August 2022 in Southwest Florida saw a decrease in new listings hitting the market compared to previous years, with the only exception in the Cape Coral areas. Across the board, home sales in Southwest Florida are down compared to last year, with approximately 18-40% fewer homes sold, depending on the market. Generally, homes took a bit longer to sell than they did back in August 2021, with homes selling firm between 23-42 days. The only anomaly in Southwest Florida for days spent on the market is the Fort Myers Beach areas, which saw homes selling firm 4 days faster than in 2021 but still falling in a similar range as other areas.
Despite fewer sales and longer time spent on the market, sellers are still seeing very sizable gains in home value, with the average prices increasing anywhere from 19-52% year-over-year. This means that it is still a great time to sell your Southwest Florida property for maximum value, as long as sellers are patient and work with a Real Estate Team that will go full out® for the sale of their home.
In August 2022, Naples had 884 new listings hit the market, which is an 18.4% decrease compared to last year. While home sales are down by 36.5% compared to August 2021, sellers see tremendous gains in the sale of their homes. The average sale price in Naples has risen to $995k, which is 33.6% more value than in 2021. Homes in Naples are selling 9 days slower on average than in 2021, with homes selling in 31 days on average.
Bonita-Estero regions saw a 16.4% dip in new listings in August 2022, with 255 new properties going live. Homes sales are also down in Bonita-Estero areas, with sales dropping by 36.2% compared to August 2021. Despite the drop in sales, sellers are still seeing gains in their home value in 2022. The average sale price has risen by 40.2%, with the average sale price reaching $713k. Homes in the area are selling firm in 24 days on average, which is 3 days slower than this time last year.
Cape Coral saw an above-average August in terms of new listings in 2022. With 797 new properties coming available, Cape Coral had 8.3% more new listings compared to August 2021. Home sales are, however, consistent with most of Southwest Florida, with 18.7% fewer home sales compared to last year. The average sale price has increased to $492k, which means sellers saw an 18.5% gain in their property value compared to August 2021. Homes in Cape Coral are selling 8 days slower than this time last year, with homes going firm in an average of 25 days.
Fort Myers Beach Areas saw a minor dip in New Listings compared to August 2021, with 37 homes hitting the market. This is only 2.6% less new inventory than the area saw this time last year. Fewer home sales are also the story for Fort Myers Beach Areas, with a 56.4% decrease in sales year-over-year. Those who sold in August achieved 28.4% gains in sale price, with the average sale price reaching $872k. Unlike most areas in Southwest Florida, Fort Myers Beach Areas experienced homes selling firm 4 days faster than August 2021, with homes staying on the market at an average of 27 days.
The city of Fort Myers saw 15.6% fewer listings in August 2021, compared to this time last year, with 769 new listings coming available. Home sales are also down in Fort Myers by 19.3%, selling 667 properties in August 2022. Despite fewer sales, sellers are seeing gains upwards of 28.2% compared to August 2021, with the average sale price reaching $468k. Fort Myers properties took a little bit longer to sell in August, with homes selling firm in 23 days on average. This is 6 days slower than they sold in August 2021.
Like many areas in Southwest Florida, Marco Island saw fewer new listings hitting the market in August. With 64 new properties hitting the market, this is down by 21% compared to August 2021. Marco Island is also consistent with other markets, with 22.7% fewer home sales year-over-year. This could be due to homes staying on the market quite a bit longer than they did last year, with homes selling firm in an average of 42 days. This is 27 days slower than they sold in August 2021. However, despite the length of time on the market and fewer sales overall, sellers see tremendous gains in property value. The average sale price has increased to $1.4M, which is a 52% value increase compared to this time last year.
As long as sellers are patient and work with a Real Estate team that goes the extra mile in marketing their home, this is a great time to sell in Southwest Florida. Sellers are seeing higher home values than previous years and less competition with lower inventory levels.
It is also still a great time to purchase a home in Southwest Florida. There is an excellent affordability range in many markets, and home values are trending upwards, so don’t wait to get into the market! If you find a home that is right for you and your family, buying a home is always a great investment. Make sure that you work with a Professional, Loving, Local Realtor® that will go full out® to ensure that you find the right home for you.
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