Even though the temperatures are heating up, June saw a bit of a slowdown in the Southwest Florida Real Estate market, which is on par for seasonality. Overall, new listings decreased year-over-year, which may have contributed to a slowdown in sales. The good news for sellers is that overall prices have held steady, with one area seeing a substantial increase in price year-over-year.
Want to find out which area bucked the trend this month? Keep reading!
But first, are you curious to find out what your home could sell for in today's market? Try our Free Home Evaluation Tool to find out your home's value!
Naples saw a decrease in New Listings from June 2022, with 885 homes hitting the market. This is down approximately 28.5% from this time last year. Sales were similarly down in the month of June, with 884 properties sold, representing a 12.4% decrease year-over-year. Homes are on the market 30 days longer than they were this time last year, with homes firm of sale in 48 days on average. The good news for sellers is that prices are holding steady, with the average sale price at over $1M, up 2.7% compared to June 2022.
Bonita-Estero also had a decrease in new listings from this time last year. In June 2023, 270 new properties hit the market, down 20.6% year-over-year. Sales are also down by 20.3%, with 282 homes sold last month. Homes in Bonita-Estero are also spending a bit longer on the market, with homes going firm in 44 days on average, which is up 29 days from June 2022. Prices have remained fairly steady year-over-year, with the average sale price at $687k in June 2023.
Cape Coral saw 14.7% fewer new listings available in June 2023 compared to June 2022, with 810 new homes hitting the market. There were 493 properties sold in June, representing a 26.7% decrease in home sales. Also, prices softened slightly in Cape Coral, a marginal 6.9%, with the average sale price hitting $485k. Homes in Cape Coral spent an average of 52 days on the market, which is up 34 days from June 2022.
Fort Myers Beach Areas is on trend with most areas in Southwest Florida for June, with a 23.4% decrease in new listings compared to June 2022. There were 36 new homes listed in the month of June for the area. As such, sales also decreased year-over-year for June, with 30 properties sold, a 38.8% drop from this time last year. Prices have softened slightly compared to the previous year, with the average sale price at $724k, down just 10% from June 2022. Also aligned with many areas in Southwest Florida, the average time homes spend on the market is 64 days, up 42 days from June 2022.
The City of Fort Myers had a marginal 4.7% decrease in new listings compared to June 2022, with 934 new properties hitting the market. Homes sales are down slightly more from last year, with 683 sales in Fort Myers, representing a 13.7% year-over-year decrease. Prices have also held steady, with the average sales price at $453k for the city, just a 2.9% dip from last year. While homes in Fort Myers are spending an average of 23 days longer on the market, they are selling quicker than most areas in Southwest Florida, with homes going firm in 38 days.
Marco Island saw a similar decrease in new listings, with 92 properties becoming available in June, a 10.7% decrease from June 2022. Sales are also slightly down in the area, with 70 homes sold, down 10.3% year-over-year for Marco Island. Homes in the area sold firm in 63 days on average, up 26 days from June 2022. That said, Marco Island sellers have seen tremendous gains year-over-year in price. The average sale price in Marco Island reached $1.6M, which is up 25.1% from June 2022 for every taste.
While the summer months and Real Estate markets are heating up for most of the United States, Southwest Florida appears to be experiencing a typical seasonal slowdown. With that said, sellers hoping to list in time for the fall when Canadian snowbirds and other buyers from the North are hunting for the perfect Southwest Florida home should begin making plans sooner than later to get a jump start on our busy season.
Does this mean you are unlikely to sell in the coming months? Absolutely not! With the right team by your side who will go full out for you® and the right marketing strategy to navigate the season, you can still find tremendous success in the summer months. Reach out to Faris Team today to book an appointment!
While new inventory may be down year-over-year, now is the perfect time to get ahead of the busy season and find your idyllic slice of paradise in Southwest Florida. There are still plenty of beautiful homes waiting for you in Florida! Start the search now so you can close on your home and be settled in by the time the snowflakes fall. You’d be setting yourself up perfectly for a whiteout-free winter…unless you are referring to the white sandy beaches! Work with a team that will go above and beyond to help you find your ideal retreat, negotiate the right deal, and provide you with the Best Real Estate Experience in the world!
Thinking of selling? 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.
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