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Third quarter saltwater condo sales higher versus 2018

November 8, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

As a brief overview, we saw normal seasonal patterns in the Cape Coral condominium market, with the number of closed condo sales coming in lower during the third quarter versus the second quarter of this year. The Cape's "Salt Life" was a bright spot, as the recovery continued in gulf and sailboat access canal condo sales, which posted higher third quarter and year-to-date sales numbers versus the red tide and algae impacted sales of last year. For condo sellers, the negative news was with median sales prices, as the nine-month average in 2019 for gulf and sailboat access condos were lower versus last year. Sales of dry lot condos in the Cape were lower, while their median sales prices were fractionally higher. The complete breakdown of our condo sales and pricing numbers are shown below.

In our overall condo market, the number of closed sales in September came in at 51 units, which was up 10.87 percent from 46 sales in September 2018, and 4.08 percent above the 49 sales in August of this year. In the third quarter of 2019, there were 165 closed sales in the overall Cape condo market, which was down 1.2 percent from 167 sales in the third quarter of 2018, and down 21.43 percent versus the 210 sales in the second quarter of this year. Through Sept. 30, there have been 525 condos sold in the Cape in 2019, which was down 7.73 percent compared to the 569 condos sold in the first nine months of 2018.

Median sales prices in the Cape's overall condo market came in at $153,000 in September, which was up 5.15 percent compared to the $145,500 in September 2018, but down 8.66 percent versus $167,500 in August of this year. In the third quarter of 2019, median sales prices for Cape condos averaged $160,500 per month, which was up 4.29 percent versus the average of $153,900 per month in the third quarter of 2018, but down 1.58 percent from an average of $163,083 per month in the second quarter of this year. Through Sept. 30, the median sales price overall for Cape Coral condos in 2019 has averaged $162,361 per month, which was 2.89 percent higher than the average of $157,800 per month in the first nine months of 2018.

Gulf access canal condos

In the Cape Coral gulf access canal condo segment, the number of closed sales in September came in at 25 units, which was up 25 percent from 20 sales in September 2018, and 4.17 percent above the 24 sales in August of this year. In the third quarter of 2019, there were a total of 82 closed sales in this condo segment, which was 49.09 percent higher than the 55 units sold in the third quarter of 2018, but 21.9 percent below the 105 sales in the second quarter of this year. Through Sept. 30 of this year, there have been 260 Cape Coral gulf access condos sold, which was 7 percent higher than the 243 condos sold in the first nine months of 2018.

The median sales price in the Cape's gulf access condo segment came in at $150,000 in September, which was down 20.95 percent versus the $189,750 posted in September 2018, and 21.05 percent lower than the $190,000 posted in August of this year. In the third quarter of 2019, median sales prices in this segment averaged $175,000 per month, which was down 5.7 percent versus the average of $185,583 per month in the third quarter of 2018, and 7.89 percent below the average of $190,000 per month in the second quarter of this year. Through Sept. 30, the average median sales price for Cape gulf access condos has been $180,306 per month in 2019, which was down 5.78 percent compared to the average median sales price of $191,372 per month over the first nine months of 2018.

Sailboat access canal condos

In the Cape Coral sailboat access canal condo segment, which is a subgroup of gulf access condos, the number of closed sales in September came in at 11 units, which was up 10 percent from 10 sales in September 018, but 8.33 percent below the 12 sales in August of this year. In the third quarter, there were a total of 40 closed sales in this segment, which was 48.15 percent above the 27 units sold in the third quarter of 2018, but down 35.48 percent versus the 62 sales in the second quarter of this year. Through Sept. 30, there have been 139 Cape Coral sailboat access condos sold this year, which was 6.11 percent higher than the 131 sales over the first nine months of 2018.

The median sales price in the Cape's sailboat access condo segment was $187,500 in September, which was down 3.6 percent versus $194,500 in September 2018, and 7.98 percent below the $203,750 in August of this year. In the third quarter, median sales prices in this condo segment averaged $199,750 per month, which was down 2.48 percent versus the average of $204,833 per month in the third quarter of 2018, and 12.33 percent below the average of $227,833 per month in the second quarter of this year. Through Sept. 30, the average median sales price for Cape sailboat access condos has been $210,250 per month, which was down 2.38 percent compared to the average median sales price of $215,378 per month over the first nine months of 2018.

Dry lot condos

In the Cape Coral dry lot (non-canal) condo segment, the number of closed sales in September came in at 19 units, which was down 13.64 percent from 22 sales in September 2018, but 5.56 percent above the 18 sales in August of this year. In the third quarter of 2019, there were a total of 63 closed sales in this segment, which was 36.36 percent lower than the 99 units sold in the third quarter of 2018, and 25 percent below the 84 sales in the second quarter of this year. Through Sept. 30, there have been 207 dry lot condos sold, which was 26.6 percent lower than the 282 sales over the first nine months of 2018.

The median sales price in the Cape's dry lot condo segment was $145,000 in September, which was up 13.28 percent versus $128,000 in September 2018, and 24.46 percent above the $116,500 in August of this year. In the third quarter of 2019, median sales prices in this condo segment averaged $135,500 per month, which was up 1.59 percent versus the average of $133,383 per month in the third quarter of 2018, and 4.77 percent above the average of $129,333 per month in the second quarter of this year. Through Sept. 30, the average median sales price for dry lot condos has been $133,111 per month, which was up 0.31 percent compared to the average median sales price of $132,706 per month over the first nine months of 2018.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Nov. 3, 2019. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral condominiums, townhouses, and villas, and it does not include single family homes, short sales, or foreclosures. 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 40 years. Geri has been a full-time Realtor since 2005, and Bob 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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