Monthly Market Update: January 2022/2023

Now that the season is in full swing for Southwest Florida, there are a few important changes and statistics to note within the Real Estate market for 2023. Home prices are up year-over-year in most Southwest Florida markets, and with more new inventory available than in January 2022, buyers have more choices available. Home sales are down overall compared to last January, and in most areas, homes are staying on the market longer. Here’s a look at the breakdown of different markets in Southwest Florida for January 2023.

Regional Breakdown

Naples

New listings are up by 8.5% compared to January 2022, with 1461 new homes hitting the market in January. However, home sales are down by 24.7% compared to last year, which is consistent with most markets. Homes are also on the market 22 days longer than they were last year, with properties selling firm in 45 days on average. Prices, on the other hand, have increased substantially year-over-year. The average sale price was just shy of $1.4 in Naples, with year-over-year gains upwards of 39.4%.

Bonita-Estero

An increase in new listings was notable in January 2023 for the Bonita-Estero area, with 435 homes sold. This is 5.6% more new inventory than previously seen in January 2022. Home sales remain down in Bonita-Estero, with 194 sales. This is down 23.3% from this time last year. In addition, homes are spending more time on the market than they did in January 2022. Homes sold firm in an average of 45 days in January 2023, which is 31 days longer than this time last year. Sellers saw tremendous gains in sale prices, however, with the average sale price reaching $915k in January 2023. This is up 48.9% from January 2022.

Cape Coral

Cape coral saw a minor 3% dip in new listings in January 2023, with 708 new properties hitting the market. Home sales in Cape Coral were down by 36.5%. Home sales are down in Cape Coral compared to last year, with 343 properties sold in January. Prices have held steady at $473k in Cape Coral, with a minor 3.7% dip in the average sale price year-over-year. The average days to sell has also increased in Cape Coral, with homes selling firm in 43 days on average.

Fort Myers Beach Areas

A steady recovery from Hurricane Ian is suggested from the Real Estate stats for January. Listings are up in Fort Myers Beach Areas compared to January 2022. With 66 homes hitting the market in January, there was an 8.2% increase in new inventory. Home sales are down 49% compared to last year, however, there has been a steady increase in home sales since the hurricane made landfall in September. With significantly fewer home sales compared to this time last year, price fluctuations are more common. The Fort Myers Beach Areas had an average sale price of $872k, which is down 10.3% compared to January 2022. Homes are selling faster than they did in 2022, however, with homes selling firm in an average of 25 days in January. This is 13 days faster than January 2022.

Fort Myers 

Fort Myers had a tighter market for inventory in January 2023, with 499 new homes for sale. This is 17.9% less inventory than in January 2022. Home sales are also down in Fort Myers by 20.5%, with 499 sales. Prices are rising in Fort Myers, with sellers seeing year-over-year gains upwards of 11.3% as the average sale price reached $436k in January. Homes in Fort Myers spent 18 days longer on the market than they did in January 2022, with homes selling firm in 36 days on average.

Marco Island

Marco Island saw 37.6% more new listings than this time last year, with 150 new properties hitting the market. Home sales in Marco Island were down compared to January 2023, with 57.8% fewer home sales last month. Sale prices increased substantially year-over-year, with the average sale price in Marco Island reaching $1.7M, up 49.2%. Homes are taking 11 days longer to sell compared to this time last year, with homes selling firm in Marco Island in 56 days on average in January.

What Does This Mean for Buyers?

For buyers who have been on the fence about making a purchase, now is the perfect time to take the plunge. The market has shown that in most areas, sellers are achieving substantial gains in home prices year-over-year, making purchasing Real Estate a worthwhile investment in Southwest Florida. Working with a team of expert Realtors^® who are local to the area, professional and loving, will ensure that you find the right home to purchase at a price you can afford.

What Does This Mean for Sellers?

The uptick in new inventory suggests that sellers will have to make sure that their home looks its best to compete with the additional homes on the market. Not only that, but having a marketing plan that includes serious buyers looking to make the move to Southwest Florida will ensure that your home will sell faster and for more value. If you need your home sold quickly and want to skip showings and choose your own closing date, find out how you can get a Guaranteed Offer on your home with Faris Team.

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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