The Real Estate market in Southwest Florida slowed down in April, which may be due to the end of winter and the decrease in new inventory becoming available. There were fewer new listings and sales compared to the same period last year in many areas. However, when observing the data on a monthly basis, there is an improvement in many areas of Southwest Florida.
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During April 2023, the number of new listings in Naples decreased by 28.4% compared to the previous year, with 1120 new listings entering the market. As a result, home sales also dropped year-over-year, which could be due to the combination of limited inventory and seasonality. In Naples, there were 957 properties sold in April 2023, reflecting a decrease of 27.4% from April 2022. The average sale price for a home in Naples this month was just over $1M, which is lower than previous months. Additionally, homes are taking longer to sell, with an average of 51 days on the market compared to last year. However, this trend is not unique to Naples, as it is seen across many areas in Southwest Florida in 2023.
New listings in the Bonita-Estero area have decreased year-over-year, with 374 new homes hitting the market in April. Home sales are also down in the area by 22.9%, with 324 homes sold. The good news for sellers is that prices still are up 4.4% from April 2022, with the average sale price at $727k. Homes in Bonita-Estero are selling firm in 39 days on average, which is up 30 days from 2022.
In Cape Coral, 746 new listings hit the market, which is down by 15% in April 2023 compared to April 2022. Like many areas in Southwest Florida, sales dipped in April by 26.7%, with 520 homes sold. However, the average sale price in Cape Coral has held steady at $517k year-over-year, with a marginal 5% dip in the average sale price for April 2023 compared to last year. And this area experiences a similar story looking at the average days on the market, with Cape Coral homes selling firm in 53 days.
Fort Myers Beach Areas are following a similar trend among most Southwest Florida markets, starting with a decrease in new listings. With 63 new homes available in April, the area saw 34.4% less new inventory than last year. In addition, Fort Myers Beach Areas experienced fewer home sales, with 39 deals this April. The average sale price in Fort Myers Beach Areas was $873k. While this is down 1.7% from last year, month-to-month the average sale price is on the rise in Fort Myers Beach Areas as they continue to recover from Hurricane Ian back in September 2022. In just March 2023, the average sale price was $779k. Homes in the area are selling 10 days slower than in April 2022, with homes selling firm in 43 days on average.
The city of Fort Myers had 1049 new listings hitting the market in April. This isn't too far off what we saw in April 2022, when 1099 new listings came available. Sales in Fort Myers are also down, with 704 properties sold. The average sale price in Fort Myers was $422k for April, which is down by 5.8%. Homes in Fort Myers sold firm in 33 days in April, up 16 days from this time last year, but comparable to many areas in Southwest Florida.
Marco Island also experienced a dip in new listings, with 123 new homes hitting the market. This represents an 18.5% decrease in new inventory from this time last year. Sales are also down 18.6% in Marco Island, with 92 sales last month. The average sale price for Marco Island was $1.4M, which is down slightly from last April, but up from last month, where the average sale price was at $1.3M. Homes in Marco Island sold firm in 72 days on average, which is 44 days longer than this time last year.
To maintain sales momentum during seasonal changes, it's crucial for sellers to collaborate with a real estate team that can confidently market their property and capture the attention of hesitant buyers. This entails implementing impactful marketing strategies like Professional Staging, Professional Photography and Videography. In addition, marketing to buyers who are not local to the area, like snowbirds planning ahead for next winter, will give sellers an edge over their competition.
In this current market, while there may be fewer new inventory available, sales are also down, which means that buyers may also face less competition when searching for their dream home in Southwest Florida. Working with a Realtor® who knows your local market better than anyone and who will go full out® to ensure that you can find and secure a home that is exactly what you need even in challenging economic times.
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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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