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Some like it hot, others not, in Cape housing numbers

May 26, 2017
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

In April, the Cape Coral single-family home market took on a "some like it hot" persona, by entertaining us with some hot looking numbers. But as if to say, "nobody's perfect," there was a drag to the market with some weaker, lemon-like numbers in several of our property segments. Despite going through some wilder than usual month-to-month statistical swings, the sugar in our market could still be found with the year-to-date numbers maintaining a steady-to-strong track.

In the overall Cape Coral single-family home market for all property-types, the number of homes sold this April declined by 5.32 percent to 427 homes sold for the month, compared to 451 homes sold in April 2016. The number sold in April was also lower than in March of this year, when 467 homes were sold, for a month-to-month decline of 8.57 percent. This broke a three-year streak, since 2014, in which sales in April had outpaced the homes sold in March.

However, with an average 367.5 homes sold per month, the year-to-date monthly number of homes sold for the first four months of 2017, is still running 6.44 percent above the average of 345.25 homes sold per month through April 2016. The big numbers in March led the way to a blow-out first-quarter in homes sold and are providing support for April's weakness.

Median sales prices for the overall Cape Coral single-family home market were up 10.85 percent to $235,000 this April, compared to April 2016, at $212,000. But this April was flat with February and March of this year, which both also had median sales prices of $235,000.

The year-to-date average monthly median sales price through this April was $231,450 per month, which is up 11.06 percent from the first four months of 2016, at $208,394 per month.

Gulf access

canal homes:

Unlike the overall market, the trend of having a higher number of gulf access canal homes sold in Cape Coral during the month of April held true to form, as there were 120 gulf access homes sold this April, up 7.14 percent versus the 112 sold in March. This marked the fifth consecutive year, dating back to 2013, where this pattern was in place. This April also topped the 91 gulf access homes sold in April 2016, by 31.87 percent, and it was the best single month of homes sold in this segment dating back to at least 2006. In addition, March and April of this year posted the best back-to-back months for gulf access homes sold, with 112 and 120, respectively, dating back over the last 12 years. Year-to-date, through April, the average of 94.5 gulf access homes sold per month is up 23.53 percent over the first four months of 2016, when the average was 76.5 homes sold per month.

The median sales price of $403,750 for Cape Coral gulf access canal homes in April, was 3.87 percent lower than April 2016, when it was $420,000. This April was also 7.44 percent below the $436,200 posted in March, however, the four month year-to-date average of $413,238 was 4.19 percent above the $396,625 recorded in the first four months of 2016.

Sailboat access

canal homes:

The Cape Coral sailboat access canal home segment, which is a sub-group of gulf access canal homes, had a 45 percent rise to 58 homes sold this April, compared to 40 homes sold in April 2016, while also increasing by 13.73 percent from the 51 homes sold in March. The hot numbers continued with the year-to-date average of 46.5 sailboat access homes sold per month through April, for a 32.86 percent gain over the average of 35 homes sold per month in the first four months of 2016.

The median sales price for sailboat access canal homes pulled back by 11.71 percent to $429,950 in April, after spiking to $487,000 in March. This March was the highest single month for median sales prices in this segment since hitting $494,500 in May 2007, as prices were collapsing from the March 2006 market peak of $793,000. However, the year-to-date average monthly median sales price through April is up 16.66 percent to $450,613 from $386,256 over the first four months of 2016. For some perspective, we are still 35.52 percent below the $698,875 per month average posted in the first four months of 2006.

Freshwater

canal homes:

In the Cape Coral freshwater canal home segment, we are coming off the best month of March dating back over the last 12 years, with 49 homes sold, so the April drop of 18.37 percent to 40 homes sold is not overly surprising. April was also down 13 percent from the 46 homes sold in April 2016, while the year-to-date average of 35 homes sold per month is virtually flat with the first four months of 2016, indicating this group may be taking a breather.

The median sales price for Cape Coral freshwater canal homes was also lower in April, down 11.88 percent to $241,000 from $273,500 in April 2016, and down 16.9 percent from $290,000 in March of this year. The year-to-date average median sales price through April is up only 1.22 percent to $270,562 per month, from $267,313 per month over the first four months in 2016. These numbers may be further signs this segment is taking a pause to refresh after coming off its strongest first quarter average in median sales prices this year, at $280,417 per month, since averaging $291,733 per month in the first quarter 2007. For some perspective, the average monthly median sales price in the first quarter 2017 is still about 20 percent below the first quarter of 2006, which averaged $348,833 per month.

Dry lot homes:

The number of homes sold in the Cape Coral dry lot (non-canal) home segment also showed signs of pausing in April, after coming off their strongest month of March and best first quarter results in the last 12 years. Homes sold dropped 12.75 percent to 267 in April, from 306 sold in March, and they were down 14.97 percent from the 314 dry lot homes sold in April 2016. The average number of monthly sales, year-to-date through this April, was only up 1.93 percent to 238 sold per month from an average of 233.5 sold per month in the first four months of 2016.

Median sales prices for Cape Coral dry lot homes rose by 11.09 percent to $204,900 this April, from $184,450 in April 2016, and they were up by 2.45 percent from $200,000 in March of this year. The year-to-date average monthly median sales price through April, is up 10.64 percent to $200,461 per month, from $181,179 over the first four months of 2016.

(The April 2017, sales and market data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, FL, as of May 21, 2017, and it was compiled by Bob and Geri Quinn. It includes information specifically for Cape Coral single-family homes, and it 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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