With July behind us and summer in full swing, seasonality has taken effect in the Southwest Florida markets. Most areas saw a decrease in new homes hitting the market, with Marco Island being a notable exception. Property sales are also down slightly this summer compared to last year, anywhere from 10-15%, with two local markets presenting a bit of an anomaly (keep reading to find out which ones!). While homes spending more time on the market has become a bit of a new normal across Southwest Florida, it’s worth noting that this trend continues into the summer. With that said, prices are holding steady and even increasing in a few markets. Ready to find out which ones? Keep reading!
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Naples had a 15.9% decrease in new listings in the month of July compared to this time last year, with 801 new homes hitting the market. Sales have decreased slightly year-over-year, with 609 properties sold, a 10.7% dip from last summer. Prices have held steady despite the slower season, with the average sale price at just over $1M. Homes are spending longer on the market than they did in July 2022, with homes selling firm in 54 days on average. This is up 29 days from this time last year.
Bonita-Estero saw a minor 0.8% increase in new inventory compared to July 2022, with 255 homes coming available last month. Sales are also down year-over-year but just by 10.7%, with 200 properties sold. Prices are on the rise in the Bonita-Estero area, however, with the average sale price at over $739k in July 2023. Sellers saw 16.6% gains in price in the area year-over-year. Like most areas in Southwest Florida, homes in Bonita-Estero are spending a bit longer on the market than they were last summer, with homes going firm in 52 days on average.
New inventory saw a bit of a dip for Cape Coral year-over-year, with 716 new homes hitting the market, a 15% decrease from July 2022. Sales are also down by 15.7%, with 429 properties sold. Even with the slowdown, prices in Cape Coral are holding steady, with the average sale price at over $475k in July 2023. Keeping in step with most Southwest Florida regions, homes are selling 33 days slower than they were last summer, with homes going firm in 52 days on average.
Fort Myers Beach Areas also saw a bit of a dip in new inventory last month, with 35 new properties coming available in July 2023. Sales have also dipped by 15.9% last month, with 21 homes sold in the area. The average sale price in the area has also seen about a 15% decrease year-over-year, with the average sale price at over $771k in July 2023. It is worth mentioning that with just 21 sales, the impact of a single sale can be much greater than in regions with hundreds of sales, which can impact the average prices. Homes in the Fort Myers Beach Areas are also spending more time on the market than they were last July, with homes selling firm in 66 days on average.
The city of Fort Myers saw very similar levels of new inventory compared to this time last year. With 829 new properties hitting the market, there was a 0.1% increase in new listings year-over-year. Sales, however, are slightly down in the city, with 569 homes sold last month, an 8.7% decrease. Prices, however, are up 3.1%, with the average sale price up to over $485k. Homes in Fort Myers are selling firm in 42 days on average, which is up 23 days from July 2022.
Marco Island was an anomaly for new inventory as they saw an 11.5% uptick in new listings coming available in July. In addition to the 68 new homes hitting the market, sales are up substantially from this time last year. With 52 properties sold in July, Marco Island saw a 48.6% increase in home sales year-over-year. Prices are also up in Marco Island, with sellers seeing gains upwards of 36.1% compared to July 2022, as the average sale price reached over $1.8M. Homes are still spending more time on the market in Marco Island than they were this time last summer, with homes selling firm in 71 days on average.
Buyers may be experiencing a bit of a lull in new inventory to choose from, but with the busy season in Southwest Florida swiftly approaching, now is a great time to get into a new home if you’d like to close before the snowflakes fall in your area! Not only that, but sales are down across most areas in Southwest Florida, which may mean less competition and more serious sellers. With the Best Real Estate Team by your side, ready to go full out for you® to find the perfect Southwest Florida and negotiate a fair deal on your home.
Now is a great time to list and get ahead of the busy season for sellers looking to capitalize on the value of their homes! With sales down, having Exceptional Marketing is the key to convincing perhaps hesitant buyers that your home is superior to the competition. Make sure to work with a Real Estate Team that prioritizes Expert Home Staging, Professional Photography and Videography and a solid Digital Marketing plan. All of these factors will contribute to your Best Real Estate Experience.
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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