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2018 condo sales and median prices widely mixed

February 8, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

In 2018, the results for the number of Cape Coral condominiums sold and the median sales prices were widely mixed by specific property types and over the various time frames we measure and analyze. In general, we have been going through a slowing trend in the number of condos sold and a flattening of median sales prices over the past several years.

In the overall Cape Coral condominium market, there were an average of 57.42 condos sold per month during 2018, edging 2.08 percent higher than the average of 56.25 condos sold per month for the year in 2017. However, we had the weakest month of December in closed condo sales, with a total of 39, since 2013, when there were only 32 units sold in our overall condo market. The 39 sales in December were also 36 percent below the 61 closed sales in December 2017, and 13.33 percent below the 45 closed sales in November of last year. In the fourth quarter, the total of 121 closed sales were 23.42 percent lower than the 158 closed sales in the fourth quarter of 2017, and 27.11 percent below the 166 sales in the third quarter of 2018. It was also the weakest fourth quarter for condo sales since 2013 and 2014, when there were only 103 and 122 condo units sold, respectively, in the fourth quarter of those years when our market was still trying to find its legs during the recovery process.

Median sales prices in the Cape's overall condo market bumped 1.44 percent higher to an average of $159,175 per month in 2018, compared to the average of $156,917 per month for the year in 2017. But unlike the weakness in the number of condos sold highlighted above, median sales prices managed to climb 2.88 percent to $174,900 in December, from $170,000 in December 2017, and they came in 6 percent above the $165,000 posted in November 2018. In the fourth quarter, the average median sales price of $163,300 per month in the overall Cape Coral condo market was flat with the average of $163,167 in the fourth quarter of 2017, but 6.11 percent higher than the average of $153,900 per month posted in the third quarter of last year.

Gulf access canal condos

In the Cape Coral Gulf access condo segment, there were an average of 25.08 condos sold per month for the year in 2018, which was flat with the average of 25 condos sold per month in 2017. In the month of December, the total of 19 closed Gulf access condo sales was 13.64 percent lower than the 22 sales in December 2017, and 24 percent below the 25 sales in November of last year. This was also the lowest number of December sales in Gulf access condos since the five straight years with 19 December sales from 2009 through 2013. In the fourth quarter, the 58 total sales came in 6.45 percent below the 62 sales in the fourth quarter of 2017, but 5.45 percent above the 55 gulf access condos sold in the third quarter of last year. This was the lowest fourth quarter sales total in this condo segment since 58 sales were posted in fourth quarter of 2013, while the third quarter total of 55 sales was the lowest since 2012, when there were only 42 Gulf access condos sold in the third quarter of that year.

The median sales price for Cape Coral Gulf access condos averaged $187,436 per month in 2018, or 4.35 percent lower than the average of $195,954 per month for the year in 2017. In the month of December, median sales prices in this segment were 1.32 percent lower, down to $187,500 compared to $190,000 in December 2017, but they were 7.14 percent above the $175,000 posted in November 2018. In the fourth quarter of 2018, median sales prices for Gulf access condos in the Cape were down 11.63 percent, to an average of $175,626 per month, from $198,750 per month in the fourth quarter of 2017, and down 5.37 percent from the average of $185,583 per month in the third quarter of 2018.

Sailboat access canal condos

In the Cape Coral sailboat access condo segment, there were an average of 13.67 condos sold per month for the year in 2018, which was down 5.72 percent from the average of 14.5 units sold per month for the year in 2017. The number of sailboat access condos sold in December declined by 21.43 percent to 11, from 14 closed sales in December 2017, and they were down 26.67 percent from the 15 closed sales in November 2018. In the fourth quarter of 2018, there were a total of 33 closed sales, which was 17.5 percent below the 40 sales in this segment in the fourth quarter of 2017, but 22.22 percent higher than the 27 sales in the third quarter of 2018.

The median sales price for sailboat access condos averaged $219,325 per month in 2018, or 0.89 percent higher than the average of $217,400 per month for the year in 2017. In the month of December, we reached the highest single monthly median sales price for sailboat access condos in all of 2018, at $280,000. Although this was good enough to top the median sales price of $204,000 posted for the month of December 2017, and it beat the $202,500 from November 2018, it was still well short of the most recent single month high for median sales prices in this segment, which totaled $305,000 in June 2017. The fourth quarter of 2018 had an average median sales price of $231,167 per month, which was 1.2 percent higher than the average of $228,417 per month in the fourth quarter of 2017, and 12.86 percent above the per month average of $204,833 in the third quarter of 2018.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, there were an average of 27.58 condos sold per month for the year in 2018, which was up 6.08 percent from the average of 26 units sold per month for the year in 2017. However, the number of dry lot condos sold in December plummeted by 53.13 percent to 15, from 32 closed sales in December 2017, but they were only off by 6.25 percent from the 16 closed sales in November 2018. The 15 sales posted in December made it the worst month of the year for dry lot condos in 2018, and it was the lowest December total for sales in this segment since recording only 15 sales in December 2014. The number of closed sales in the fourth quarter of 2018, totaling 49 sales, came in 33.78 percent below the 74 sales in the fourth quarter of 2017, and 50.51 percent less than the 99 closed sales in the third quarter of 2018.

The median sales price for dry lot condos averaged $135,531 per month in 2018, or 8.84 percent higher than the average of $124,527 per month for the year in 2017. In the month of December, we reached the highest single monthly median sales price for dry lot condos in all of 2018, at $150,000. This was also the highest median sales price in the month of December over the last 12 years, while falling just shy of the monthly high of $151,000 back in September 2017. The fourth quarter median sales price, with an average of $144,008 per month, was 14.95 percent higher than the average of $125,283 per month posted in the fourth quarter of 2017, and 7.97 percent above the average of $133,383 in the third quarter of 2018. It was also the highest single quarter for median sales prices over the past 12 years.

(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 Feb. 3, 2019. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, villas and townhouses, and it 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 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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