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Cape single-family home market remains solid

June 23, 2017
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

The overall Cape Coral single-family home market is off to a solid start through the first 5 months of 2017, as the number of homes sold was up 4.95 percent to an average of 386.2 sold per month compared to 368 homes sold per month at the same point in 2016. This increase was largely due to a much stronger first quarter in 2017, when home sales were more than 12 percent higher than the first quarter 2016, while the number of homes sold in the second quarter of this year is will also easily surpass the first quarter totals. However, second quarter sales will likely come in below the second quarter of 2016, when we had the single biggest quarter of homes sold in Cape Coral dating back over the past 11 years.

Median sales prices in the overall Cape Coral single-family home market dipped slightly in May, to $225,000 from $235,000 in April, but they were up 5.88 percent compared to May 2016, when they were at $212,500. So far, prices in the second quarter of 2017 are about 8.4 percent above the second quarter of 2016, while median sales prices in the first 5 months of 2017 have been averaging $230,160 per month, or 10 percent higher than the average of $209,215 per month through the end of May 2016.

Gulf access

canal homes

In the Cape Coral single-family gulf access canal home segment, the number of homes sold dropped 25 percent from 120 sold in April to 90 sold in May, however, sales were up 12.5 percent from May 2016. So far, the homes sold in the second quarter of this year are 22.8 percent above the second quarter of 2016, and 43.84 percent higher than the first quarter of 2017. The number of homes sold in this segment remained strong through the first 5 months of 2017, averaging 93.6 sold per month, which is 21.24 percent higher than the 77.2 homes sold per month through May of 2016.

The median sales price gains for Cape Coral single-family gulf access canal homes have been a bit more subdued, but there could be some positive momentum building in the year-to-date pricing trends in this property segment. In May, median sales prices were up 4.06 percent to $400,625 versus $385,000 in May 2016, but down a fraction from $403,750 back in April. So far, in the second quarter of 2017, median sales prices for gulf access homes have averaged $402,188 per month, which was flat compared to the first two months of the second quarter of 2016, at $402,500 per month. Back in 2016, June and July were the two weakest months of the year for median sales prices, however, our current pricing trend suggests prices may fare better this summer, in that we have been at $400,000 or higher in each of the first 5 months of 2017. Median sales prices only topped $400,000 in 3 months in all of 2016. The 5-month average median sales price in this segment has been $410,715 per month in 2017, or 4.16 percent higher than the $394,300 per month in 2016.

Sailboat access canal homes

In Cape Coral sailboat access canal homes, the number of homes sold sank by 43 percent from 58 homes sold in April, to 33 sold in May, and they dropped by 2.94 percent versus the 34 homes sold in May 2016. Despite the May declines, the strong April sales number has the second quarter of this year tracking about 23 percent above the number of homes sold in this segment during the second quarter of last year and with a decent month of June, we should also top the first quarter of this year. Year-to-date, through May, we have averaged 43.8 sailboat access canal homes sold per month, which is 25.86 percent above the average of 34.8 homes sold per month in the first 5 months of 2016.

The median sales price for sailboat access canal homes came in at $410,000 in May, down a fraction from $412,500 in May 2016, and 4.64 percent below the $429,950 posted in April of this year. The median sales price numbers in the second quarter of this year look on track to edge out the second quarter of 2016, but they are likely to fall well below the big first quarter 2017 average of $457,500 per month, which was the highest first quarter price tally since 2007, when the average was $474,833 per month. Median sales prices in this segment have been above $400,000 in each of the first 5 months of 2017, averaging $442,490 per month, or 13 percent above the $391,505 per month average in 2016. The last time we were above $400,000 in each of the first 5 months was in 2008, with an average of $421,450 per month.

Freshwater canal homes

The number of Cape Coral freshwater canal homes sold in May was down 11.32 percent to 47, from 53 sold in May 2016, but it was up 17.5 percent from the 40 homes sold in April of this year. So far, the homes sold in the second quarter of 2017 are lagging behind 2016 by 11.11 percent, but they are on pace to easily top the first quarter of this year. In the first 5 months of 2017, the average number of freshwater canal homes sold has been 37.6 per month, which is 3.09 percent below the average of 38.8 homes sold per month in 2016.

Median sales prices for freshwater canal homes were up 5.89 percent in May, to $285,900 versus $270,000 in May 2016, and they were 18.14 percent higher than the $242,000 from April of this year. So far, median sales prices in the second quarter of 2017, are down 2.87 percent versus 2016, and they are off 4.24 percent compared to the first quarter of this year. Year-to-date through the end of May, median sales prices are 2.23 percent higher, averaging $273,830 per month, compared to an average of $267,850 in the first 5 months of 2016.

Dry lot homes

The number of dry lot (non-canal) single-family homes sold in Cape Coral was down 3.37 percent to 315 homes sold in May, from 326 homes sold in May 2016, but it was up 15.81 percent from the 272 sold this April. So far, the homes sold in the second quarter of 2017 are on a pace to top the number sold in the first quarter of this year, but they are over 8 percent below the number sold in the second quarter of 2016. In the first 5 months of 2017, an average of 254.8 dry lot homes have been sold per month, versus 252 per month in 2016.

Median sales prices for dry lot homes were up 7.56 percent in May, to $200,000 versus $185,950 in May 2016, but down 2.44 percent from $205,000 this April. So far, in the second quarter, median sales prices are running about 9 percent higher than the second quarter of 2016, and just slightly above the first quarter of this year. Year-to-date through May 2017, median sales prices on dry lot homes are averaging $200,389 per month, or 10 percent higher than the $182,133 monthly average for the first 5 months of 2016.

(The May 2017, sales and market data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of June 15, 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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