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Year-to-date Cape condo sales are down versus 2018

June 7, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

The snapshot of the Cape Coral condominium market through the end of April can be summed up as follows. The number of closed condo sales in the month of April came in higher across the board versus March of this year, which was a positive trend, and sales in April were higher versus April 2018, except in the dry lot condo segment, where closed sales in April were lower versus a year ago. However, despite the solid April, the number of closed condo sales in the Cape came in quite a bit lower over the first four months of 2019 compared to the first four months of last year. This was due to poor sales results in the first quarter of this year, making the year-to-date decline in condo sales a negative trend. At the same time, in the first four months of this year, the average monthly median sales price for Cape Coral condos edged higher compared to the first four months of 2018, except in the Gulf access condo segment, where year-to-date median sales prices were a bit lower than last year. The full breakdown for each segment of our condo market is shown below.

In the overall Cape Coral condominium market, the number of closed sales in April came in at 77 units sold, which was up 10 percent from 70 closed sales in April 2018, and 26.23 percent above the 61 sales in March of this year. In the first four months of 2019, there have been an average of 56.75 condos sold per month in the overall Cape market, which was down 15.93 percent from the average of 67.5 condos sold per month over the first four months of 2018.

The median sales price in the Cape's overall condo market came in at $168,000 in April, which was up 7.01 percent versus the $157,000 posted in April 2018, but it was down 2.89 percent from $173,000 from March of this year. In the first four months of 2019, the median sales price averaged $164,625 per month in the Cape's overall condo market, which was up 5.15 percent versus the average of $156,563 per month over the first four months of 2018.

Gulf access canal condos

In the Cape Coral Gulf access canal condominium segment, the number of closed sales in April came in at 41 units sold, which was up 13.89 percent from 36 closed sales in April 2018, and 20.59 percent above the 34 sales in March of this year. In the first four months of 2019, there have been an average of 28.5 condos sold per month in this segment, which was down 10.94 percent from the average of 32 Gulf access canal condos sold per month over the first four months of 2018.

The median sales price in the Cape's Gulf access canal condo segment came in at $235,000 in April, which was up 17.5 percent versus the $200,000 posted in April 2018, and it was 29.3 percent higher than the $181,750 from March of this year. This was the highest median sales price in the month of April, since it reached $265,000 in April 2007, however, after seeing this number spike higher in April, we would expect to see a lower number in the month of May, as it is likely to return back in line with its current year-to-date range. In the first four months of 2019, the median sales price averaged $190,688 per month in this segment, which was 2.86 percent lower than the average of $196,300 per month over the first four months of 2018.

Sailboat canal condos

In the Cape Coral sailboat access canal condominium segment, the number of closed sales in April came in at 27 units sold, which was up 42.11 percent from 19 closed sales in April 2018, and 68.75 percent above the 16 sales in March of this year. In the first four months of 2019, there have been an average of 16 condos sold per month in this segment, which was down 14.67 percent from the average of 18.75 sailboat access canal condos sold per month over the first four months of 2018.

The median sales price in the Cape's sailboat access canal condo segment came in at $320,000 in April, which was up 54.59 percent versus the $207,000 posted in April 2018, and it was 33.33 percent higher than the $240,000 from March of this year. This was the highest median sales price in the month of April, since it reached $320,500 in April 2012, and only the second time this segment has topped $300,000 since it hit $305,000 in June 2017. After spiking higher in April, we would expect this number to return to a more "normal" range in the month of May. In the first four months of 2019, the median sales price averaged $232,375 per month in this segment, which was up 3.05 percent versus the average of $225,488 per month over the first four months of 2018.

Dry lot condos

In the Cape Coral dry lot (non-canal) condominium segment, the number of closed sales in April came in at 28 units sold, which was down 9.68 percent from 31 closed sales in April 2018, but 47.37 percent above the 19 sales in March of this year. In the first four months of this year, there have been an average of 22 condos sold per month in this segment, which was down 27.87 percent from the average of 30.5 dry lot condos sold per month over the first four months of 2018.

The median sales price in the Cape's dry lot condo segment came in at $111,000 in April, which was down 11.2 percent versus the $125,000 posted in April 2018, and it was also 19.27 percent lower than the $137,500 from March of this year. The median sales price of $111,000 in April was the lowest single month total for dry lot condos since June 2017, when it came in at $108,000 for the month. In the first four months of 2019, the median sales price for dry lot condos in the Cape averaged $128,625 per month, which was 2.09 percent higher than the average of $125,988 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 June 1, 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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