 2017, and off by 9.5 percent from the $231,650 average per month in the first quarter of this year. Fortunately, the year-to-date median sales price has remained positive, averaging $220,650 per month through June 30, up 5.55 percent versus the $209,051 per month average over the first six months of 2017.

Dry lot condos

On a more positive note, the Cape Coral dry lot condo segment had solid second quarter numbers, with a total of 92 closed sales from April through June, up 26 percent from the 73 sales in the second quarter of 2017, and all but flat with the 91 sales in the first quarter of this year. There were 27 closed sales in June, which was 8 percent higher than the 25 dry lot condo units sold in June of 2017, however, this June came in 20.59 percent lower than the 34 closed sales in May. So far this year, through June 30, an average of 30.5 dry lot condos have been sold per month, up 11.6 percent versus the average of 27.33 sold per month over the first six months of 2017.

Mid-year median sales prices for dry lot condos in the Cape remained strong at $145,000 in the month of June, which was 34.26 percent above the $108,000 from June 2017, and virtually flat with this year's high of $145,200 reached in May. The median sales price averaged $138,417 per month in the second quarter, which was 20.71 percent higher than the average of $114,667 per month in the second quarter of 2017, and 9.58 percent above the $126,317 per month average median sales price from the first quarter of this year. On a year-to-date basis through June 30, median sales prices in dry lot condos have made a steady advance, averaging $132,367 per month in 2018, up 10.93 percent versus the average of $119,330 over the first six months of 2017.

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

 
 
 

 

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