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Cape July home numbers remain steady and rational

August 25, 2017
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

Here is a snapshot of how this year is comparing to 2016, through July 31. In general, the number of homes sold in Cape Coral over the first seven months of 2017 is higher than last year, except in the freshwater canal home segment, which has been flat. The biggest gains in homes sold on a percentage basis have been in the more expensive gulf access and sailboat access canal homes, while the lower priced segments of our market have remained steady, but weaker than the overall market. This weakness is most likely due to rising prices.

Year over year, median sales prices have continued to move steadily higher, while buyers have remained in a patiently rational mood, as they search through a limited supply of reasonably priced homes. Median sales prices in the Cape are still lower than the peak prices from 2006, so despite the increases, it would be fair to say we are not currently overvalued.

In the overall Cape Coral single-family home market, there were 412 homes sold in July, up only 1.73 percent compared to the 405 homes sold in July 2016, but down 15.75 percent versus the upwardly revised 489 homes sold in June of this year, which was the highest monthly total so far in 2017. Year to date, there has been an average of 406.71 homes sold per month in the Cape, through July 31, up 5.44 percent versus an average of 385.71 homes sold per month over the first 7 months of 2016.

Median sales prices were up by 2.48 percent to $225,450 in the overall Cape Coral single-family home market in July, compared to $220,000 in July 2016, but down a fraction versus $225,900 in June of this year. On a year to date basis, the average median sales price in the overall Cape Coral home market has been $228,879 per month through July 31, up 8.22 percent versus an average of $211,500 per month over the first seven months of 2016. At this point, the average median sales price is still 15.88 percent below the $272,101 per month level reached in the same seven-month time frame from back in 2006.

Gulf access canal homes

There were 79 gulf access homes sold in Cape Coral in July, which was up 11.27 percent compared to the 71 homes sold in July 2016, but down 22.55 percent versus the 102 homes sold in June of this year. On a year-to-date basis, gulf access canal homes have been averaging 93 homes sold per month, through July 31, up 17.51 percent versus an average of 79.14 homes sold per month over the first seven months of 2016.

Median sales prices for single-family Cape Coral gulf access canal homes were up 16.7 percent to $412,000 in July, compared to $353,000 in July 2016, but down 5.18 percent versus $434,500 in June of this year. Year to date, the average median sales price for gulf access homes has been $414,296 per month through July 31, up 7.63 percent versus an average of $384,929 per month over the first seven months of 2016. This marks the first time since 2007, when the average was $470,643 per month, that gulf access canal homes in the Cape posted an average median sales price above $400,000 over the first seven months of the year. Despite our solid recovery, we are still about 31 percent below the average median sales price of $600,057 per month over the first seven months of 2006, when Cape Coral home prices were in the very early stages of their bear market decline.

Sailboat access canal homes

There were 36 sailboat access homes sold in Cape Coral in July, which was up 50 percent compared to the 24 homes sold in July 2016, but down 7.69 percent versus to the 39 homes sold in June of this year. Year to date, sailboat access canal homes have been averaging 42.14 sales per month through July 31, up 25.53 percent versus an average of 33.57 homes sold per month over the first seven months of 2016.

Median sales prices were up 14.81 percent to $405,000 in July, compared to $352,750 in July 2016, but down 1.22 percent versus an adjusted $410,000 in June of this year. Year to date, the average median sales price for gulf access homes has been $433,207 per month through July 31, up 11.93 percent versus an average of $387,039 per month over the first seven months of 2016. This was the highest average monthly median sales price for sailboat access homes over the first seven months of the year, since 2007, when it was $466,643 per month, while remaining 36.77 percent below the average of $680,429 per month in 2006.

Freshwater canal homes

There were 39 freshwater canal homes sold in Cape Coral in July, which was down 20.41 percent compared to the 49 homes sold in July 2016, and 23.53 percent lower than the 51 freshwater homes sold in June of this year. Year to date, freshwater canal homes have been averaging 40.14 sales per month through July 31, or flat with the average of 40 homes sold per month over the first seven months of 2016.

Median sales prices were down 3.54 percent to $270,000 in July, compared to $279,900 in July 2016, and 12.9 percent lower versus $310,000 in June of this year. Year to date, the average median sales price for freshwater canal homes has been $278,029 per month through July 31, up 3 percent versus an average of $269,864 per month over the first seven months of 2016. This is still 17.96 percent below the average median sales price of $338,889 per month for Cape Coral freshwater canal homes over the first seven months of 2006.

Dry lot homes

There were 294 dry lot (non-canal) homes sold in Cape Coral in July, which was up 3.52 percent compared to the 284 homes sold in July 2016, but 12.5 percent lower than the 336 dry lot homes sold in June of this year. Year to date, this segment has averaged 273.43 homes sold per month through July 31, up 2.68 percent versus an average of 266.29 dry lot homes sold per month over the first seven months of 2016.

Median sales prices for Cape Coral dry lot homes were up 5 percent to $209,900 in July, compared to $199,750 in July 2016, but virtually flat versus $209,250 in June of this year. Year to date, the average median sales price for dry lot homes has been $203,006 per month through July 31, up 9.11 percent versus an average of $186,063 per month over the first seven months of 2016. This is the first time since 2007, when the average was $213,725 per month, that the first seven months of the year have had an average median sales price above $200,000 per month. However, this segment is still 21 percent below the average median sales price of $257,543 per month over the first seven months of 2006.

(The July 2017, sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of Aug. 20, 2017, and it was compiled by Bob and Geri Quinn. It includes information specifically for Cape Coral single-family homes, not including 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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