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Second quarter Cape home sales up big versus first quarter

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

The main highlight in the Cape Coral single-family home market was that the number of closed home sales rebounded in the second quarter of this year by posting large, double-digit percentage gains compared to the sluggish level of sales in the first quarter of 2019.

In the overall Cape Coral single-family home market, there were 495 closed home sales in the month of June, which was down 13 percent from the 569 homes sold in May of this year, but up 3.56 percent versus the 478 sales in June 2018. In the second quarter, there were a total of 1,567 homes sold overall in the Cape, which was up 45.36 percent from the 1,078 homes sold in the first quarter of this year, and 2.55 percent higher than the 1,528 homes sold in the second quarter of 2018. Through June 30, there have been an average of 440.83 homes sold per month overall in Cape Coral, which is down 1.75 percent compared to the average of 448.67 homes sold per month over the first six months of 2018.

Median sales prices in the Cape's overall single-family home market were down a fraction in June, at $244,950 from $245,500 in May of this year, but up 2.11 percent versus $239,900 in June 2018. In the second quarter, the median sales price averaged $247,483 per month, or 3.28 percent higher than the average of $239,633 per month in the first quarter of this year, and 2.85 percent above the average of $240,633 per month in the second quarter of 2018. Through June 30, the average median sales price was $243,558 per month in the Cape's overall single-family home market, or 2.06 percent higher than the average of $238,650 per month over the first six months of 2018.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, there were 123 closed home sales in the month of June, which was up 4.24 percent from the 118 homes sold in May of this year, and 13.89 percent higher than the 108 homes sold in June 2018. In the second quarter, there were a total of 359 homes sold in this segment, which was up 54.74 percent from the 232 homes sold in the first quarter of this year, and 6.85 percent higher than the 336 homes sold in the second quarter of 2018. Through June 30, there have been an average of 98.5 gulf access homes sold per month in Cape Coral, which is up 6.68 percent compared to the average of 92.33 homes sold per month over the first six months of 2018.

Median sales prices in the Cape's single-family gulf access canal home segment were up 2.27 percent to $450,000 in June, versus $440,000 in May of this year, but down 3.54 percent compared to $466,500 in June 2018. In the second quarter, the median sales price averaged $441,500 per month in this segment, or 5.45 percent higher than the average of $418,667 per month in the first quarter of this year, and 1.3 percent above the average of $435,833 per month in the second quarter of 2018. Through June 30, the average median sales price has been $430,083 per month in the Cape's gulf access home segment, or 0.92 percent below the average of $434,083 per month over the first six 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 59 closed home sales in the month of June, which was up 15.69 percent from the 51 homes sold in May of this year, and 28.26 percent higher than the 46 sailboat access canal homes sold in June 2018. In the second quarter, there were a total of 157 homes sold in this segment, which was up 27.64 percent from the 123 homes sold in the first quarter of this year, but only 0.64 percent higher than the 156 homes sold in the second quarter of 2018. Through June 30, there have been an average of 46.67 sailboat access homes sold per month in Cape Coral, which is up 2.57 percent versus the average of 45.5 homes sold per month over the first six months of 2018.

Median sales prices in the Cape's single-family sailboat access canal home segment were up 4.68 percent to $470,000 in June, versus $449,000 in May of this year, and 9.56 percent higher compared to the $429,000 posted in June 2018. In the second quarter, the median sales price averaged $444,667 per month in this segment, or fractionally lower than the average of $446,333 per month in the first quarter of this year, but 3.09 percent above the average of $431,333 per month in the second quarter of 2018. Through June 30, the average median sales price has been $445,500 per month in this home segment, or 0.56 percent lower than the average of $448,000 per month over the first six months of 2018.

Freshwater

canal homes

In the Cape Coral single-family freshwater canal home segment, there were 56 closed home sales in the month of June, which was down 25.33 percent from the 75 homes sold in May of this year, but up 21.74 percent from the 46 freshwater canal homes sold in June 2018. In the second quarter, there were a total of 178 homes sold in this segment, which was up 56.14 percent versus the 114 homes sold in the first quarter of this year, and 17.88 percent higher than the 151 homes sold in the second quarter of 2018. Through June 30, there have been an average of 48.67 freshwater canal homes sold per month in Cape Coral, which is up 1.76 percent versus the average of 47.83 sold per month over the first six months of 2018.

Median sales prices in the Cape's single-family freshwater canal home segment were up 12.07 percent to $325,000 in June, versus $290,000 in May of this year, and up 16.59 percent compared to $278,750 in June 2018. In the second quarter, the median sales price averaged $298,333 per month in this segment, or 3.14 percent higher than the average of $289,250 per month in the first quarter of this year, and 7.03 percent above the average of $278,733 per month in the second quarter of 2018. Through June 30, the average median sales price has been $293,792 per month in the Cape's freshwater canal home segment, or 5.96 percent above the average of $277,268 per month over the first six months of 2018.

We will wrap up our mid-year single-family home review with the results for dry lot homes, along with the levels of unsold supply for each property segment in our column next week.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of July 20, 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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