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

November supply of unsold homes seasonally higher

January 4, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

During November, the monthly supply of unsold Cape Coral single-family homes mostly followed the typical seasonal trends towards an increased supply of homes sitting on the market unsold. Based on the typical seasonal patterns, we should see this unsold supply decrease again in December, as the number of closed home sales generally ramps higher in the last month of the year, resulting in a decrease in the inventory from November to December. But before we get to the unsold supply, we need to wrap up the numbers for closed sales and median sales prices for dry lot homes from last week's column.

In the Cape Coral single-family dry lot (non-canal) home segment, there were 238 closed sales in November, which was up a tick from the 237 sales in November 2017, but down by 13.45 percent from the 275 closed sales in October of this year. Through Nov. 30, there have been an average of 299.18 closed sales per month in this segment during 2018, which was 11.45 percent above the average of 268.45 dry lot homes sold over the first 11 months of 2017.

The median sales price for Cape Coral dry lot homes came in at $221,000 in November, which was 7.28 percent higher than the $206,000 posted in November 2017, and 2.79 percent above the $215,000 in October of this year. Through Nov. 30, the median sales price for dry lot homes has averaged $216,303 per month in 2018, which was 5.14 percent higher than the average of $205,737 per month over the first 11 months of 2017.

Moving to this week's topic, in the overall Cape Coral single-family home market, the monthly supply of unsold homes was at 8 months in November. This was the highest amount of unsold supply for the month of November in our overall market since back in 2015, when it also came in at 8 months, and it was an increase of 14.29 percent from the 7 months of unsold supply in both November 2017, and in October of this year. On a yearly basis, through Nov. 30, the overall supply of unsold homes has averaged 6.36 months in 2018, which was flat with the average of 6.36 months of unsold supply over the first eleven months of last year. This places Cape Coral single-family homes in a neutral market overall.

Gulf access

canal homes

In the Cape Coral single-family Gulf access canal home segment, the monthly supply of unsold homes was at 14 months in November, which was the highest amount of unsold supply for this segment in the month of November since back in 2011, when it totaled 15 months. This November's 14 months of supply was an increase of 16.67 percent from the 12 months of unsold supply in November 2017, and it was 27.27 percent higher than the 11 months posted in October of this year. Through Nov. 30, the supply of unsold Gulf access canal homes has averaged 9.64 months in 2018, or 5 percent higher than the average of 9.18 months of unsold supply over the first 11 months of last year. This places our single-family Gulf access home segment on the edge of being in a buyers market.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, the monthly supply of unsold homes was at 18 months in November, settling right in between the 17 months of unsold supply in November 2017, and the 19 months of unsold supply from back in November 2016. This November was 20 percent above the 15 months of unsold supply from October of this year, which has this segment on pace for the highest fourth quarter average for unsold supply since back in 2010. The trends also suggest we will see a decline in the unsold supply of sailboat access homes from November to December, as it has dropped by at least 35 percent each year since 2015, while the number of closed sales have increased by at least 60 percent in the same month to month time frame. Through Nov. 30, the supply of unsold sailboat access canal homes has averaged 10.55 months in 2018, or 4.56 percent above the average of 10.09 months of unsold supply over the first 11 months of last year. This places the sailboat access home segment firmly in a buyers market.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the monthly supply of unsold homes was 14.29 percent lower, at 6 months in November, versus 7 months of unsold supply in both November 2017, and in October of this year. Through Nov. 30, the supply of unsold freshwater canal homes has averaged 6.45 months in 2018, which was 8.77 percent below the average of 7.09 months of unsold supply over the first 11 months of last year. This places the freshwater canal home segment in a neutral market.

Dry lot homes

In the Cape Coral single-family dry lot home segment, the monthly supply of unsold homes was up 16.67 percent to 7 months in November, compared to 6 months of unsold supply in both November 2017, and in October of this year. Through Nov. 30, the supply of unsold dry lot homes has averaged 5.73 months in 2018, which was 10.62 percent higher than the average of 5.18 months of unsold supply over the first 11 months of last year. This has been the second straight year that this segment has been tracking towards a somewhat higher fourth quarter total in unsold supply than in previous years. In 2017, the higher level of supply came in the aftermath of Hurricane Irma, while we would tend to think the higher 2018 supply levels in this segment are being impacted by a combination of higher median sales prices and higher interest rates on mortgages. Since dry lot homes are the most affordable segment of our housing market, rising interest rates are likely to have a more significant impact on the purchasing power of a larger number of homebuyers in this segment. At the same time, dry lot homes remain the only portion of the Cape Coral single-family home market in a lower inventory sellers market, with a monthly average of less than 6 months of unsold supply so far in 2018.

(The November 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, FL, as of Dec. 22, 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 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