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Cape home sales on pace for a record year in 2019

November 22, 2019
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

Despite a sluggish start to 2019, we are on pace for a record number of home sales in the Cape this year, as more people leave the cold weather, snow and ice behind them. Mix in an exodus from the high tax states to Florida, along with the fact that a lot of people are able to work remotely, and this trend is becoming a wave.

So if you tried to sell your Cape Coral home in 2019 and failed, the problem was most likely due to a faulty analysis of the realistic value of your home. Our research indicates that establishing a salable initial listing price for a home is the single most important factor in getting a home sold. Second on the list, is quickly recognizing when your home is overpriced to the market and making the necessary price reductions to get it in line. Having good pictures and a video of your home are also important.

The continuing reality is that the buyers are out there, and when a home is priced properly to the market, it sells quickly with almost no marketing required. Get it in the MLS and it ends up all over the Internet. However, all of the super duper marketing in the world will not get an overpriced home sold. It's getting the listing price right that sells a home.

In the overall Cape Coral single-family home market, there were 386 closed sales in October, which was 2.93 percent higher than the 375 homes sold in October 2018. In the first 10 months of 2019, the number of closed sales in the overall Cape market were up by 2.74 percent to a total of 4,459 homes sold, compared to 4,340 homes sold in the first 10 months of 2018. We need another 546 homes sold in our overall market during the last two months of this year in order to top last year's total of 5,004 homes sold in the Cape. In the five previous years, we have averaged 683 closed sales in November and December, with a low of 603 sales back in 2014, so we should be well on our way to a new annual high in sales.

The median sales price in the Cape's overall single-family home market came in at $248,000 in October, which was 4.64 percent higher than the $237,000 posted in October 2018. And in the first 10 months of 2019, the median sales price averaged $243,912 per month in the Cape's overall single-family home market or 2.79 percent above the average of $237,295 per month in the first 10 months of 2018. To keep this in perspective, our highest ever average median sales price in the month of October was $266,300 per month back in 2006.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, there were 75 closed sales in October, which was up by 22.95 percent from the 61 homes sold in October 2018. In the first 10 months of 2019, the number of closed home sales in this segment were up 13.96 percent to 947 homes sold, versus 831 homes sold in the first 10 months of 2018. The number of gulf access homes sold in 2019 has already topped the 939 sold in all of 2018.

The median sales price in the Cape's single-family gulf access canal home segment, came in at $455,000 in October, which was 2.25 percent higher than the $445,000 posted in October 2018. In the first 10 months of 2019, the median sales price averaged $434,195 per month in this segment, which was 0.46 percent above the average of $432,200 per month in the first 10 months of 2018.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, which is a subgroup of gulf access canal homes, there were 41 closed home sales in October, which was up 78.26 percent from the 23 homes sold in October 2018, during the water quality crisis. In the first 10 months of 2019, the number of closed home sales in this segment were up by 15.13 percent to 449 homes sold, versus a total of 390 homes sold in the first 10 months of 2018. This segment has also surpassed the total of 443 sales in all of last year.

The median sales price in the Cape's single family sailboat access canal home segment, came in at $460,000 in October, which was 7.23 percent higher than the $429,000 posted in October 2018. In the first 10 months of 2019, the median sales price has averaged $440,800 per month in this segment, which was down a fraction from the average of $441,690 per month in the first 10 months of 2018.

Freshwater canal homes

In the Cape's single-family freshwater canal home segment, there were 34 closed sales in October, which was down 12.82 percent from the 39 homes sold in October 2018. In the first 10 months of 2019, the number of closed home sales in this segment were up 7.91 percent to 491 homes sold, compared to a total of 455 freshwater canal homes sold in the first 10 months of 2018. This segment should end up topping the 530 homes sold last year.

The median sales price in the Cape's single-family freshwater canal home segment came in at $285,750 in October, which was 3.14 percent lower than the $295,000 posted in October 2018. In the first 10 months of 2019, the median sales price averaged $290,095 per month in this segment, which was 3.64 percent above the average of $279,911 per month in the first 10 months of 2018.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 277 closed home sales in October, which was up 0.73 percent from the 275 homes sold in October 2018. In the first 10 months of 2019, the number of closed home sales in this segment were down 1.21 percent to 3,016 homes sold, compared to a total of 3,053 homes sold the first 10 months of 2018. This segment needs 518 sales in November and December to match the 3,534 total sales for the year in 2018, so it could be a toss-up based on the sales history.

The median sales price in the Cape's single-family dry lot home segment, came in at $226,000 in October, which was 5.17 percent higher than the $215,000 posted in October 2018. In the first 10 months of 2019, the median sales price averaged $219,430 per month in this segment, or 1.64 percent above the average of $215,883 per month in the first 10 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. 17, 2019. It was compiled by Bob and Geri Quinn and it includes information specifically for Cape Coral single-family homes, and does not include condominiums, 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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