With the Southwest Florida markets starting to pick up, each area tells a slightly different story for the month of December. Most areas are seeing more new listings compared to December 2021, with some exceptions. While home sales are down compared to this time last year, the month-over-month story provides more insight that things are picking up for the Southwest Florida market.
In December 2022, Naples had 800 new listings hit the market, 13% fewer new listings than last December. Home sales are down by about 40.8% year-over-year, with 800 sales. Despite fewer sales, Naples sellers are continuing to see gains in price. The average sale price in December was $1.3M, which is 14.5% higher than in December 2021. Homes are spending more time on the market than in previous years, with homes selling firm in 46 days. This is 20 days slower than this time last year.
Compared to last year, there were slightly fewer new listings available for the month of December. The Bonita-Estero area had 236 new listings available, 5.2% fewer than in December 2021. There were also fewer home sales overall, with 206 homes sold in December. However, sellers in December saw gains upwards of 13.3% year-over-year, with the average sale price reaching $629k. Homes in Bonita-Estero sold firm in 34 days on average in December 2022, 16 days slower than in December 2021 but on par with most Southwest Florida Real Estate markets.
In December 2022, Cape Coral was a bit quieter when it came to new listings compared to previous years, with 525 homes hitting the market. This is 5.7% less new inventory than in December 2021. They also sold 41.2% fewer homes compared to previous years as well, although it should be noted that month-over-month data tells a different story. With 377 properties sold, this number indicates that home sales have increased from previous months, even though this market isn’t exceeding last year’s numbers. The average sales price has taken a 4.5% decrease, which was an average of $445k for the month of December. The average days to sell has also increased by 25 days year-over-year, with homes selling firm in 45 days.
With Hurricane Ian a few months behind us, and recovery efforts underway, the Fort Myers Beach areas saw 60 new listings hitting the market, which is a 30.4% increase year-over-year. While home sales are down 68.8% compared to December 2021, the month-over-month data tells a different story. Home sales more than doubled in December 2022 compared to November 2022, which looks very optimistic for sellers in this market. In addition, home values have increased by 19.7% year-over-year, with the average sale price reaching $1.1M in December 2022. Homes in this area are also selling quicker than in other Southwest Florida markets. The average home selling firm in just 25 days in the month of December, which is 24 days faster than in December 2021.
Fort Myers had a 4.3% increase in new inventory in the month of December, with 721 new properties listed. While home sales are down 34.3% compared to December 2021, sales are steadily increasing month over month, with 587 homes sold last month. Prices are holding steady in Fort Myers, with the average sale price at $429k, and while homes are taking a bit longer to sell than last year, homes are still going firm in 33 on average, which is only up by 12 days.
Marco Island had 85 new listings hitting the market in December 2022, which is up 10.4% from December 2021. However, home sales are down by 59.2%, with 42 homes sold. This could be related to the number of days homes are on the market in Marco Island, which is 28 days longer than in previous years. In December 2022, homes were selling firm in 69 days, while this time last year, they were on the market for 41 days. Nevertheless, sellers are still seeing 9% gains on their properties year-over-year, with the average sale price at $1.3M.
While there is a bit of variation between markets in Southwest Florida, it seems that overall, there is more inventory coming available than in previous months as the season picks up, giving buyers a lot more options in their search for their next new home. With fewer sales overall, it also appears that buyers are retaining some negotiating power as long as they are working with a good Real Estate team with market knowledge. Overall prices continue to increase in Southwest Florida, so buyers who have been holding off should consider getting into the market as soon as possible to capitalize on those gains.
It continues to remain important for sellers in Southwest Florida to work with a Real Estate team that will use proven systems of success to execute an exceptional marketing plan for the sale of their home, particularly teams that have a network of serious buyers both locally and internationally. Additionally, as affordability becomes an increasing concern in areas like Canada, many people are looking elsewhere for a home either to retire, relocate or invest, so working with a Real Estate team that will help get your property seen is essential.
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