Another month is in the books for Southwest Florida! So, with the busy season well underway, how does February 2023 stack up against previous years at this time? Overall trends show more inventory coming available in most areas (with only a few exceptions). And while home sales remain down across the board, prices are either holding steady year-over-year or showing the average price increasing with gains up to 25%!
Keep reading to find out how the Real Estate market performed in your area last month and what the numbers mean if you are considering buying or selling a home this season.
Naples saw a slight dip in new listings compared to February 2022, with 1,322 homes hitting the market last month. Home sales are down in Naples, but the average sale prices are rising. The average sale price in Naples reached $1.1M, which reflects a 23.1% gain for sellers year-over-year. Homes are still spending increasingly more time on the market than in previous years. The average home sold firm 53 days on average in February 2023, which is up 31 days from this time last year.
Bonita-Estero had slightly more new listings than last year, with 444 new properties available. Home sales are down by 11.9% from last February with 222 sales, and like many areas in Southwest Ontario, homes are spending 20 more days on the market than in previous years. Prices are trending upward, which is great news for sellers. The average sale price in Bonita-Estero in February 2023 reached $737k, which is a 25.8% increase from February 2022.
With 742 new listings coming available, Cape Coral saw a 1.7% decrease in new listings year-over-year. With 412 home sales in February, there has been a 35.5% decrease in sales. Prices have held steady compared to last year, with the average sale price reaching $495k, which is up 2.4% from February 2022. Homes are spending more time on the market in Cape Coral, which is consistent with many markets in Southwest Florida. Homes sold firm in 50 days on average in February 2023, up 29 days from last year.
Fort Myers Beach Areas are steadily seeing more new listings hitting the market both from year-over-year data as well as looking at the data month to month. There were 83 new properties available in February 2023, which was up 25.8% from this time last year. Home sales are down by just 6.5% year-over-year, but this is likely still part of the market's recovery from Hurricane Ian in September. Fortunately, home sales have been steadily increasing month to month, indicating more interest from buyers as the area recovers. With fewer home sales, the average sale price has been fluctuating month to month. In February 2023, the average sale price was just shy of $695k. In addition, homes are spending more time on the market than in February 2022. Homes sold firm in 40 days on average in the Fort Myers Beach Areas, which is 17 days slower than this time last year.
In the city of Fort Myers, 1,053 new listings came available in February 2023, showing an 8% increase compared to last year. Home sales are slightly down year-over-year, with 619 sales last month, which is only a 10.5% decrease from last February. Prices have held steady year-over-year in Fort Myers, with the average sale price at $406k last month. Homes sold firm in just 35 days on average, which is 17 days longer on the market than this time last year, but much quicker than most markets in Southwest Florida.
Marco Island had 128 new homes hitting the market in February 2023, which is a 23.1% increase in new inventory, giving buyers plenty of opportunity to find the perfect Southwest Florida home. However, home sales remain down year-over-year, with 57 sales. This is a 16.2% decrease compared to February 2022. Prices have remained very similar compared to this time last year, with the average sale price holding steady at $1.5M. Homes in Marco Island took 46 days on average to sell firm, which is only up 9 days year-over-year from last February.
In Southwest Florida, the increased inventory has provided buyers with greater options than the previous year. Buyers are having more negotiation power with home sales down since sellers are much more motivated in the area. So, if you have been holding off previously for the right time to purchase in Florida, now is the perfect time to find your next home!
To help you navigate the ever-changing market and ensure that you find the best home, our local agents will give you the Professional Guidance you need! Check our buyers' page to learn more about The Faris Team Difference, or book an appointment with us today!
With home sales still down and inventory steadily increasing in most areas, the market for sellers is less tight as more competition becomes available. However, the average sales prices indicate it is still an excellent time for sellers to capitalize on property values. To have a quick and successful home sale, you need to work with a Real Estate team with an Exceptional Marketing strategy that will show off your home in the best way possible.
Even more importantly, working with a team with connections to foreign buyers can make a huge difference in your home sale. Research shows that foreign buyer activity is starting to increase in Florida after a quieter few years following the pandemic, so now is the perfect time to appeal to international and local buyers.
From Complimentary Staging to beautiful high-quality photography and videography, Faris Team's Professional, Loving, Local Realtors® will go full out® for the sale of your Southwest Florida home, ensuring that your property stands out from the competition and looks its very best for potential buyers.
Want to know more about what this means for you as you consider buying or selling a home? We’re here to make your experience stress-free.
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