Monthly Market Update: November 2023/2022 SWFL

November has come and gone, and the busy season in Southwest Florida is ramping up. But how did the Real Estate market statistics stack up compared to last November? There were undoubtedly some impressive changes looking at the numbers year-over-year that we are excited to share with you. While there is a consistent pattern across Southwest Florida with stats like new listings, some regions saw more home sales than others. We will dive into the numbers and explain what the market update means for both sellers and buyers in Southwest Florida. 

But first… 

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REGIONAL BREAKDOWN 

Naples

Naples saw a substantial surge in new listings hitting the market in November, with 1201 new properties coming available. This represents a 27% increase in new inventory year-over-year. Home sales last month took a minor 1.4% dip from last year, with a total of 562 sales in Naples. The average sale price also saw a decrease year-over-year for the area. The average sale price in November 2023 was over $884k, down 19.5% from November 2022. Homes on the market are spending more time on the market in Naples, with homes going firm in 57 days on average, which is 13 days slower than this time last year.

Bonita-Estero

Bonita-Estero also saw an influx of new listings, giving buyers plenty of choices. With 373 new properties hitting the market, the area saw an impressive 26.4% increase in new listings year-over-year. Home sales are also on the rise in Bonita-Estero, with 225 properties sold last month. This is up 7.7% from 2022. This activity has resulted in sellers in the area seeing gains upwards of 14.4% year-over-year as the average sale price was over $718k. Like most areas in Southwest Florida, properties are still spending a bit more time on the market than in recent years. Homes in Bonita-Estero sold firm in 51 days on average, which is 21 days slower than in November 2022.

Cape Coral  

While most areas within Southwest Florida saw an uptick in new inventory, Cape Coral certainly saw the most dramatic increase in new listings last month with a 59.1% year-over-year increase. There were 843 new listings in the month of November, which is great news for buyers interested in beautiful Cape Coral. Home sales are also on the rise, with 380 homes sold, representing an 18.4% increase from this time last year. Prices have remained consistent year-over-year, with the average sale price at over $475k in Cape Coral, showing just a minor 2% dip from last November. Homes in Cape Coral are spending 19 more days on the market than they were in November 2022, with homes selling firm in 58 days on average.

Fort Myers Beach Areas

Fort Myers Beach Areas is one of the few areas with a small decrease in new listings from this time last year, with 63 new homes hitting the market last month. This is down by 7.4% from November 2022. Despite the inventory shortage, home sales are up by 187.5% from this time last year, with 23 sales last month. Prices are also up substantially from November 2022, with the average sale price over $933k, up 46.2%. Not unlike several areas in Southwest Florida, homes are sitting on the market longer than they were in 2022. Homes in Fort Myers Beach Areas sold firm in 57 days on average, which is up 10 days from November 2022.

Fort Myers

The city of Fort Myers saw a 16.2% increase in new inventory in November, with 977 new properties available. Sales have decreased slightly by 9.1% with 477 properties sold. The average sale price in Fort Myers has also remained consistent year-over-year, seeing just a 2.5% decrease. The average sale price for Fort Myers was over $431k in November 2023. Homes in the area are also spending more time on the market, with homes going firm in 48 days on average. This is up 16 days from last year, but consistent with most areas in Southwest Florida.

Marco Island

Marco Island had an impressive 39% increase in new listings last month compared to November 2022 with 146 new homes hitting the market. Sales have seen a smaller increase (2.4%) compared to this time last year, with 43 sales in November 2023. Sellers in Marco Island saw gains upwards of 6.1% year-over-year with the average sale price over $1.4M. And while homes in Marco Island are spending three days longer on the market than they did November 2022, homes in this area are selling substantially faster than most areas in Southwest Florida, with homes selling firm in 9 days on average.

WHAT DOES THIS MEAN FOR BUYERS?  

If you are considering buying a home in Southwest Florida, now is a great time to start looking. There has been more new inventory in most areas than in recent years, so there is plenty of opportunity to find exactly what you are looking for. With Southern Ontario seeing its first substantial taste of winter, if you have been hoping to trade whiteouts for white, sandy beaches, you will find a beautiful home in Southwest Florida. Buyer activity is starting to pick up in many areas. This means that working with a Professional, Loving, Local Realtor^® will help you navigate the market with ease and ensure that you are able to firm up a home that is exactly what you need. Our team of relocation specialists also has everything you need to make the move with ease and are dedicated to providing the Best Real Estate Experience Guaranteed.   

WHAT DOES THIS MEAN FOR SELLERS?  

With winter tightening its grip on many places in North America, buyer activity is expected to pick up, making now the perfect time for sellers to list their homes just in time to kick off the busy season. However, with more new inventory becoming available, there is more competition. It’s crucial to work with a Real Estate team that will go above and beyond to ensure that your home is marketed with Excellence – from Professional Home Staging to Flawless Photography and Videography and a reputable marketing strategy that will stop the scrolling and get interested buyers ready to make an offer on your home. With the right Realtor^®, you can be in a very advantageous position to get a fair deal on your home. Work with a realtor who has connections to motivated snowbirds and buyers relocating to escape the cold Northern climates.

WHAT DOES THIS MEAN FOR SELLERS?  

When you work with Faris Team, you are choosing a dedicated team with a proven system of success that has delivered over 11,000 Best Real Estate Experiences. Whether you are hoping to downsize, relocate, or capitalize on your investments, you want a team that will not only deliver results but will go full out for you^® and ensure that your Real Estate Experience is smooth and stress-free from start to finish. It’s impossible for one agent to be an expert in everything, which is why we hire a team of experts to ensure that you are Wowed again and again.

Ready for Your Best Real Estate Experience? Our Professional, Loving, Local Realtors^® will go Full Out For You^®.  

Call us today at 1-239-241-5646, send us an email or get a No Obligation FREE HOME EVALUATION today.   

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