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Cape single-family home market solid overall in February

March 23, 2018
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

As we were writing this column, the Federal Reserve was in the middle of a two-day Federal Open Market Committee (F.O.M.C.) meeting, where it is widely expected they will increase their ultra short-term Fed Funds Rate by another 25 basis points, or a quarter of 1 percent. The impact of rate hikes on our real estate market may hinge on The Fed's ability to maintain its slow, steady pace, while avoiding any surprise moves that could shock the markets. Last week, interest rates on a 30-year fixed-rate mortgage dropped slightly to 4.44 percent, after nine straight weeks of increases. These rates were at 4.30 percent a year ago.

The overall Cape Coral single-family home market has seemed to weather the initial threatening dark clouds of higher interest rates looming on the horizon, as we are off to a mostly steady and solid start in our real estate market early in 2018. We are seeing some weakness in the number of homes sold in the gulf and sailboat access canal home segments, while the number of homes sold in the freshwater canal and dry lot home segments was strong. Looking at our overall market, the number of single-family homes sold in February rose by 16.38 percent to 341 homes sold versus 293 sold in February 2017. In the first two months of this year, we have averaged 339 homes sold per month, up 17.3 percent compared to the average of 289 homes sold in January and February of last year.

Median sales price gains in our overall single-family home market have been a bit more modest so far in 2018, but still higher. The overall median sales price was $240,000 in the month of February, or 2.13 percent higher than February 2017, at $235,000. This February was also 4.35 percent above the median sales price of $230,000 in January, and the first two months of 2018 averaged $235,000 versus $227,900 for January and February of 2017, up only 3.12 percent year-over-year. Here's a look at each separate property-segment.

Gulf access canal homes

The number of homes sold in the Cape Coral single-family gulf access canal home segment declined by 15.66 percent to 70 homes sold in February, compared to 83 gulf access homes sold in February 2017. For the first two months of 2018, there have been an average 65.5 gulf access homes sold per month, which was 10.27 percent below the average of 73 homes sold per month in January and February of last year.

The median sales price for Cape Coral gulf access canal homes came in at $409,500 in February, which was virtually flat with the $410,000 posted in February 2017, but down 10 percent from $455,000 in January. The stronger January number boosted the two month average median sales price to $432,250 in this segment, or 6.33 percent higher compared to $406,500 over the first two-months of 2017.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, the number of homes sold in February declined by 19.15 percent to 38, versus 47 homes sold in February 2017. For the first two months of 2018, there have been an average of 37.5 sailboat access homes sold per month, which was 2.6 percent below the average of 38.5 homes sold per month in January and February of last year.

The median sales price for Cape Coral sailboat access canal homes was up by 4.67 percent to $448,000 this February, compared to the $428,000 posted in February 2017, but down 12.59 percent from $512,500 in January of this year. To put this into perspective, this was the first time the month of January came in above $500,000 in the sailboat access canal home segment since January of 2006, when the median sales price hit $772,500 for the month.

Freshwater canal homes

The number of single-family freshwater canal homes sold in Cape Coral during February jumped 80.77 percent higher to 47 sold, versus only 26 freshwater canal homes sold in February 2017. There was also a 34.29 percent increase in homes sold in February compared to the 35 sold in January of this year. This has been the best two month start to the year for the number of homes sold in this segment dating back for the last 13 years, and with an average of 41 homes sold per month, this year easily beat the slow start from last year when the average was only 25.5 homes sold per month in January and February.

Despite the great start to the year in the number of freshwater canal homes sold, the median sales price in this segment seems to have flattened out for the time being. The month of February came in with a median sales price of $275,000 or only 1.38 percent above the $271,250 posted in February 2017, and equal to the $275,000 from January of this year. So far in 2018, this segment is also running slightly below the median sales price for the year in 2017, which averaged $278,308 per month over that 12-month period.

Dry lot homes

Despite a 7 percent drop in homes sold from 241 in January to 224 sold in February, the single-family dry lot (non-canal) home segment put up some solid overall numbers this February. The 224 homes sold in February topped the 184 dry lot homes sold in February 2017 by 21.74 percent, and the average of 232.5 homes sold per month in the first two months of 2018, was 22 percent higher than the average of 190.5 homes sold in January and February of 2017.

Median sales prices in the dry lot home segment are also off to a good start this year, with this February 9.2 percent higher, at $218,335, versus $199,943 in February 2017, and 3.97 percent above the $210,000 mark posted in January. The first two months of 2018 have had a median sales price averaging $214,168 per month, up 7.91 percent versus the $198,472 monthly average for January and February of 2017.

(The February 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County as of March 20, 2018, and other outside sources. It was compiled by Bob and Geri Quinn and 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 the RE/MAX Realty Team office in Cape Coral. They have lived in Cape Coral for over 38 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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