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April home sales down, but far from being knocked out

May 29, 2020
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

All things considered, the Cape Coral real estate market is holding up well in the immediate aftermath of the virus shutdown. Yes, single-family home sales in April were lower than they were a year ago, except for freshwater canal homes, and they were down versus March of this year. But after the first four months of 2020, closed home sales are still ahead of last year's record sales pace. Also, median sales prices have remained solid, most likely due to a lower than normal level of inventory, combined with strong interest from people looking to buy homes here from other parts of the country.

In projecting the preliminary numbers for the yet to be completed month of May, closed home sales look likely to post a late month rally after enduring a standing eight count of slow sales at the beginning of the month. However, we are still expecting to see a decline in May sales of somewhere between 14 to 20 percent below the 574 closed sales from May 2019, give or take a bit. The key market takeaway right now in Cape Coral is home sales are knocked down, but far from being knocked out.

In the overall Cape Coral single-family home market, the number of closed home sales for April came in at 431, which was 14.48 percent lower than the 504 sales in April 2019, and 20.92 percent below the 545 sales in March of this year. In the first four months of 2020, there have been a total of 1,663 closed home sales in the Cape, which was up 4.99 percent versus the total of 1,584 sales over the first four months of last year.

The median sales price in the Cape's overall single-family home market was $251,000 in April, or 0.57 percent lower than the $252,433 posted in April 2019, and 2.24 percent below the $256,740 in March of this year. In the first four months of 2020, the overall median sales price has averaged $251,798 per month, or 3.73 percent higher than the average of $242,733 in the first four months of 2019. As a point of reference, when home prices were peaking back in 2006, the four month average through April 30 was $279,583 per month.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, the number of closed home sales for April came in at 89, which was 24.58 percent lower than the 118 sales in April 2019, and 18.35 percent below the 109 sales in March of this year. In the first four months of 2020, there have been a total of 357 gulf access home sales in the Cape, which was up 1.71 percent versus the total of 351 gulf access home sales over the first four months of 2019.

The median sales price in the Cape's single-family gulf access home segment came in at $460,000 in April, or 5.87 percent higher than the $434,500 posted in April o2019, and 4.55 percent above the $440,000 in March of this year. In the first four months of 2020, the median sales price averaged $460,000 per month, or 8.05 percent higher than the average of $425,738 in the first four months of 2019. When home prices were peaking back in 2006, the four-month average in this segment through April 30, was $636,350 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, the number of closed home sales for April came in at 45, which was 4.26 percent lower than the 47 sales in April 2019, and 16.67 percent below the 54 sales in March of this year. In the first four months of 2020, there have been a total of 182 sailboat access home sales in the Cape, which was up 7.06 percent versus the total of 170 sailboat access home sales in the first four months of last year.

The median sales price in the Cape's single-family sailboat access home segment came in at $460,000 in April, or 10.84 percent above the $415,000 from April 2019, and 4.55 percent higher than the $440,000 in March of this year. In the first four months of 2020, the median sales price has averaged $474,250 per month in this segment, or 8.15 percent higher than the average of $438,500 in the first four months of 2019. At peak prices back in 2006, the four-month average in this segment through April 30, was $698,875 per month.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the number of closed home sales for April came in at 62, which was 29.17 percent higher than the 48 sales in April 2019, but 16.22 percent below the 74 sales in March of this year. In the first four months of 2020, there have been a total of 208 home sales in this segment, which was up 28.4 percent versus the total of 162 freshwater canal home sales in the first four months of last year.

The median sales price in the Cape's single-family freshwater canal home segment came in at $299,500 in April, or 7.16 percent higher than the $279,500 posted in April 2019, but 7.83 percent below the $324,950 in March of this year. In the first four months of 2020, the median sales price has averaged $305,225 per month in this segment, or 6.42 percent higher than the average of $286,813 in the first four months of 2019. At peak prices back in 2006, the four-month average in this segment through April 30, was $342,806 per month.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, the number of closed home sales for April came in at 278, which was 17.26 percent lower than the 336 sales in April 2019, and 23.2 percent below the 362 sales in March of this year. In the first four months of 2020, there have been a total of 1,095 dry lot home sales in the Cape, which was up 2.62 percent versus the total of 1,067 dry lot sales in the first four months of last year.

The median sales price in the Cape's single-family dry lot home segment was $226,495 in April, or 2.95 percent higher than the $220,000 posted in April 2019, and 0.22 percent above the $226,000 in March of this year. In the first four months of 2020, the median sales price has averaged $224,912 per month in this segment, or 3.06 percent higher than the average of $218,225 in the first four months of 2019. When home prices were peaking back in 2006, the four-month average in this segment through April 30, was $263,700 per month.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of May 24, 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 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 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.)

 
 
 

 

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