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

January home sales down, median sales prices higher

February 22, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

The takeaway with the January numbers for single-family homes in Cape Coral is simple. Median sales prices were higher in every property segment except for Gulf access canal homes, which were lower in January, while the number of closed home sales were weaker across the board. Aside from the typical seasonal weakness in home sales, there is a growing concern that the decline in January sales is coming off of a generally weaker than normal month of December, creating a double dip decline of sorts, to a lower level of homes sold. Based on past trends, we should see an increase in overall closed sales in February, followed by a significant ramping up in sales in March through June, which tend to be our peak months for sales. As we have been saying since last summer, the first half of 2019 will be critical for confirming our market conditions and any potential shifts in sales trends.

In the overall Cape Coral single-family home market, the number of closed sales in the month of January dropped to 260, which was 23.53 percent below the 340 closed sales in January 2018, and 19.75 percent lower than the 324 sales from this past December. This was the lowest total of January sales since there were 254 sales in January 2015. This January was also running 37.59 percent below the average of 416.58 closed sales per month, for the year in 2018.

The median sales price in the overall Cape Coral single-family home market was $243,750 in January, which was 5.98 percent higher than the $230,000 posted in January 2018, and 3.61 percent above the $235,250 from this past December. Median sales prices in January were also up 2.88 percent, versus the monthly average of $236,934 for the year in 2018.

Gulf access canal homes

In the Cape Coral single-family Gulf access canal home segment, the number of closed sales in the month of January dropped to 52, which was 14.75 percent below the 61 closed sales in January 2018, and 8.77 percent lower than the 57 sales from this past December. This was the lowest total of January sales in this segment since there were 52 sales in January 2015. This January was also running 33.48 percent below the average of 78.17 closed Gulf access home sales per month, for the year in 2018.

The median sales price for Cape Coral single-family Gulf access canal homes was $405,000 in January, which was 10.99 percent less than the $455,000 posted in January 2018, and 0.49 percent below the $407,000 from this past December. The January and December median sales prices were the lowest back-to-back months in this segment since March and April 2017, which came in at $403,750 and $400,625, respectively. January median sales prices were also 6.21 percent below the monthly average of $431,833 for the year in 2018.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, which is a subgroup of Gulf access homes, the number of closed sales in January dropped to 25, which was 32.43 percent below the 37 closed sales in January 2018, and 21.89 percent lower than the 32 sales from this past December. This was the lowest total of January sales in this segment since there were 25 sales in January 2016. This January was also running 32.29 percent below the average of 36.92 closed home sales per month, for the year in 2018.

The median sales price for Cape Coral single-family sailboat access canal homes was $499,000 in January, which was only 2.63 percent below the $512,500 posted in January 2018, while coming in 15.11 percent above the $433,500 from this past December. The January 2018 median sales price was the best single month for all of last year, and it has been the only month to top $500,000 since April of 2007, which came in at $503,500. Despite falling just shy of this benchmark level, the median sales price of $499,000 this January was up 12.02 percent from the average of $445,450 per month for the year in 2018.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the number of closed sales in the month of January dropped to 27, which was 22.86 percent below the 35 closed sales in January 2018, and 15.63 percent lower than the 32 sales from this past December. This was the lowest total of January sales in this segment since there were 25 sales in January 2017. This January was also running 38.75 percent below the average of 44.08 closed freshwater canal home sales per month, for the year in 2018.

The median sales price for Cape Coral single-family freshwater canal homes was $305,000 in January, which was 10.91 percent more than the $275,000 posted in January of 2018, and 8.16 percent higher than the $282,000 from this past December. This was the first month to top $300,000 in this segment since hitting $310,000 in June 2017, and it was the highest January total for freshwater canal homes since posting $337,500 in January of 2006. The median sales price this January was also up 9.16 percent from the average of $279,408 per month, for the year in 2018.

Dry lot homes

In the Cape Coral single-family dry lot home segment, the number of closed sales in the month of January dropped to 181, which was 25.82 percent below the 244 closed sales in January 2018, and 22.98 percent lower than the 235 sales from this past December. This was the lowest total of January sales in this segment since there were 171 sales in January 2016. This January was also running 38.49 percent below the average of 294.25 closed dry lot home sales per month, for the year in 2018.

The median sales price for Cape Coral single-family dry lot homes was $220,000 in January, which was 4.39 percent more than the $210,750 posted in January of 2018, and 1.15 percent higher than the $217,500 from this past December. This was the highest January total for dry lot homes since posting $222,000 in January of 2007. The median sales price for dry lot homes this January was also up 1.70 percent from the average of $216,319 per month, for the year in 2018.

(The January 2019 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Feb. 18, 2019. 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