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March Cape home sales show needed seasonal gains

April 26, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

The main takeaway from the current Cape Coral real estate market is that we had the much anticipated and needed seasonal increase from February into March in the number of closed single-family home sales. As we have stated numerous times in this column, we usually reach our peak months for closed sales between March and June of every year, and following a weak finish to the year in 2018, and a sluggish start to this year, getting a big increase in the sales numbers for the month of March was becoming critical. Also of note was the weakness in the median sales prices for Gulf and sailboat access canal homes, and the strength in median sales prices in the freshwater canal home segment.

In the overall Cape Coral single-family home market there were 459 closed home sales in the month of March, which was a 33 percent increase from the 345 homes sold in February of this year, but down 3.37 percent from the 475 sales in March 2018. In the first quarter, there were a total of 1,066 homes sold overall in the Cape, which was down 8.34 percent from the 1,163 homes sold in the first quarter of 2018, but up 2.7 percent from the 1,038 homes sold in the fourth quarter of last year.

Median sales prices in the Cape's overall single-family home market edged higher in March, up 1.04 percent to $242,500 from $240,000 in March 2018, and up 1.72 percent from $238,400 in February of this year. Median sales prices were also 1.71 percent higher in the first quarter, rising to an average of $240,717 per month versus an average of $236,667 per month over the first three months of 2018, and 2.14 percent above the average of $235,667 per month from the fourth quarter of last year.

Gulf access

canal homes

In the Cape Coral single-family Gulf access canal home segment, the number of closed sales were strong in March, coming in with 98 sales, or 15.29 percent higher than the 85 sales in March 2018, and 24 percent above the 79 closed sales in February of this year. The number of closed sales in this segment during the first quarter were 5.99 percent higher with 230 sales versus 217 sales in the first quarter of 2018, and 36.09 percent higher than the 169 sales registered in the fourth quarter of last year.

However, median sales prices for Cape Coral single-family Gulf access homes moved lower, coming in at $405,000 in March, which was down 6.9 percent versus the $435,000 posted in March 2018, and 9.5 percent below the $447,500 in February of this year. In the first quarter, the median sales price in this segment averaged $419,167 per month, or 3.27 percent below the average of $433,333 per month from the first three months of 2018, and 3.42 percent under the average of $434,000 per month in the fourth quarter of last year.

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 was up 21.43 percent to 51 homes sold in March, versus only 42 sales in March 2018. This March also came in 13.33 percent above the 45 sales in February of this year. In the first quarter, there were a total of 121 closed sailboat access home sales, which was up 3.42 percent from 117 sales in the first quarter of last year, and 59.21 percent higher than the 76 sales in the fourth quarter of 2018.

The median sales price for sailboat access homes was 10 percent lower, at $390,000 in March, compared to $433,500 in March 2018, and it was 14.29 percent below the $455,000 posted in February of this year. In the first quarter, the median sales price in this segment averaged $448,000 per month, or 3.59 percent below the average of $464,667 per month posted over the first three months of 2018, while edging fractionally higher from the average of $445,450 per month in the fourth quarter of last year.

Freshwater canal homes

The number of closed sales in the Cape Coral single-family freshwater canal home segment during March increased by 66.67 percent to 55 homes sold from 33 sold in February of this year, while managing to gain 3.77 percent over the 53 homes sold in March 2018. In the first quarter, the number of closed sales in this segment ended down 16.18 percent to a total of 114 homes sold versus 136 closed sales over the first three months of last year, while coming in flat compared to the 114 homes sold in the fourth quarter of 2018.

Median sales prices in the Cape's freshwater canal home segment had positive gains, coming in at $315,000 in March, or 14.55 percent higher than the $275,000 from March of last year, and 24.38 percent above February of this year at $253,250. In the first quarter, median sales prices in this segment averaged $289,250 per month, or 4.88 percent higher than the average of $275,802 per month over the first three months of last year, and 1.87 percent above the average of $283,932 per month during the fourth quarter of 2018.

Dry lot homes

The number of closed sales in the Cape Coral single-family dry lot (non-canal) home segment increased 30.47 percent to 304 homes sold in March compared to only 233 homes sold in February of this year. However, the 304 sales in March were down 9.79 percent versus the 337 homes sold in this segment in March 2018. This weakness also carried over to the first quarter results, with only 720 closed sales in the first three months of this year, which was 11.11 percent lower than the 810 sales during the first quarter of 2018, and 4.38 percent below the 753 closed sales posted in the fourth quarter of last year.

Median sales prices for dry lot homes in the Cape were up 1.6 percent to $215,400 in March, compared to $212,000 in March 2018, but down 1.34 percent from $218,335 in February of this year. In the first quarter, median sales prices in this segment were up 1.96 percent, averaging $217,878 per month, versus an average of $213,695 per month over the first three months of 2018, and they were up a fraction from the average of $217,467 per month in the fourth quarter of last year.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of April 22, 2019. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral single-family homes, and does not include condominiums, 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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