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Cape home sales and median price results for July

August 24, 2018
By BOB & GERI QUINN (news@breezenewspapers.com) , Cape Coral Daily Breeze

Having lived here since 1979, this year's mix of red tide in the Gulf of Mexico and toxic algae from the Lake Okeechobee water releases is by far the worst and most widespread that we can remember. It would seem that the full weight of the economic impact of this issue has yet to have been determined, as many of us are left holding our breath hoping this all goes away as quickly as possible, so the lifeblood of our economy can be adequately restored. As with anything that has been years in the making and largely ignored with empty promises by the powers that be, this issue has moved well beyond the wishful thinking phase.

In the overall Cape Coral single-family home market, there were 441 closed sales in July, which was up 5.5 percent compared to the 418 homes sold in July 2017, but down 7.74 percent from the 478 homes sold in June of this year. Through July 31, an average of 447 homes have been sold per month in the Cape's overall single-family home market in 2018, which is 8.4 percent higher than the average of 409.43 homes sold per month over the first seven months of 2017.

Median sales prices in overall Cape Coral single family home market came in at $230,000 for the month of July, which matched this past January as the low month of 2018, and it was 4.13 percent lower than the $239,900 posted in June of this year. However, the median sales price this July was slightly higher than the $225,950 mark from July 2017. So far this year, through July 31, the median sales price has averaged $234,414 per month, which is 2.4 percent above the average of $228,914 per month over the first seven months of last year.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, the number of closed sales declined to 75 in July, down 29.9 percent from 107 sales in June. This decline is largely typical of the seasonal third quarter market slowdown, although some of drop off is also likely due to the more severe water quality issues this year. Taking a quick look back, we had a June to July drop-off in this segment of 22.55 percent last year, from 102 sales down to 79 sales, along with a 26.8 percent June to July decline from 97 sales to 71 in 2016, and a 23.86 percent drop from 88 sales to 67 in 2014. In 2015, there were 95 closed sales in both June and July, followed by a 22.11 percent drop to 74 sales in August of that year. So this July's closed sales numbers are not that out of line with the numbers from the recent past.

The median sales price for Cape Coral single-family gulf access canal homes came in at $430,000 in July, or 8.12 percent below the upwardly revised number of $468,000 posted in June, but it was 4.37 percent higher than the $412,000 from July 2017. So far this year, through July 31, the median sales price in this segment has averaged $433,929 per month, or 4.74 percent higher than the $414,296 average per month over the first seven months of 2017. However, since February of this year, gulf access median sales prices have been stuck in a tight monthly range averaging between a low of $427,900 and a high of $434,583.

Sailboat access canal homes

In July, the Cape Coral sailboat access canal home segment recorded its lowest number of closed sales for a single month so far in 2018, with 32 homes sold. This was 28.89 percent below the upwardly revised number of 45 closed sales in June, and 11.11 percent lower than the 36 homes sold in July 2017. Through July 31, an average of 43.43 sailboat access canal homes have been sold each month in the Cape, which was 3.06 percent above the average of 42.14 homes sold per month over the first seven months of 2017.

There are several different dynamics at play with the median sales price for sailboat access canal homes in the Cape. First, there would appear to be a level of price stability in this segment, as the median sales price was $445,000 in the month of July, which was up 9.88 percent compared to the $405,000 posted in July 2017, and it was 2.3 percent above the $435,000 recorded in June of this year. Also, the year-to-date median sales price has averaged $448,429 per month so far in 2018, or 3.51 percent higher than the per month average of $433,207 over the first seven months of last year. But problems could be brewing, as the peak month for median sales prices this year was back in January, at $512,500 and the year-to-date monthly average median sales price has been in a steady decline this year, moving from a high of $480,250 in February to a low of $448,429 per month in July.

Freshwater canal homes

The number of closed sales in the Cape Coral freshwater canal home segment were solid in July, coming in at 53 homes sold, or 32.5 percent above the 40 sales in July of 2017, and 12.77 percent higher than the 47 closed sales from this June. Through July 31, there have been an average of 48.86 freshwater canal homes sold per month in 2018, or 21.27 percent higher than the average of 40.29 homes sold per month over the first seven months of 2017.

Despite fluctuating widely in a range from a single month low of $242,000 to a single month high of $315,000 over the last 23 months, median sales prices for Cape Coral freshwater canal homes have averaged from between $270,578 per month to $280,417 per month since September 2016. This range has been even tighter in 2018, as prices have flattened out by almost every measure, making the 3.69 percent gain from the $271,000 posted in July of 2017, to the $281,000 reached this July largely meaningless, unless it is followed by a breakout to higher prices over the next several months.

We will have the July closed sales and median sales price numbers for the dry lot home segment, along with the monthly supply of unsold homes report for each segment of our market, for you next week. We will also go into more detail about the current and future impact we expect to see in our market as a result of the extreme red tide and algae problems in our waterways.

(The July 2018 sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, as of Aug. 19, 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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