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April Cape home sales show weakness, prices mixed

May 24, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

The main takeaway in the Cape Coral single-family home market in April and for the first four months of 2019 was that the number of closed home sales were lower versus last year, except in the gulf access canal home segment, where sales have been a bit higher this year versus 2018. Another key takeaway was that in the first four months of 2019, median sales prices edged higher in the freshwater canal and dry lot home segments versus the first four months of 2018, but prices were lower in the gulf and sailboat access canal home segments.

In the overall Cape Coral single-family home market, there were 493 closed home sales in April, which was a 6.48 percent increase from the 463 homes sold in March of this year, but it was down by 9.87 percent from the 547 sales in April 2018. In the first four months of this year, there have been an average of 390.75 homes sold per month in the overall Cape market, which was down 8.6 percent from the average of 427.5 homes sold per month over the first four months of 2018.

The median sales price in the Cape's overall single-family home market was $254,340 in April, which was 5.1 percent higher than the $242,000 posted in April 2018, and 4.93 percent above the $242,400 in March of this year. In the first four months of 2019, the median sales price averaged $244,098 per month in the Cape's overall single-family home market, which was 2.56 percent higher than the average of $238,000 per month over the first four months of 2018.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, there were 118 closed home sales in April, which was an 18 percent increase from the 100 homes sold in March of this year, and it was up by 2.61 percent over the 115 sales in April 2018. In the first four months of this year, there have been an average of 87.5 gulf access canal homes sold per month in the Cape, which was up 5.42 percent from the average of 83 gulf access homes sold per month over the first four months of 2018.

The median sales price in the Cape's single-family gulf access canal home segment came in at $434,500 in April, which was 2 percent higher than the $426,000 posted in April of 2018, and 7.68 percent above the $403,500 in March of this year. During the first four months of 2019, the median sales price averaged $422,625 per month in this segment, which was 2.06 percent lower than the average of $431,500 per month over the first four months of 2018.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, which is a subgroup of gulf access homes, there were 47 closed home sales in April, which was down 11.32 percent from the 53 homes sold in March of this year, and down by 17.54 percent from the 57 sales in April 2018. In the first four months of this year, there have been an average of 42.5 sailboat access homes sold per month in the Cape, which was 2.3 percent lower than the average of 43.5 homes sold per month in this segment over the first four months of 2018.

The median sales price in the Cape's single-family sailboat access canal home segment came in at $415,000 in April, which was 10.56 percent less than the $464,000 posted in April 2018, but 7.79 percent above the $385,000 from March of this year. During the first four months of 2019, the median sales price averaged $438,500 per month in this segment, which was 5.6 percent below the average of $464,500 per month over the first four months of 2018.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, there were 47 closed home sales in April, which was a 14.55 percent decrease from the 55 homes sold in March of this year, and down by an even larger 26.56 percent from the 64 sales in April of 2018. In the first four months of this year, there have been an average of 40.25 freshwater canal homes sold per month in the Cape, which was 9.75 percent lower than the average of 50 homes sold per month in this segment over the first four months of 2018.

The median sales price in the Cape's single-family freshwater canal home segment came in at $280,000 in April, which was 0.88 percent less than the $282,500 posted in April of 2018, and down 11.11 percent versus the $315,000 posted in March of this year. It should be noted that the median sales price in March was the highest single month tally in freshwater homes since it hit $310,000 in June 2017. During the first four months of 2019, the median sales price averaged $286,938 per month in this segment, which was 3.41 percent higher than the average of $277,476 per month over the first four months of 2018.

Dry lot canal homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 326 closed home sales in April, which was a 6.54 percent increase from the 306 homes sold in March of this year, but down by 11.41 percent from the 368 sales in April 2018. In the first four months of this year, there have been an average of 262 dry lot homes sold per month in the Cape, which was 11.04 percent lower than the average of 294.5 homes sold per month in this segment over the first four months of 2018.

And finally, the median sales price in the Cape's single-family dry lot home segment came in at $220,000 in April, which was 2.33 percent higher than the $215,000 posted in both April 2018, and in March of this year. During the first four months of 2019, the median sales price averaged $218,309 per month in this segment, which was 2 percent higher than the average of $214,021 per month over the first four months 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 19, 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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