October 13, 2022:

Monthly Market Update: Southwest Florida September 2022/2021

With the summer winding down in September, there have been a few trends to note in the Southwest Florida market. Both new listings and home sales have been down across the board in September, but generally, prices have been on the rise. In nearly all cases, homes are lingering on the market a little bit longer than they did in September 2021, so sellers should prepare for their homes to remain on the market a bit longer. However, for those who do wait and market their home with excellence, sellers will very likely see tremendous gains year over year.

Regional Breakdown

Naples

In September, Naples saw 714 new listings hit the market, which is 30.4% fewer new listings compared to 2021. With 44.6% fewer homes sold in September compared to last year, Naples had 541 home sales. Despite home sales decreasing in September, sellers still see gains on their properties, with the average sale price reaching $860k. This is an 8.8% value increase compared to September 2021. In addition, homes are staying on the market longer in Naples, with homes selling firm in 39 days on average.

Bonita-Estero

With 199 homes newly listed in September, Bonita-Estero saw a 41.6% decrease in new listings compared to this time last year. Home sales are also down in Bonita-Estero markets, with 161 homes sold. However, home prices continue to rise for sellers, with September 2022 seeing a 27.3% increase in the average home sale price. Homes are now selling at an average price of $658k in Bonita-Estero. Homes are also on the market longer in Bonita Estero, with homes going firm in an average of 33 days. This is 17 more days on the market than in September 2021. 

Cape Coral

Cape Coral has remained relatively consistent with the rest of the Southwest Florida market in September 2022. This market saw a 20% decrease in new listings, with 556 new properties hitting the market. Home sales have also decreased in Cape Coral by 38.9% compared to last September, with 395 sales. Despite home sales dipping across the board, the average sale price in Cape Coral is up by 9% compared to September 2021, with the average sale price reaching $466k. Homes are selling in Cape Coral 14 days slower than in September 2021, with homes selling firm in 29 days on average. 

Fort Myers Beach Areas

September 2022 saw 41.3% fewer new listings in the Fort Myers Beach Areas than last year. There were also 43.8% fewer homes sold in the Fort Myers Beach Areas, with just 18 properties sold in September. The average sale price remained near consistent in Fort Myers Beach Areas, with just a 0.3% dip in the average sale price compared to September 2021. The average sale price in September was $793k. Homes are spending an additional 6 days on the market compared to this time last year, with homes selling firm in an average of 44 days. 

Fort Myers 

Fort Myers has remained consistent with many other markets in Southwest Florida, with a 30.7% decrease in new inventory compared to September 2021, with 571 homes becoming available. Home sales are also down in Fort Myers, with 44.7% fewer homes sold compared to September 2021. Despite fewer homes sold, the average sale price in Fort Myers continues to rise. Sellers in September saw gains upwards of 19.6% compared to last year, with the average sale price reaching $442k. Homes are spending a bit more time on the market in September, with homes selling firm in 27 days on average. This is 10 days slower than in September 2021. 

Marco Island

September also saw a decrease in new listings for Marco Island. With 52 homes hitting the market, new inventory is down by 43.5% year over year. Home sales have also decreased in Marco Island compared to last September, with 38 sales, which is a 45.7% difference compared to September 2021. Despite this, sellers are still seeing sizable gains in their sale value, as the average sale prices have risen by 23.5% compared to this time last year. Homes are taking a bit longer to sell in Marco Island, with homes selling firm in 58 days on average. This is 12 days slower than in September 2021. 

What Does This Mean For Sellers?

With the continued shift to a more balanced market, sellers will have to prepare for their homes to remain on the market longer than they would have in previous years. If you’re looking to sell, work with a team of experts with Exceptional Marketing to ensure that you get the most value for your home in a shorter amount of time. 

What Does This Mean For Buyers?

If you’re looking to buy a home in Southwest Florida, now is a perfect time! Whether you are looking to purchase an investment property, a vacation home or your primary residence, now is a great time to invest in Southwest Florida. Inventory is down, but sellers are eager, and the average sale price is steadily increasing in most areas, making Southwest Florida Real Estate an excellent investment. 


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