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Median sales prices flatten, while unsold supply higher

February 1, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

Median sales prices in the Cape's overall single-family home market averaged $236,934 per month in 2018, which was 3.4 percent higher than the 12-month average median sales price of $229,146 in 2017. For the month of December, the median sales price was $235,250 or 5.26 percent above the $223,500 posted in December 2017, and virtually flat with the $235,000 from November of last year. In the fourth quarter of 2018, the median sales price in our overall single-family home market averaged $235,750 per month, which was 3.49 percent above the average median sales price of $227,800 per month in the fourth quarter of 2017, and 0.45 percent higher than the $234,684 per month average in the third quarter of 2018. In general, median sales prices in the overall Cape Coral single-family home market have been edging somewhat higher, while remaining in a tight range for the past two years.

In 2018, the monthly supply of unsold single-family homes in our overall market averaged 6.5 months, for an increase of 4 percent in the average inventory over the 6.25 months of unsold supply for the year in 2017. This places our overall market in a neutral market going into 2019. However, we had significantly higher seasonal amounts of unsold supply in December and in the fourth quarter of 2018, both coming in well above the levels we saw in 2017.

Gulf access canal homes

Median sales prices in the Cape Coral single-family Gulf access canal home segment averaged $431,454 per month in 2018, which was 2.14 percent higher than the 12-month average median sales price of $422,423 for Gulf access homes in 2017. For the month of December, the median sales price was $402,450 or 5.31 percent below the $425,000 posted in December 2017, and 10.57 percent less than the $450,000 from November 2018. In the fourth quarter, the median sales price in this segment averaged $432,483 per month, which was 1.84 percent higher than the average median sales price of $424,667 per month in the fourth quarter of 2017, and 1.96 percent above the $424,167 per month average in the third quarter of 2018. After an initial bump up in median sales prices at the beginning of 2018, they remained in a tight range, with monthly averages running between a low of $428,200 to a high of $434,583 per month.

In 2018, the monthly supply of unsold single-family Gulf access canal homes averaged 9.92 months, increasing 6.32 percent above the average unsold supply of 9.33 months for the year in 2017. We also saw an 18.18 percent seasonal increase to 13 months of unsold supply in both December and the fourth quarter of 2018, from 11 months of unsold supply in these time frames in 2017. Combined with a 49.94 percent jump from an average of 8.67 months of unsold supply in the third quarter of 2018, this segment is in a buyer's market.

Sailboat access canal homes

Median sales prices in Cape Coral single-family sailboat access canal homes averaged $445,450 per month in 2018, and were up fractionally from the 12-month average median sales price of $444,975 per month in 2017. In the month of December, the median sales price was $433,500 or 9.92 percent below the $481,250 posted in December 2017, and 12.42 percent less than the $495,000 from November 2018, as we expected. In the fourth quarter, the median sales price in this segment was 1.54 percent lower, to an average of $452,500 per month versus an average of $459,583 per month in the fourth quarter of 2017, but it was 4.43 percent higher than the $433,300 per month average in the third quarter of 2018. In general, sailboat access home prices have flattened out over the past 2 years.

The monthly supply of unsold sailboat access canal homes declined to 11 months in December, from the spike higher to 18 months in November, while averaging 14.67 months in the fourth quarter of 2018. For the year, the unsold supply averaged 10.58 months in 2018, up 4 percent from the average of 10.17 months for all of 2017. The sailboat access segment heads into 2019 firmly positioned in a higher supply buyer's market.

Freshwater canal homes

Median sales prices in the Cape Coral single-family freshwater canal home segment averaged $278,988 per month in 2018, which was fractionally higher than the 12-month average median sales price of $278,233 for this segment in 2017. In December, the median sales price was $282,000 or 7.22 percent above the $263,000 posted in December 2017, and up 3.75 percent versus the $271,795 from November 2018. In the fourth quarter, the median sales price in this segment was 1.58 percent higher, averaging $281,248 per month versus the average monthly median sales price of $276,867 in the fourth quarter of 2017, and it was only slightly above the $280,167 per month average in the third quarter of 2018.

For the year, the monthly supply of unsold single-family freshwater canal homes averaged 6.67 months in 2018, for a 4.71 percent decrease in the average inventory from the 7 months of unsold supply for the year in 2017. However, we did see a 50 percent increase in the unsold supply to 9 months in December, from 6 months of unsold supply in both December 2017, and November 2018. Combined with a 15.8 percent increase in the quarterly numbers to 7.33 months of unsold supply, this segment begins 2019 in a neutral market.

Dry lot homes

Median sales prices in the Cape Coral single-family dry lot home segment averaged $216,378 per month in 2018, which was 4.99 percent higher than the 12-month average median sales price of $206,092 for dry lot homes in 2017. For the month of December, the median sales price was up 3.9 percent to $218,200 versus the $210,000 posted in December 2017, but 0.82 percent below the $220,000 from November 2018. In the fourth quarter, the median sales price in this segment was up 4.17 percent to an average of $217,733 per month, compared to the average median sales price of $209,125 per month in the fourth quarter of 2017, but down 0.71 percent from the $219,300 per month average in the third quarter of 2018.

We saw large seasonal increases in the supply of unsold dry lot homes in both December and in the fourth quarter of 2018. When we combine those numbers with the 14.76 percent increase to an average of 5.83 months of unsold supply for the year in 2018, up from the 12-month average of 5.08 months in 2017, this segment is moving from a seller's market to a neutral market as we begin the New Year.

(The year-end and December 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of January 20. 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.)

 
 
 

 

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