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Cape mid-year homes sold solid, but prices flattening

July 20, 2018
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

Despite a slight softening in the number of closed home sales in the Cape Coral single-family home market for the month of June, the number of sales in the second quarter and for the first six months of 2018 have remained solid compared to a year ago. However, we have seen a continued flattening out of median sales prices so far this year, as these prices are staying within fairly tight ranges. We will be monitoring the median sales price numbers closely to try to determine if this is a temporary pause in price gains, or a longer lasting shift towards stalling prices in our market.

In the overall Cape Coral single-family home market, there were 468 homes sold in June, down 5 percent from 493 homes sold in June 2017, and off by 6.59 percent from the 501 sold in May of this year. However, the second quarter of this year was bolstered by the 544 closed home sales in April, to come in with a total of 1,513 homes sold for the quarter, or 8.15 percent more than the 1,399 sold in the second-quarter of 2017, and 30 percent above the 1,163 closed sales in the first quarter of this year. Through June 30, the overall number of homes sold this year in the Cape has averaged 446 per month, which is 9.31 percent higher than the average of 408 homes sold per month over the first six months of 2017.

Since February of this year, the monthly median sales prices in the overall Cape Coral single-family home market have been stuck between $238,950 and $242,000. The second quarter of this year had an average median sales price of $240,317 per month, or 5.15 percent higher than the $228,550 average posted a year ago, and it was 1.54 percent above the average of $236,667 per month in the first quarter of this year. Through June 30, the median sales price has averaged $238,492 per month in 2018, or 3.96 percent higher than the average of $229,408 per month over the first six months of 2017.

Gulf access canal homes

The number of Cape Coral singlepfamily gulf access canal homes sold in 2018 has averaged 91.33 per month through June 30, down 4.2 percent compared to the average of 95.33 gulf access homes sold per month over the first six months of 2017. However, the second quarter of this year was solid, with 331 homes sold in this segment, up 5.41 percent versus the 314 sold in the second quarter of last year, and 52.53 percent above the 217 gulf access homes sold in the first quarter of this year.

Through June 30, the median sales price for Cape Coral single-family gulf access canal homes has averaged $434,333 per month in 2018, which is 4.74 percent higher than the ?average of $414,679 per month over the first six months of 2017. In the second quarter, the median sales price averaged $435,333 per month, which was 5.42 percent higher than the second quarter of 2017, when the median sales price for gulf access homes averaged $412,958 per month, but it was up only a fraction over the average of $433,333 per month in the first quarter of this year. After two straight months of declining prices, the month of June came in with the highest monthly median sales price in this segment so far this year, at $466,500 to salvage the second quarter results.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, the number of homes sold in 2018 was up 3.85 percent through June 30, averaging 44.83 homes sold per month versus an average of 43.17 sold per month over the first six months of 2017. Despite a 20.75 percent drop to 42 closed sales in the month of June, from 53 sales in May, the results in the second quarter for sailboat access homes remained strong, up 16 percent to 152 sold versus 131 sold a year ago, and 29.9 percent higher from 117 sold in the first quarter of this year.

Through June 30, the median sales price for Cape Coral single-family sailboat access canal homes has averaged $448,000 per month in 2018, which is 2.3 percent higher than the average of $437,908 per month over the first six months of 2017. In the second quarter, the median sales price averaged $431,333 per month, which was 3.11 percent higher than the second quarter of 2017, when the median sales price averaged $418,317 per month, but it was down 7.17 percent compared to the average of $464,667 per month in the first quarter of this year. Also of note, the streak of 18 straight months of median sales prices in this segment coming in above $400,000 was kept alive, as the results for the month of May were revised higher, from $398,000 to $401,000. In addition, January of this year remains as the only single month coming in above $500,000 since April of 2007.

Freshwater

canal homes

In the Cape Coral single-family freshwater canal home segment, the number of homes sold in 2018 was up 18.6 percent through June 30, averaging 47.83 homes sold per month versus an average of 40.33 sold per month over the first six months of 2017. Thanks to a strong month of April, with 64 closed home sales in this segment, a total of 151 homes were sold in the second quarter, topping the 142 sales in the second quarter of 2017 by 6.34 percent, and besting the 136 homes sold in the first quarter of this year by 11 percent.

Through June 30, the median sales price for Cape Coral single-family freshwater canal homes has averaged $278,309 per month in 2018, which is 3.79 percent lower than the ?average of $279,367 per month over the first six months of 2017. In the second quarter, the median sales price averaged $280,816 per month, which was 0.9 percent higher than the second quarter of 2017, when the median sales price for freshwater canal homes averaged $278,317 per month, and it was 1.85 percent higher than the average of $275,802 per month in the first quarter of this year. On a quarterly basis, median sales prices in this segment have remained in a tight 2 percent trading range since they averaged $275,350 back in the third quarter of 2016.

We will wrap up the mid-year sales and price review for dry lot homes, along with the results for the monthly supply of unsold homes for each property segment, next week.

(The June and second quarter 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of July 14, 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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