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First quarter Cape condo sales down versus last year

May 10, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

There were several key takeaways in the Cape Coral condominium market in the month of March, as well as in the first quarter of 2019. First, on a positive note, we saw a nice increase in closed condo sales in the month of March compared to the sales numbers posted in February of this year. The lone exception was in the dry lot condo segment, where the sales were slightly lower in March versus February. And, although our condo market is a bit more inconsistent than our single-family home market when it comes to peak seasonal sales trends, it was important to see these sales gains in the month of March over February after an especially slow start to the year in our sales numbers. Based on the preliminary condo sales numbers for the month of April, which are also coming in higher, this much needed increase in condo sales looks to be continuing into the second quarter.

However, as you will see below, so far in 2019 the 800-pound-elephant in the condo unit has to do with the fairly significant drop-off in the number of closed condo sales in March of this year, versus March of last year. Not to mention the decline in closed Cape Coral condo sales in the first quarter of this year, compared to the first three months of 2018, leaving us with a lot of ground to make-up in condo sales if we are going to match the numbers from last year.

In the overall Cape Coral condominium market, the number of closed sales in March came in at 61 units sold, which was down 20.78 percent from 77 closed sales in March of 2018, but 38.64 percent above the 44 sales in February of this year. In the first quarter of 2019, there were a total of 150 closed sales in the overall Cape condo market, which was 25 percent below the 200 units sold in the first quarter of last year, but 23.97 percent higher than the 121 sales during the fourth quarter of 2018.

Median sales prices in the Cape's overall condo market came in at $173,000 in March, which was up 13.44 percent versus the $152,500 posted in March of 2018, and it was 6.46 percent higher than the $162,500 from February of this year. In the first quarter of 2019, median sales prices for Cape condos averaged $163,500 per month, up 4.53 percent versus the average of $156,417 per month in the first quarter of last year, and virtually flat with the average of $163,300 per month posted in the fourth quarter of 2018.

Gulf access condos

In the Cape Coral gulf access canal condo segment, the number of closed sales in March came in at 34 units sold, which was down 15 percent from 40 closed sales in March 2018, but 88.89 percent above the 18 sales in February of this year. In the first quarter of 2019, there were a total of 73 closed sales in the Cape's gulf access condo segment, which was 20.65 percent below the 92 units sold in the first quarter of last year, but 25.86 percent higher than the 58 sales during the fourth quarter of 2018.

The median sales price in the Cape's gulf access canal condo segment came in at $181,750 in March, which was down 2.39 percent versus the $186,200 posted in March 2018, but up 2.11 percent compared to $178,000 in February of this year. In the first quarter of 2019, the median sales price for Cape gulf access condos averaged $175,917 per month, which was down 9.82 percent versus the average of $195,067 per month in the first quarter of last year, and virtually flat with the average of $175,626 per month in the fourth quarter of 2018.

Sailboat access condos

In the Cape Coral sailboat access canal condo segment, which is a subgroup of gulf access condos, the number of closed sales in March came in at 16 units sold, which was down 36 percent from 25 closed sales in March 2018, but 77.78 percent above the 9 sales in February of this year. In the first quarter of 2019, there were a total of 37 closed sales in this condo segment, which was 33.93 percent below the 56 units sold in the first quarter of last year, but 12.12 percent higher than the 33 sales during the fourth quarter of 2018.

The median sales price in the Cape's sailboat access canal condo segment came in at $240,000 in March, which was up 11.63 percent versus the $215,000 posted in March 2018, and up 26.32 percent compared to $190,000 in February of this year. In the first quarter of 2019, the median sales price in this condo segment averaged $203,167 per month, which was down 12.3 percent versus the average of $231,650 per month in the first quarter of last year, and down 12.11 percent compared to the average of $231,167 per month posted in the fourth quarter of 2018.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, the number of closed sales in March came in at 19 units sold, which was down 42.42 percent from 33 closed sales in March 2018, and 5 percent below the 20 sales in February of this year. Despite this slight decrease in sales from February to March, the preliminary sales number for April has dry lot condo sales coming in higher. In the first quarter of 2019, there were a total of 60 closed sales in this condo segment, which was 34.07 percent below the 91 units sold in the first quarter of last year, but 22.45 percent higher than the 49 sales during the fourth quarter of 2018.

The median sales price in the Cape's dry lot condo segment came in at $137,500 in March, which was even with the $137,500 posted in March 2018, and up 4.56 percent compared to $131,500 in February of this year. In the first quarter of 2019, the median sales price for Cape dry lot condos averaged $134,500 per month, which was up 6.48 percent versus the average of $126,317 per month in the first quarter of last year, but down 6.6 percent compared to the average of $144,008 per month posted in the fourth quarter of 2018.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of May 6, 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 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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