January 12, 2024:

Southwest Florida Market Update: 2023 Real Estate Market Review & 2024 Preview

Your resolutions are set, goals are discovered, and the new year is here at last. But what about the Real Estate market? Before we bid farewell to 2023 forever, we’re taking a look back at the year in Real Estate and how it stacked up compared to previous years. We’ll also look at what last year's data means moving forward for both buyers and sellers in 2024. 

Before we do that, are you ready to find out what your Southwest Florida home could sell for in today’s market? Check out our Free Home Evaluation Tool to find out!  

REGIONAL BREAKDOWN 

Naples

Last year, Naples had a small decrease in new inventory compared to 2022. There were a total of 13,231 new homes hitting the market in the area, which is down by just 5.3% from 2022. Sales dipped last year as well, with 8,953 total properties sold in Naples, down 15.3%. Prices in Naples held steady in 2023, despite the decrease in sales year-over-year. The average sale price for Naples was over $1M in 2023, which has only down by a marginal 1.8% from 2022. One stat to note for 2023 in particular isthat homes sold in 53 days on average in 2023 which up 34 days compared to 2022.

Bonita-Estero

The Bonita-Estero area saw an increase in new listings compared to 2022. With 4190 new homes hitting the market throughout last year, this marked a 2.1% increase year-over-year. On the other hand, sales have decreased by 9.4% compared to 2022. There were a total of 2950 properties sold in the Bonita-Estero area in 2023. Despite the slowdown in sales, prices are on the rise. Sellers saw 11.8% year-over-year gains in prices as the average sale price rose to nearly $750k for the year. These numbers come with a bit of a wait for sellers, as homes spent a bit longer on the market in the area than they did in 2022. Homes sold firm in 46 days on average in the Bonita-Estero area, which is up 33 days from the previous year.

Cape Coral  

Cape Coral had a very minor decrease in new listings over 2023, with 8623 new properties becoming available last year. This represents just a 2.3% dip in new inventory compared to 2022. Sales saw a more measurable decrease year-over-year by 13.8%. There were 5468 homes sold in Cape Coral over the course of 2023. Prices in Cape Coral have softened slightly from 2022, with the average sale price at $477k. This is down 8.1% from 2022. Homes in Cape Coral spent longer on the market in 2023 than they did back In 2022, with homes spending 52 days on the market on average. This is up 33 days from 2022.

Fort Myers Beach Areas

The Fort Myers Beach Areas had a decline in new inventory in 2023, with a total of 630 new homes hitting the market last year. This is down 8.2% from 2022 which had 686 new properties listed. Sales took a small dip last year with 397 properties sold in total which is down 5.9%. Prices also softened over 2023, with the average sale price for last year coming in at just over $870k. This is a 9.8% decrease from prices in 2022. Like most areas in Southwest Florida, homes in the Fort Myers Beach areas spend more time on the market in 2023. Homes sold firm in 53 days on average last year, which is up 25 days from 2022.

Fort Myers

Fort Myers had a notable increase in new homes hitting the market in 2023 compared to the previous year. There were 11,916 total properties that became available over 2023 which is up 13.8% from the new inventory listed in 2022. Despite all this new inventory that was available last year, sales in Fort Myers were down 12.4% year-over-year. Over 20223, a total of 7276 properties were sold. Even though sales were down through the year, prices remained steady. Fort Myers had a 0.2% increase in home prices from 2022, with the average sale price up over $442k. Not unlike many areas in Southwest Florida, homes spent an average of 26 days longer on the market in 2023 than in 2022. Homes sold firm in 42 days on average last year, whereas back in 2022 homes spent an average of just 16 days on the market.

Marco Island

With 1313 new properties hitting the market over the course of 2023, Marco Island had a substantial uptick in new listings compared to 2022 by 9.4%. Sales have dipped for Marco Island in 2023, with 765 homes sold last year. This represents a 7.2% decrease in home sales year-over-year. Prices on the other hand have increased, with sellers seeing gains upwards of 7.8% in 2023. The average sale price in Marco Island climbed up over $1.5M in 2023. Homes did spend longer on the market in 2023, which is consistent with many markets last year. Homes sold firm in 70 days on average, taking 35 days longer to sell than in 2022.

WHAT DOES THIS MEAN FOR BUYERS?  

Fortunately, 2023 did not see any dramatic swings one way or the other when it comes to market activity. While many areas show a slight dip in sales and pricing, many areas show an uptick in new inventory, giving buyers plenty of options to choose from. First-hand expertise in your local market is critical to navigating the coming months in 2024, which is why working with a team of Professional, Loving, Local Realtors® will help you find your ideal home in Southwest Florida. If you are looking to relocate, our team has relocation specialists who provide the Best Real Estate Experience for our clients. 

WHAT DOES THIS MEAN FOR SELLERS?  

In many areas, inventory is up, and home sales saw a bit of a decline in 2023. This means that sellers must continue to go above and beyond in marketing their homes for sale to ensure that they stand out from the competition and attract serious buyers. Our team provides everything from Professional Home Staging to Top Quality Professional Photography and Videography and an unmatched Digital Marketing Strategy that will generate local, National and International Exposure to serious buyers looking to relocate to Southwest Florida. All of this encompasses our Exceptional Marketing promise to our clients to help them reach their Real Estate goals, regardless of market conditions.


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.   


While the information contained in this site has been presented with all due care, Faris Team assumes no responsibility or liability for any errors or omissions.  

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    Monthly Market Update: November 2023/2022 SWFL

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