Cape Coral Real Estate Market Update March 2023

February 2023 was a Neutral market! The number of for-sale listings was up 218.1% from one year earlier and down 0.1% from the previous month. Total sold listings decreased 31.4% year over year and increased 11.5% month over month. Compared to the previous month, the under-contract listing totals were up 11.5%. When compared to February 2022 that is down by 8.9%. Below is the Cape Coral Real Estate Market Update for March 2023.

As of 3/4/23, there are currently 1386 single-family homes actively listed in Cape Coral. 

In the past 7 days, there have been:

225 new listings

 140 sold listings

207 pending listings

The Average For Sale Price was Appreciating. Average For Sale Price in February was $698,000, down 14.3% from $814,000 in February of 2022. Although, it is up 3.7% from $673,000 last month. 

Average Sold Price also stayed Neutral. In February the average sold price was $505,000, down 4% from $526,000 in February of 2022. But it is up 3.3% from $489,000 last month.

Furthermore, the Average Days on the Market (DOM) showed a neutral trend. DOM for February 2023 was 61, up 3.4% from 59 days last month. This is also increased by 84.8% from 33 days in February 2022. 

Sold Price vs. the Original List Price of 93% was the same as last month and down from 6.1% % in February 2022.

Compared to last year, the months of Inventory based on Closed Sales of 3.7 was increased by 360.3%. Comparably to February 2023, this is trending down 12%. Again, the data indicates it was a Neutral market in Febrary 2023.

Single Family Building Permits

The city of Cape Coral issued 333 building permits in February 2023.

The total number of building permits for the fiscal year issued so far in 2023 is 1625.

Regional Economic Indicators

New Development Spotlight

Bimini Square

Cape Coral City Council unanimously approved an ordinance including a rezoning and a master concept plan for the 5.61-acre Bimini Square project south of Cape Coral Parkway and west of Sunset Court.

Bimini Square is a mixed-used development that will include luxury apartments, a 25-slip transient boat dock, a waterfront restaurant, shops and even a Lee Health Clinic. The project is estimated at more than $100 million.

Finally, if you have any questions about the Cape Coral Real Estate Market Update for March 2023 please contact us. We are happy to help you with any real estate in Cape Coral whether it is residential or commercial. With experience and expertise in the Cape Coral real estate market since 1989, we can help you buy or sell. Check back soon for another in-depth Cape Coral real estate market update.