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Cape Coral single-family homes by the numbers for January

February 24, 2017
By GERI and BOB QUINN - Homing In , Cape Coral Daily Breeze

The overall theme in our single-family home market can be broken down into three parts. Part one, has been the steady decline in the number of homes sold in Cape Coral since the 2nd quarter of 2016. Part two, is that median sales prices are grinding their way steadily higher, albeit with some pauses along the way. And part three, which we will cover next week, is that the monthly supply of unsold homes for sale on the market, has been rising.

A seasonal pattern seems to be locked in place, whereby the number of homes sold is weaker in the 1st quarter of the year and then jumps up to hit its peak for the year in the 2nd quarter, before steadily declining in the 3rd and 4th quarters. If this pattern holds true in 2017, sellers who have their homes priced right for the market, should see the action starting to pick-up now through June, as buyers continue to search for "reasonably-priced" homes.

The steady rise in median sales prices, interrupted by some healthy pauses, has allowed the market to refresh itself and digest its gains before moving higher again. This seems to be the action of a more rational market, building a more stable foundation for higher prices.

In the overall single-family home market in Cape Coral for January 2017, there were 271 homes sold, matching the 271 homes sold in January 2016, but it was down 25 percent from December 2016, when 362 homes were sold. It was also 27.8 percent below the average of 375 homes sold per month for the year, in 2016. In addition, January has been the month with the lowest number of overall homes sold in Cape Coral each year, dating back to 2009.

The overall median sales price for Cape Coral single-family homes in January was $220,800. This was 3.23 percent higher than the $213,900 posted in January 2016, but 6.34 percent below the total of $235,750 in December 2016, which was the highest single month for median sales prices last year. January's prices were still 2.27 higher than the average median sales price of $215,905 per month for all of last year, keeping the steady rising prices trend in place.

Here is the breakdown for Cape Coral single-family homes by specific property-types, so you can see the differences between the separate market segments within our market.

Gulf access canal homes:

In January 2017, there were 59 gulf access canal homes sold in Cape Coral, down 10.6 percent from the 66 homes sold in January 2016. This January was also 29.76 percent below December 2016 and 22.7 percent lower than the monthly average for all of last year, when there were 84 and 76 gulf access homes sold per month, respectively. The number of gulf access homes sold in January tends to be lower, but it is not consistently the worst month of sales each year.

The median sales price for gulf access homes was $405,000 in January, up 4.52 percent from the $387,500 posted in January 2016. This January was also up 4.38 percent from $388,000 in December 2016 and 4.26 percent higher than the average median sales price of $388,438 per month for all of last year.

Sailboat access canal homes:

There were 29 sailboat access canal homes sold in January, which was 13.8 percent higher than the 25 homes sold in January 2016. However, this January was 21.6 percent below the 37 homes sold in December 2016, and 9.85 percent lower than the monthly average for all of last year, when there were 32 homes sold per month. As with gulf access homes, January tends to have fewer sailboat access homes sold, but it is not always the worst month of the year.

The median sales price for sailboat access canal homes spiked up to $470,000 in January. This was 25.67 percent higher than the median sales price of $374,000 in January 2016 and over 20 percent higher than both the December 2016 price and the average median sales price of $388,227 per month for all of last year. This January also marked the highest single month for sailboat access median sales prices since May of 2007, when it came in at $494,500. The typical trend with a large monthly price spike, is to have lower prices in subsequent months.

Freshwater canal homes:

The number of freshwater canal homes sold in January had a sharp 26.47 percent decline to 25 homes sold, compared to 34 sold in January 2017. This was the lowest monthly total since February 2016, when there were only 23 freshwater canal homes sold. It was also 24.24 percent below the 33 homes sold in December 2016, and 35 percent lower than the monthly average for all of last year, when freshwater homes averaged over 38 sold per month.

The median sales price for freshwater canal homes in January was up 4.28 percent to $280,000 compared to $268,500 in January 2016. This January was also up 7.28 percent over December 2016, when the monthly median sales price was $261,000 and it came in above the monthly average of $271,871 for all of 2016. Median sales prices for freshwater canal homes have posted 5 straight years of rising prices going into 2017.

Dry lot homes:

In January 2017, there were 187 dry lot (non-canal) homes sold in Cape Coral, which was up 9.36 percent from the 171 homes sold in January 2016. However, this was a steep decline of 23.67 percent compared to the 245 dry lot homes sold in December 2016 and we are running 28 percent below the average of 260 homes sold per month throughout all of last year. The 1st quarter tends to be the worst quarter of the year for the number of dry lot homes sold.

Median sales prices for Cape Coral dry lot homes in January were up 11.11 percent to $197,000 compared to January 2016, when prices came in at $177,304. Despite a slight 2.36 percent decline from the $201,770 posted for the month of December 2016, this January was 3.46 percent above the average median sales price of $190,403 per month for all of last year. This is continuing the trend of rising prices for dry lot homes for the past 5 years.

(The January 2017 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of Feb. 18, 2017, and it was compiled by Bob and Geri Quinn. It includes information specifically for Cape Coral single-family homes, and does not include condominiums, foreclosures or short sales. 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 Century 21 Birchwood Realty Inc., in Cape Coral. They have lived in Cape Coral for over 37 years. Geri has been a full-time Realtor since 2005, and Bob, who also holds a Certified Financial Planner designation, 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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