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February sales strong, but prior to the ragin’ contagion

March 20, 2020
By BOB & GERI QUINN - Homing In , Cape Coral Daily Breeze

In the first two months of 2020 in the Cape Coral real estate market, things have gone pretty much as we projected back in November and December, with solid sales and median sales price numbers, along with a tighter than normal supply of homes in our peak seasonal months. But these results were all prior to the rapidly changing social policies that are having a profoundly negative impact on the global and U.S. economies, with a ton of uncertainty rattling the stock and bond markets. Since real estate is an opaque market without any real time pricing, we lack the visibility to have confidence in any future, month-to-month market projections. Any rationally thinking person would tend to expect some market disruptions.

In the overall Cape Coral single-family home market, the number of closed home sales for February came in at 370, which was 6 percent higher than the 349 sales in February 2019, and 18.59 percent above the 312 sales in January of this year. In the first two months of 2020, there have been a total of 682 closed home sales in the Cape, which was up 11.44 percent versus the total of 612 sales over the first two months of last year, but down slightly from the 689 sales in the first two months of 2018.

The median sales price in the Cape's overall single-family home market was $254,450 in February, or 7.36 percent higher than the $237,000 posted in February 2019, and 3.86 percent above the $245,000 in January of this year. In the first two months of 2020, the median sales price has averaged $249,725 per month, or 4.38 percent higher than the average of $239,250 in the first two months of 2019. This was the highest average median sales price for January and February in our overall market since back in 2006, when it averaged $284,725 per month.

Gulf access canal homes

In the Cape Coral single-family gulf access canal home segment, the number of closed home sales for February came in at 85, which was 7.59 percent higher than the 79 sales in February 2019, and 14.86 percent above the 74 sales in January of this year. In the first two months of 2020, there have been a total of 159 gulf access home sales in the Cape, which was up 19.55 percent versus the total of 133 gulf access home sales over the first two months of the year in both 2018 and 2019.

The median sales price in the Cape's single-family gulf access home segment came in at $480,000 in February, or 7.26 percent higher than the $447,500 posted in February 2019, and 4.35 percent above the $460,000 in January of this year. In the first two months of 2020, the median sales price has averaged $470,000 per month, or 8.68 percent higher than the average of $432,475 in the first two months of 2019. This was the highest average median sales price for January and February in this segment since back in 2007 when it averaged $515,000 per month, and still well below the average of $648,950 per month in 2006.

Sailboat access canal homes

In the Cape Coral single-family sailboat access canal home segment, which is a subgroup of gulf access homes, the number of closed home sales for February came in at 41, which was 8.89 percent lower than the 45 sales in February 2019, and 2.38 percent below the 42 sales in January of this year. In the first two months of 2020, there have been a total of 83 sailboat access home sales in the Cape, which was up 18.57 percent versus the total of 70 sailboat access home sales in the first two months of last year, and 10.67 percent above the 75 sales from back in 2018.

The median sales price in the Cape's single-family sailboat access home segment came in at $527,500 in February, or 15.93 percent above the $455,000 from February 2019, and 12.35 percent higher than the $469,500 in January of this year. This was the first time since January 2018 that a single month registered above $500,000 in this segment. In the first two months of 2020, the median sales price has averaged $498,500 per month, or 4.51 percent higher than the average of $477,000 in the first two months of 2019. This was the highest average median sales price for January and February in this segment since back in 2006, when it averaged $686,250 per month.

Freshwater canal homes

In the Cape Coral single-family freshwater canal home segment, the number of closed home sales for February came in at 43, which was 30.30 percent higher than the 33 sales in February 2019, and 53.57 percent above the 28 sales in January of this year. In the first two months of 2020, there have been a total of 71 freshwater canal home sales in the Cape, which was up 20.34 percent versus the total of 59 freshwater canal home sales in the first two months of last year, but 14.46 percent less than the 83 sales in 2018.

The median sales price in the Cape's single-family freshwater canal home segment came in at $304,500 in February, or 20.24 percent higher than the $253,250 posted in February 2019, and 5.27 percent above the $289,500 in January of this year. In the first two months of 2020, the median sales price has averaged $296,875 per month, or 7.42 percent higher than the average of $276,375 in the first two months of 2019. This was the highest average median sales price for January and February in this segment since back in 2007 when it averaged $300,100 per month, and well below the average of $332,250 per month in 2006.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, the number of closed home sales for February came in at 242, which was 2.11 percent higher than the 237 sales in February 2019, and 15.79 percent above the 209 sales in January of this year. In the first two months of 2020, there have been a total of 451 dry lot home sales in the Cape, which was up 7.38 percent versus the total of 420 dry lot home sales in the first two months of last year, but 4.65 percent less than the 473 sales over the first two months of 2018.

The median sales price in the Cape's single-family dry lot home segment was $225,000 in February, or 3.21 percent higher than the $218,000 posted in February of 2019, and 1.21 percent above the $222,305 in January of this year. In the first two months of 2020, the median sales price has averaged $223,653 per month, or 2.15 percent higher than the average of $218,950 in the first two months of 2019. This was the highest average median sales price for January and February in this segment since back in 2006, when it averaged $266,250 per month.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of March 15, 2020. 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 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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