December 16, 2022:

Monthly Market Update: November 2022/2021

November 2022 marks the start of the busier season in Southwest Florida, which has brought about changes in some markets. While areas like Fort Myers have started to pick up, Fort Myers Beach is still feeling the impacts of Hurricane Ian, although there are signs that market recovery has begun. While new listings are down in Naples and Cape Coral, new listings, in general, have increased compared to November 2021. The average sale price is also rising in many markets, with only a couple seeing a marginal dip.

Regional Breakdown

Naples

Naples saw a slight drop in new listings year-over-year, with 946 new homes hitting the market. Even though there is an 8.4% decrease in inventory from November 2022, inventory is steadily increasing for Naples month-to-month. Home sales remain lower compared to last year, with 570 properties sold (a 42.4% decrease from November 2021). Despite sales dipping, sellers continue to see considerable gains in price. The average sale price in Naples is just shy of $1.1M, which is up 31.7% compared to this time last year. Homes are still sitting on the market much longer than last year, which has been steadily increasing throughout 2022. Homes are selling firm in 44 days on average, which is 21 days slower compared to November 2021.

Bonita-Estero

Inventory in Bonita-Estero is steadily increasing year-over-year, with 295 new properties listed in November. Sales are also down in Bonita-Estero by 29.2%, with 209 homes sold, which seems to be the story across the board for Southwest Florida. This could be partly due to homes sitting on the market longer than years prior, with the average home selling firm in 30 days in November 2022. This is much longer than November 2021, when homes were selling in just 17 days. Prices took a slight dip in November 2022 for Bonita-Estero, with the average sales price reaching $627k.

Cape Coral

Cape Coral saw fewer new listings in November compared to previous years. With 530 new homes hitting the market, this marks a 19.1% drop compared to 2021. With that said, this is significantly more inventory compared to October 2022, so trends are indicating that inventory could be rising in the coming months. Home sales are down by 49.3%, with 321 sales in November, which has become a bit of a new normal compared to 2021 for most areas. Homes are selling a bit slower in Cape Coral which has also become common in the current Real Estate Market, with homes selling firm in 39 days on average. Fortunately for patient sellers, prices in Cape Coral are steadily increasing. The average sale price in Cape Coral for November was $485k, so sellers saw gains by 5.5% last month.

Fort Myers Beach Areas

Fort Myers Beach Areas saw 78.9% more new inventory hitting the market compared to November 2021, with 68 properties coming available. This is also a substantial increase from October, which saw only 23 homes listed. Sales, however, are still much lower than they were last year, likely due to the unprecedented impacts of Hurricane Ian. Fort Myers Beach Areas saw 8 properties sold, which is still an increase compared to October 2022, which saw one single sale after the impacts of Ian. For a full breakdown of the impacts of Hurricane Ian on Real Estate, along with economist-led predictions for the long and short-term recovery, click here. Homes are selling 13 days slower compared to November 2021, and while the average sale price has taken a slight dip year-over-year, it has increased compared to October. The average sale price was $638k. It should be noted that with fewer home sales, the average sales price is much more likely to fluctuate, as a single sale will make much more of an impact on the average data.

Fort Myers 

After several months of seeing a decrease in inventory, Fort Myers saw 841 properties listed in November 2022. This is 2.7% more than November 2021 and substantially more than October’s 616 new listings. Home sales are down by 32.5%, but month-to-month sales are starting to pick up. Sellers in Fort Myers are seeing gains upwards of 16.6%, with the average sale price reaching $442k. In addition, homes are still staying on the market longer than in previous years, with homes selling firm in 32 days on average.

Marco Island

Buyers have significantly more choices in Marco Island compared to November 2021. With 105 new properties listed, this is an impressive 45.8% increase from this time last year. Sales remain down in Marco Island, with 42 homes sold in November 2022. The average sale price in Marco Island reached $1.3M, which is up 15.9% year-over-year. Marco Island properties spent much longer on the market compared to last year, with homes selling firm in 78 days on average, which is 34 days longer than November 2021.  

What This Means for Buyers

As the busy season begins to ramp up in Southwest Florida, buyers will likely have more inventory to explore. Since home sales are lower than in previous years, buyers will still have more negotiation power when it comes to choosing a home that is ideal for their needs. Despite minor fluctuations in some markets, home prices are steadily increasing, so now is a great time to purchase a home if you are looking for future gains in price.

What This Means for Sellers 

While home sales are down year-over-year, there are some clues that things will pick up now that the busy season is approaching. November also saw its first blast of winter’s wrath in many areas in the northern United States and Canada in November, which may have awoken buyers to start searching for homes elsewhere. Nevertheless, sellers should continue to prepare for homes to be on the market for longer than they would have in previous years. In addition, ensuring that your home will stand out from the competition and attract serious buyers is still a necessary strategy for sellers. Make sure that you are working with an expert Real Estate team with a proven system for success and exceptional marketing so you can sell your home faster and for more value.


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