Geri and Bob Quinn

This week we will be looking at the closed home sales numbers and median sales prices for the month of November, along with the current number of active listings and pending sales in Cape Coral. Of note, the supply of active listings continued to increase while buyer demand in the form of pending home sales continued to move lower, pressuring home prices.

Active listings and pending home sales

As of Monday, Dec. 23, there were 3,095 active listings in the MLS for Cape Coral single-family homes at prices ranging from $225,000 to $7.867 million, with a median list price of $475,000. Currently, 46% of the active listings in the Cape, totaling 1,428 homes, are priced at $450,000 and under, and 347 homes are listed at $1 million and above. One year ago on Dec. 19, 2023, there were 2,513 homes listed for sale in the Cape through a Realtor in the MLS at prices ranging from $264,900 to $11.9 million, and the median list price was at $499,990. At that time, there were a total of 1,014 homes in the Cape listed at $450,000 and under, along with 302 homes being offered at $1 million and above. Of the current 3,095 active listings, a total of 913 homes were built in 2023 and 2024.

The current number of pending home sales has continued to soften, dipping to 426 as of Dec. 23, from 589 10 weeks ago on Oct. 14, and down from 450 pending sales last week. One year ago on Dec. 19, 2023, there were 484 pending home sales in the pipeline with a median pending sales price of $405,000. Our current median pending sales price for single-family homes is at $389,950.

Based on this seasonal softness in the number of pending home sales, we can expect the number of closed sales in January and February to remain weak, which is typical in our market. The critical factor will be if we see the usual ramping up of pending home sales beginning in about mid-to-late January. A total of 294 of our current 426 pending home sales are priced at $450,000 and under, to go with the 15 homes under contract at $1 million and above. Homes that have been built in 2023 and 2024 currently make up 37.6% of the pending sales in the Cape.

November’s closed home sales and median sales prices

In the overall Cape Coral single-family home market, there were 306 closed home sales in November, which was 12.3% lower than the 349 closed sales in November 2023, and 13.1% below the 352 sales in October of this year. In the first 11 months of 2024, there were a total of 4,806 closed sales in the Cape’s overall single-family home market, or 1% more than the 4,757 closed sales in the first 11 months of 2023.

The median sales price in the overall Cape Coral single-family home market was $389,450 in November, or 2.3% lower than the $398,500 posted in November 2023, and 1.4% below the $395,000 in October of this year. In the first 11 months of 2024, the overall median sales price in the Cape averaged $398,125 per month, which was 2.6% less than the average of $408,722 per month in the first 11 months of 2023.

Indirect gulf access canal homes

In the Cape Coral single-family indirect gulf access canal home segment (meaning canal homes with bridges in the canal system), there were 29 closed home sales in November. This was 6.5% lower than the 31 closed sales in November 2023, but 11.5% above the 26 sales in October of this year. In the first 11 months of 2024, there were 439 sales in this segment, or 6.8% percent above the 411 sales in the first 11 months of 2023.

The median sales price in the Cape’s single-family indirect gulf access canal home segment dropped to $650,000 in November, which was 8.8% below the $712,500 in November 2023, and 4.9% less than the $683,250 in October of this year. In the first 11 months of this year, the median sales price in this segment averaged $750,864 per month, or 2.8% less than the average of $772,364 per month in the first 11 months of 2023.

Direct sailboat access canal homes

In the Cape Coral single-family direct sailboat access canal home segment (homes with no bridges in the canals to reach open water), there were 19 closed home sales in November. This was 5% lower than the 20 sales in November 2023, but 11.8% above the 17 sales in October of this year. In the first 11 months of 2024, there were 347 sales in this segment, or 0.9% more than the 344 sales in the first 11 months of 2023.

The median sales price in the Cape’s single-family direct sailboat access canal home segment was $585,000 in November, plunging 26.4% below the $795,000 in November 2023, and 28.7% lower than the $820,000 posted in October of this year. In the first 11 months of 2024, the median sales price in this segment averaged $794,227 per month, or 3.4% above the average of $767,758 per month in the first 11 months of 2023.

Freshwater canal and lake homes

In the Cape’s single-family freshwater canal and lake home segment, consisting of landlocked canals and lakes with no boating access to the river or the Gulf of Mexico, there were 33 closed sales in November. This was 13.2% lower than the 38 sales in November 2023, and 25% below the 44 sales in October of this year. In the first 11 months of 2024, there were 541 closed sales in this segment, or 12.9% more than the 479 sales in the first 11 months of 2023.

The median sales price in our single-family freshwater canal and lake home segment was $445,000 in November, or 15.5% below the $526,750 posted in November 2023, and 2.2% lower than the $455,000 in October of this year. In the first 11 months of 2024, the median sales price in this segment averaged $473,623 per month, or 10.1% below the average of $526,750 per month in the first 11 months of 2023.

Dry lot homes

In the Cape Coral single-family dry lot (non-canal) home segment, there were 224 closed sales in November, which was 14.2% lower than the 261 sales in November 2023, and it was 15.2% below the 264 sales in October of this year. In the first 11 months of 2024, there were 3,463 sales in this segment, down 1.2% from the 3,506 sales in the first 11 months of 2023.

The median sales price in this segment was $366,700 in November, or 0.9% less than the $370,000 posted in November 2023, and down 2.9% from $377,500 in October of this year. In the first 11 months of 2024, the median sales price for dry lot homes in the Cape averaged $369,024 per month, or 1.3 less than the average of $373,979 per month in the first 11 months of 2023.

The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Dec. 21, 2024, unless otherwise noted. 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 45 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.