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March Cape home sales and prices post mixed results

April 20, 2018
By BOB and GERI QUINN - Homing In , Cape Coral Daily Breeze

The Cape Coral single-family home market posted mixed results for the number of closed home sales and median sales prices in the month of March and for the first quarter of 2018. We saw generally stronger results in the freshwater canal and dry lot home segments of our market, while some of the numbers were a bit weaker in the gulf and sailboat access canal home segments. We would tend to expect home sales to increase in April through June, as the second quarter has been the peak quarter for home sales for seven straight years.

In the overall Cape Coral single-family home market, the number of homes sold this March was virtually flat at 470, compared to 471 homes sold in March 2017, but up 35.84 percent versus the 346 homes sold in February. This fits the pattern in place for the last 13 years, where the month of March has been the strongest month of the first quarter for the number of closed sales. On a quarterly basis, there were 1,154 homes sold in the Cape during the first quarter of this year, topping the 1,049 homes sold in the first quarter 2017 by 10 percent.

The median sales price in the overall Cape Coral single-family home market came in at $240,000 in March of this year, or 2.13 percent above the $235,000 recorded in March 2017, but down a fraction from the median sales price of $240,750 in February. In the first quarter of 2018, the median sales price averaged $236,917 per month, which was 2.89 percent above the average of $230,267 in the first quarter of last year.

Gulf access canal homes

The number of Cape Coral single-family gulf access canal homes with sales closing this March was down 24.11 percent to 85 sold compared to 112 sold in March of 2017, however, this March was 19.72 percent above the 71 closed sales in February. We saw a similar pattern for the first quarter of this year, with the number of closed sales down 15.89 percent to 217 sold versus 258 homes sold in the first quarter 2017, while the first quarter of 2018 finished 21.9 percent above the 178 gulf access homes sold in the fourth quarter of 2017.

The median sales price for Cape Coral gulf access canal homes came in at $435,000 this March, down a fraction from the $436,200 recorded in March 2017, but up 6.1 percent from $410,000 in February of this year. The first quarter median sales price in this segment averaged $433,333 per month, which was up 4.07 percent versus the average of $416,400 per month in the first quarter of 2017. Gulf access median sales prices were only 2.04

Sailboat access

canal homes

The number of homes sold in the Cape Coral sailboat access canal home segment also declined in March versus a year ago, dropping by 17.65 percent to 42 closed sales from 51 sold in March of 2017, but this March was up by 10.53 percent versus the 38 homes sold in February. In the first quarter of this year, there were 117 sailboat access homes sold, which was 8.59 percent below the 128 homes sold in the first quarter of 2017, but the first quarter of 2018 was up 51.95 percent from the 77 closed sales in the fourth quarter of 2017.

Median sales prices for sailboat access canal homes, at $433,500 in March, were 10.99 percent below the $487,000 posted in March of 2017, and down 3.24 percent from $448,000 this past February. But over the first quarter of 2018, median sales prices in this segment held their ground, averaging $464,667 per month, or 1.57 percent higher than the average of $457,500 per month in the first quarter of 2017, and 1.11 percent above the $459,583 per month average posted in the fourth quarter of 2017.

Freshwater

canal homes

The number of Cape Coral freshwater canal homes sold this March was up 8.16 percent to 53 closed sales versus 49 homes sold in March 2017, and they were 10.42 percent higher than in February of this year. The first quarter of 2018 also posted strong numbers in this segment, with 136 homes sold, up 36 percent over the 100 sold in the first quarter of 2017, and 17.24 percent higher than the 116 closed sales in the fourth quarter of last year.

Median sales prices for Cape Coral freshwater canal homes remained stagnant, coming in at $275,000 this March, which was 5.17 percent below the $290,000 recorded in March of last year. This March was also down fractionally compared to the $277,405 posted in February. The median sales price in the first quarter of 2018 averaged $275,802 per month, which was 1.65 percent lower than the $280,417 per month average in the first three months of last year, and off a fraction from the average of $277,167 per month in the fourth quarter of 2017.

Dry lot homes

The number of Cape Coral dry lot (non-canal) homes sold this March was up 7.1 percent to 332 versus the 310 sold in March of 2017, and they were 46.26 percent higher than the 227 homes sold in February of this year. In the first quarter of 2018, there were 801 dry lot home sales closed, up 15.92 percent from the 691 homes sold in the first quarter of 2017, but down 1.23 percent from the 811 sold in the fourth quarter of 2017.

Median sales prices for dry lot homes were up 6 percent this March to $212,000 compared to $200,000 in March of 2017, but down 2.9 percent from $218,335 this past February. In the first quarter of this year, median sales prices were 7.39 percent higher at an average of $213,695 per month, versus $198,981 per month in the first quarter of 2017. They were also up by 2.11 percent from $209,275 in the fourth quarter of 2017.

(The March 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County as of April 15, 2018. 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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