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Cape condo sales are down sharply versus last year

March 29, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

Normally, we update the market statistics for the Cape Coral condominium market on a quarterly basis, but after looking at the numbers for the first two months of this year, we decided to do an interim update today. The takeaway from the sales numbers, shown below, is that our condo market is much weaker at this point in 2019, than it was a year ago. We also saw weakness in the median sales prices for Gulf and sailboat access condos, along with higher levels of inventory, or unsold supply, across the board in all condo segments.

In the overall Cape Coral condominium market, the number of closed sales in February came in at 43 units sold, which was down 33.85 percent from 65 closed sales in February 2018. For the first two months of 2019, we averaged 44 closed sales per month in our overall Cape condo market, or 28.46 percent below the average of 61.5 units sold per month over the first two months of last year.

Median sales prices in the Cape's overall condo market came in at $160,000 in February, which was up 2.89 percent versus the $155,500 posted in February 2018, but median sales prices were down 0.55 percent over the first two months of 2019, to an average of $157,500 per month from $158,375 per month over the first two months of 2018.

The monthly supply of unsold condos in the overall Cape Coral market came in at 11 months in February, spiking 83.33 percent higher than the 6 months of unsold supply in February 2018. In the first two months of 2019, the supply of unsold condos in the Cape averaged 10 months, or 53.85 percent above the average of 6.5 months of unsold supply over the first two months of last year. These unsold supply numbers have our overall condo market in a higher inventory buyer's market, compared to a neutral market after the first two months of 2018.

Gulf access canal condos

In the Cape Coral Gulf access canal condo segment, the number of closed sales in February came in at 17 units sold, which was down 26.09 percent from 23 closed sales in February 2018. For the first two months of 2019, we averaged 19 closed sales per month in the Gulf access canal condo segment, or 26.92 percent below the average of 26 units sold per month over the first two months of last year.

Median sales prices in the Cape's Gulf access canal condo segment came in at $166,000 in February, which was down 14.43 percent versus the $194,000 posted in February 2018. It was also down 16.29 percent over the first two months of 2019, to an average of $167,000 per month, from $199,500 per month over the first two months of 2018.

The monthly supply of unsold Gulf access canal condos in the Cape Coral came in at 17 months in February, jumping 88.89 percent higher than the 9 months of unsold supply in February 2018. In the first two months of 2019, the supply of unsold Gulf access condos in the Cape averaged 15 months, or 87.5 percent above the average of 8 months of unsold supply over the first two months of last year. This segment is now firmly in a buyer's market after being in the higher-end of a neutral market over the first two months of 2018.

Sailboat access canal condos

In the Cape Coral sailboat access canal condo segment, which is a subgroup of Gulf access condos, the number of closed sales in February came in at 9 units sold, which was down 35.71 percent from 14 closed sales in February 2018. For the first two months of 2019, we averaged 10.5 closed sales per month in the sailboat access canal condo segment, or 32.26 percent below the average of 15.5 units sold per month over the first two months of last year.

Median sales prices in the Cape's sailboat access canal condo segment came in at $190,000 in February, which was down 28.29 percent versus the $264,950 posted in February 2018. It was also down 23 percent over the first two months of 2019, to an average of $184,750 per month, from $239,975 per month over the first two months of 2018.

The monthly supply of unsold sailboat access canal condos in the Cape Coral came in at 19 months in February, rocketing 111.11 percent higher than the 9 months of unsold supply in February 2018. In the first two months of 2019, the supply of unsold sailboat access canal condos in the Cape averaged 16 months, or 100 percent above the average of 8 months of unsold supply over the first two months of last year. This condo segment is also locked deeply in a higher supply buyer's market after the first two months of 2019.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, the number of closed sales in February came in at 20 units sold, which was down 37.5 percent from 32 closed sales in February 2018. For the first two months of 2019, we averaged 20.5 closed sales per month in the dry lot condo segment, or 29.31 percent below the average of 29 units sold per month over the first two months of last year.

Median sales prices in the Cape's dry lot condo segment were positive, coming in at $135,950 in February, which was up 14.73 percent versus the $118,500 posted in February 2018. It was also up 12.27 percent over the first two months of 2019, to an average of $135,225 per month, from an average of $120,450 per month in the first two months of 2018.

The monthly supply of unsold dry lot condos in Cape Coral came in at 7 months in February, or 40 percent higher than the 5 months of unsold supply in February 2018. In the first two months of 2019, the supply of unsold dry lot condos in the Cape averaged 6.5 months, or 18.18 percent above the average of 5.5 months of unsold supply over the first two months of last year. This segment of our condo market is currently in a neutral market with just over 6 months of unsold supply, compared to the first two months of 2018, when it was the only segment of our condo market that was in a seller's market with under 6 months of unsold supply.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of March 23, 2019. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, townhouses, and villas, 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 Quinn's 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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