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Big drop in 2nd quarter unsold home supply numbers

August 2, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

There are three key points to the mid-year numbers for the monthly supply of unsold single-family homes in the Cape. The first is that the unsold supply of homes listed for sale declined significantly in the second quarter of this year, compared to the first quarter. This is aligned with our typical seasonal trend from April through June, when we experience a big increase in closed home sales and a correspondingly big drop in supply. Remember, a decrease in unsold supply is a positive thing for our market. The second key point, is that despite this big second quarter decline in supply, our mid-year level of unsold supply is higher now than it was at this time last year. And third, as the unsold supply has declined, each segment of single-family homes has moved into neutral market ranges, with the dry lot and freshwater canal segments posting even lower inventory, seller's market numbers of under 6 months of unsold supply in the second quarter. But before we get into the supply details, we need to finish up last week's column with the sales numbers for dry lot homes.

In our single-family dry lot (non-canal) home segment, there were 316 closed home sales in the month of June, which was down 15.73 percent from the 375 homes sold in May of this year, and also down by 2.47 percent from the 324 dry lot homes sold in June 2018. In the second quarter, there were a total of 1,027 homes sold in this segment, which was up 40.68 percent versus the 730 homes sold in the first quarter of this year, but 1.34 percent lower than the 1,041 homes sold in the second quarter of 2018. Through June 30, there have been an average of 292.83 dry lot homes sold per month in Cape Coral, which is down 5.09 percent compared to the average of 308.5 sold per month over the first 6 months of 2018.

Median sales prices in the Cape's single-family dry lot home segment were down 1.83 percent to $215,000 in June, versus $219,000 in May of this year, but up 0.61 percent compared to $213,698 in June 2018. In the second quarter, the median sales price averaged $218,000 per month in this segment, or a bit higher than the average of $217,467 per month in the first quarter of this year, and 1.5 percent above the average of $214,783 per month in the second quarter of 2018. Through June 30, the average median sales price has been $217,733 per month in the Cape's single-family dry lot home segment, or 1.63 percent higher than the average of $214,239 per month over the first 6 months of 2018.

Moving back to this week's topic, in the overall Cape Coral single-family home market, the supply of unsold homes in June came in at 5 months, which was even with the 5 months of unsold supply registered in both May of this year, and in June 2018. In the second quarter of this year, the unsold supply declined by 40.78 percent to an average of 5.33 months from an average of 9 months of unsold supply in the first quarter of this year, but it was 6.6 percent higher than the average of 5 months of supply in the second quarter of 2018. Through June 30, the 6-month average level of unsold supply in the overall Cape home market has been 7.17 months, or 16.21 percent higher than the average of 6.17 months of unsold supply over the first six months of 2018.

Gulf access canal homes

In the Cape's single-family gulf access canal home segment, the unsold supply of homes in June was 6 months, or down 14.29 percent versus the 7 months of unsold supply in May of this year, and even with the 6 months of supply from June 2018. In the second quarter of this year, the unsold supply of gulf access homes declined by 43.23 percent to an average of 7 months from a first quarter average of 12.33 months, but it was 10.58 percent higher than the average of 6.33 months of supply in the second quarter of 2018. Through June 30, the 6-month level of unsold supply in this segment averaged 9.67 months, which was 7.44 percent above the average of 9 months of unsold supply over the first 6 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, the unsold supply of homes in June also came in at 6 months. This was down 25 percent from the 8 months of unsold supply in May of this year, and 14.29 percent below the 7 months of supply in June of 2018. In the second quarter of this year, the unsold supply of sailboat access homes declined by 34.28 percent to an average of 7.67 months from a first quarter average of 11.67 months, but it was 9.57 percent higher than the average of 7 months of supply in the second quarter of 2018. Through June 30, the 6-month level of unsold supply in this segment averaged 9.67 months, which was 16.09 percent above the average of 8.33 months of unsold supply over the first six months of 2018.

Freshwater canal homes:

In the Cape's single-family freshwater canal home segment, the unsold supply of homes came in at 5 months in June. This was up 25 percent from the 4 months of unsold supply in May of this year, but 16.67 percent less than the 6 months of supply from June 2018. In the second quarter of this year, the unsold supply of freshwater canal homes declined by 41.37 percent to an average of 5.67 months from a first quarter average of 9.67 months, and it was 5.5 percent below the average of 6 months of supply in the second quarter of 2018. Through June 30, the 6-month level of unsold supply in this segment averaged 7.67 months, which was 13.04 percent above the average of 6.67 months of unsold supply over the first six months of 2018.

Dry lot homes

In the Cape Coral single-family dry lot home segment, the supply of unsold homes in June came in at 5 months, which was even with the 5 months of unsold supply registered in both May of this year, and in June 2018. In the second quarter of this year, the unsold supply of dry lot homes declined by 33.38 percent to an average of 5.33 months from a first quarter average of 8 months, but it was 6.6 percent higher than the average of 5 months of supply in the second quarter of 2018. Through June 30, the 6-month level of unsold supply in this segment averaged 6.67 months, which was 17.64 percent above the average of 5.67 months of unsold supply over the first six 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 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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