Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Staff Contacts | Home RSS
 
 
 

January home sales in the Cape get off to a solid start

February 21, 2020
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

Before we take a look at the number of Cape Coral single family homes sold and median sales prices for the month of January, we thought we would begin with a quick refresher course to make sure any seasonal newcomers to our column are up to speed with the information we are providing. First, in addition to a general overview of the Cape's overall market, we break everything down by the specific, unique market segments in the Cape, including separate statistics for single family homes and condominiums. This approach provides a more accurate reading about the different markets within our market, enabling you to stay up-to-date with a quick snapshot about the market segment that applies to you.

Also, the data for the number of homes sold is for closed sales by a Realtor in each particular month. It is important to remember that most of these closed sales likely went under contract with a buyer as a pending sale some 30 to 45 days prior to the sale actually being finalized and recorded as a closed sale.

Here are a few other important things to know about our market. In the Cape, single family homes priced from around $325,000 and under make-up about 80 percent of all home sales, and there tends to be a large number of potential buyers looking for homes priced at around $250,000 and below. As one would expect, gulf and sailboat access canal homes have the highest median sales prices, and homes sold at $1,000,000 and above make-up less than 1 percent of our market in the Cape. Most lower-priced saltwater access canal homes are usually older homes needing a lot of remodeling work, while landlocked, freshwater canal homes can be a nice alternative price-wise, for those wanting to be on the water. Non-canal homes, which we refer to as "dry lot" homes, have the lowest median sales prices.

One last thing to know, is that we continue to see a rather tight supply of "reasonably-priced," move-in ready homes available on the market. There is a strong buyer demand for this type of home, especially at price points from around $325,000 and under, to the point that just about any home priced correctly to the market sells very quickly, often in a matter of days or weeks of being listed for sale. The January sales and median sales prices for each of our single family home segments are shown below.

In the overall Cape Coral single family home market, there were 308 closed home sales in January, which was 17.11 percent higher than the 263 closed sales in January of last year, but 33.91 percent less than the 466 closed sales in December. The median sales price in the Cape's overall single family home market was $245,500 in January, or 1.66 percent higher than the $241,500 posted in January of 2019, but down 3.54 percent from $254,500 in December. By comparison, for the year in 2019, the median sales price averaged $244,886 per month in our overall market.

Gulf access canal homes:

In the Cape Coral single family gulf access canal home segment, which includes all canal homes in the Cape that can get out to the Gulf of Mexico by boat, there were 74 closed home sales in January, which was 37.04 percent higher than the 54 closed sales in January of last year, but 32.11 percent less than the 109 closed sales in December. The median sales price in this segment was $460,000 in January, which was the highest single monthly median sales price for gulf access homes since June of 2018, when it came in at $466,500. This January topped the $417,450 posted in January of 2019 by 10.19 percent, and it was 4.78 percent higher than the $439,000 in December. By comparison, for the year in 2019, the median sales price for gulf access canal homes in the Cape averaged $435,204 per month.

Sailboat access canal homes:

In the Cape Coral single family sailboat access canal home segment, which is a subgroup of gulf access homes providing boaters direct access with no bridges to get out to open water, there were 42 closed home sales in January. This was 68 percent higher than the 25 closed sales in January of 2019, and 2.44 percent above the 41 sales in December. The median sales price in this segment was $469,500 in January, which was the highest single monthly median sales price for sailboat access homes since June of last year, when it came in at $470,000. However, this January was 5.91 percent below the $499,000 posted in January of 2019, but 4.36 percent higher than the $449,900 in December. By comparison, for the year in 2019, the median sales price for sailboat access homes in the Cape averaged $437,617 per month.

Freshwater canal homes:

In the Cape Coral single family freshwater canal home segment, which consists of landlocked canals with no access to the river or the Gulf of Mexico by boat, there were 28 closed home sales in January, which was 7.69 percent higher than the 26 closed sales in January of last year, but 46.15 percent less than the 52 closed sales in December. The median sales price in this segment was $289,250 in January, or 3.42 percent below the $299,500 posted in January of 2019, and down 1.53 percent from $293,750 in December. By comparison, for the year in 2019, the median sales price for freshwater canal homes in the Cape averaged $289,829 per month.

Dry lot homes:

In the Cape Coral single family dry lot (non-canal) home segment, there were 205 closed home sales in January, which was 12.02 percent higher than the 183 closed sales in January of last year, but 32.79 percent less than the 305 closed sales in December. The median sales price in this segment was $222,305 in January, or 1.09 percent above the $219,900 posted in January of 2019, but down 1.2 percent from $225,000 in December. By comparison, for the year in 2019, the median sales price for dry lot homes in the Cape averaged $220,529 per month.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, FL, as of February 15, 2020. 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 Quinn's 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 40-years. Geri has been a full-time REALTOR since 2005, and Bob joined Geri as a full-time REALTOR in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)

 
 
 

 

I am looking for:
in:
News, Blogs & Events Web