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Freshwater canal home sales rally in May, others mixed

June 21, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

The biggest surprise in the Cape Coral single-family home market during the month of May was the strong rebound in the number of closed sales for the month in the freshwater canal home segment. Sluggish sales over the first four months of 2019 had been frustrating to sellers in this segment, as sales were running almost 20 percent below the results from the first four months of 2018. But that all changed with the freshwater canal home sales rally in May. Otherwise, the sales and median sales price numbers were somewhat mixed throughout the rest of our market during May, as shown below.

In the overall Cape Coral single-family home market, there were 564 closed home sales in May, which was a 12.35 percent increase from the 502 homes sold in April of this year, and it was up by 12.13 percent from the 503 sales in May 2018. However, in the first five months of this year, the number of closed home sales in the overall Cape market were down 3.39 percent to an average of 427.8 homes sold per month, compared to an average of 442.8 homes sold per month over the first five months of 2018.

The median sales price in the Cape's overall single-family home market came in at $245,700 in May, which was 2.38 percent higher than the $240,000 posted in May 2018, but it was down 2.67 percent from $252,433 in April of this year. In the first five months of 2019, the median sales price averaged $243,947 per month in the Cape's overall single-family home market, or 2.33 percent above the average of $238,400 per month over the first five 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 May, which was even with the 118 homes sold in April of this year, and up by 4.42 percent from the 113 sales in May 2018. In the first five months of this year, the number of closed home sales in this segment was up 4.93 percent to an average of 93.6 homes sold per month, compared to an average of 89.2 homes sold per month over the first five months of 2018.

The median sales price in the Cape's single-family gulf access canal home segment came in at $440,000 in May, which was 6.02 percent higher than the $415,000 posted in May 2018, and 1.27 percent higher than the $434,500 in April of this year. In the first five months of 2019, the median sales price averaged $422,625 per month in this segment, which was 1.16 percent below the average of $427,600 per month over the first five 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 51 closed home sales in May, which was up 8.51 percent from the 47 homes sold in April of this year, but down by 3.77 percent from the 53 sales in May 2018. In the first five months of this year, the number of closed home sales in this segment averaged 44.2 sales per month, which was 2.64 percent lower than the average of 45.4 homes sold per month over the first five months of 2018.

The median sales price in the Cape's single-family sailboat access canal home segment came in at $449,000 in May, which was 11.97 percent higher than the $401,000 posted in May 2018, and 8.19 percent above the $415,000 in April of this year. In the first five months of 2019, the median sales price averaged $440,600 per month in this segment, or 2.48 percent less than the average of $451,800 per month over the first five months of 2018.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, there were 75 closed home sales in May, which was up 59.57 percent from the 47 homes sold in April of this year, and 82.93 percent higher than the 41 sales in May 2018. In the first five months of this year, the number of closed home sales in this segment averaged 47.2 sales per month, or 2.07 percent below the average of 48.2 homes sold per month over the first five months of 2018.

The median sales price in the Cape's single-family freshwater canal home segment came in at $290,000 in May, which was 5.47 percent higher than the $274,950 posted in May 2018, and 3.57 percent higher than the $280,000 in April of this year. In the first five months of 2019, the median sales price averaged $287,550 per month in this segment, which was 3.82 percent above the average of $276,971 per month over the first five months of 2018.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 370 closed home sales in May, which was up 10.45 percent from the 335 homes sold in April of this year, and 6.02 percent above the 349 sales in May 2018. In the first five months of this year, the number of closed home sales in this segment averaged 286 sales per month, which was down 6.35 percent from the average of 305.4 homes sold per month over the first five months of 2018.

The median sales price in the Cape's single-family dry lot home segment came in at $218,450 in May, which was 1.3 percent higher than the $215,650 posted in May 2018, but down 0.70 percent from $220,000 in April of this year. In the first five months of 2019, the median sales price averaged $218,304 per month in this segment, which was 1.85 percent higher than the average of $214,347 per month over the first five 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 16, 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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