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Overall sales strong, but Cape canal homes weaken

September 21, 2018
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

Overall, the Cape Coral single-family home market is continuing to have a solid year, but as we note below, we are seeing some declines in the number of closed home sales in the gulf access, and especially in the sailboat access, canal home segments this summer. On the plus side, median sales prices have remained solid. In the next several months we will be moving to the dark side of the moon as far as trying to make home sales comparisons, because of the significant drop off in sales following Hurricane Irma last year. This is one of the main reasons we have said it may be difficult to get an accurate reading on the impact of the water woes until we "reappear" from the dark side statistically in 2019, during our peak months for home sales, which usually occurs between March and June of every year. Until then, we may find ourselves in more of a stealth market, where it could be easy to misread what is actually occurring with gulf and sailboat access properties. We anticipate that this will be an ongoing conversation, not only in our market, but throughout much of coastal Florida.

As a benchmark, in the overall Cape Coral single-family home market, sales have remained solid with 472 closed home sales in the month of August, which was 4.42 percent higher than the 452 homes sold in August of 2017, and 7 percent above the 441 closed sales in July of this year. On a year-to-date basis through Aug. 31, there have been an average of 450.5 Cape Coral homes sold per month in 2018, which is up 8.62 percent compared to the average of 414.75 homes sold per month over the first eight-months of 2017.

Median sales prices in the overall Cape Coral single-family home market came in at $241,150 for the month of August, or 5.33 percent above the $228,950 from back in August 2017, and 4.85 percent higher than the $230,000 posted in July of this year. On a year-to-date basis through Aug. 31, median sales prices in the overall Cape home market have averaged $237,881 in 2018, or 3.92 percent higher than the average of $228,919 per month over the first eight-months of 2017.

Here is a breakdown of how each of our specific property segments compares to the benchmark of the overall Cape Coral single-family home market.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, there were 83 closed home sales in August, which was down 4.6 percent versus the 87 homes sold in August 2017, but up 10.67 percent compared to the 75 closed sales from this past July. On a year-to-date basis through Aug. 31, there have been an average of 88.63 gulf access homes sold per month in the Cape this year, down 3.92 percent compared to an average of 92.25 sold per month over the first eight-months of 2017.

The median sales price for Cape Coral gulf access canal homes was $439,000 for the month of August, up 4.52 percent compared to the $420,000 posted in August 2017, and about 2 percent higher than the $430,000 in July of this year. So far in 2018, the median sales price in this segment has averaged $434,563 per month through Aug. 31, or 4.71 percent above the average of $415,009 per month over the first eight months of 2017.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, there were 35 closed home sales in August, which was down 12.5 percent versus the 40 homes sold in August 2017, but up 9.38 percent compared to the 32 closed sales from this past July. We would note that the number of closed sales in this segment in July and August were the two lowest months so far in 2018, and combined, these two months are running 11.84 percent below the 76 closed sales from July and August 2017. It would seem logical that this decline is likely related to the water quality issues, but on a year-to-date basis through Aug. 31, there have been an average of 42.38 sailboat access homes sold per month in the Cape this year, up 1.19 percent versus an average of 41.88 sold per month over the first eight months of 2017.

The median sales price for Cape Coral sailboat access canal homes was $455,000 for the month of August, up 5.81 percent versus the $430,000 posted in August 2017, and 2.25 percent higher than the $445,000 from July of this year. So far in 2018, the median sales price in this segment has averaged $449,250 per month through Aug. 31, or 3.8 percent above the average of $432,806 per month over the first eight months of 2017. It would seem that the number of closed sailboat access canal home sales, as outlined above, are beginning to show a few cracks in their foundation over the past several months, but a similar weakness has not showed up in the median sales prices in this segment as of yet.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, there were 43 closed home sales in August, which was up 16.22 percent versus the 37 homes sold in August 2017, but down 18.87 percent compared to the 53 closed sales from this past July. However, sales have been solid in this segment on a year-to-date basis through Aug. 31, with an average of 48.13 freshwater canal homes sold per month in the Cape this year, or 20.69 percent higher compared to an average of 39.88 sold per month over the first eight months of 2017.

The median sales price for Cape Coral freshwater canal homes was $272,000 for the month of August, down 0.55 percent compared to the $273,500 posted in August 2017, and 3.2 percent lower than the $281,000 in July of this year. So far in 2018, the median sales price in this segment has averaged $277,685 per month through Aug. 31, or virtually flat with the average of $277,588 per month over the first eight-months of 2017.

We will have the August numbers for dry lot homes, which were strong, in next week's column, along with the monthly supply of unsold Cape Coral homes.

(The August 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County as of Sept. 17, 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 39 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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