March has come and gone, and many are wondering if there has been any change in the Southwest Florida Real Estate market compared to this time last year. And while there is undoubtedly a significant change in market activity year-over-year, looking at the trends from month to month tells a different story that paints a picture of optimism for both buyers and sellers in Southwest Florida.
Read below for your Southwest Florida regional market breakdown and our thoughts on what this means for buyers and sellers.
In Naples, new listings took a small drop year-over-year, with 1420 new properties hitting the market. It is interesting to note that in March 2022, there was a large influx of new inventory in the Naples area, which could contribute to the 12% decrease from last year. With 1053 homes sold, there was a noticeable 18.4% decrease in sales year-over-year, but month-over-month tells a much different story. With 697 sales in February, March 2023 saw a large increase in home sales. Homes are still spending more time on the market compared to 2022, with homes selling firm in 48 days on average last month. This is 27 days longer than March of last year. The great news for sellers is that prices are on the rise. Average prices are up 19.6% from last year, with the average sale price over $1M.
Bonita-Estero saw a small 6.2% dip in new listings compared to March 2022, with 498 new homes coming available. However, inventory appears to be trending upwards month-over-month, with just 444 new homes back in February 2023. Home sales are also down slightly from March 2022, with 12.1% fewer home sales. However, this is also a number that is trending upwards compared to previous months, with over 100 more home sales compared to February 2023. Prices are up substantially in Bonita-Estero, with the average sale price reaching 820k in March 2022, up 38.7% year-over-year. Homes are also spending extra time on the market in this area, with homes going firm in 33 days on average, which is up 21 days from March 2022.
Cape Coral had 921 new listings hitting the market in March, which is a minor 2.1% decrease in new inventory from previous years. Home sales were also down year-over-year, with 569 sales in March 2022, but this number has improved from just February 2023, which saw 412 homes for sale. The average sale price in Cape Coral was at $484k in March, which is down by 7.7% from this time last year, and homes are staying on the market 34 days longer than they were last year.
Fort Myers Beach areas saw an uptick in new listings compared to March 2022, with 89 new homes sold. However, home sales are down by 11%, with 48 sales in March 2023. Prices are down by 23.7%, with the average sale price reaching $779k. Given the volume of homes sold, it is likely that the price may fluctuate, so it will be interesting to monitor the pricing in this area going forward. Like most areas in Southwest Florida, homes are spending longer on the market compared to last year, and the Fort Myers Beach Areas are seeing homes sell firm in 54 days, up 28 days from March 2022.
Fort Myers saw a 17.4% spike in new listings compared to this time last year, with 1265 new homes coming available. Home sales are down slightly year-over-year, with 839 properties sold. This represents an 11.8% decrease from March 2022, but this is quite a bit more than in February 2023, which only saw 619 sales. Prices have held steady year-over-year in this area, with the average sale price at $423k. And much like many Southwest Florida areas, homes are spending approximately 17 more days on the market than this time last year, with homes going firm in 35 days on average.
Marco Island had a 22.7% decrease in new inventory in March 2023 compared to March 2022, but the amount of new inventory seems to hold steady month-over-month. Home sales are down by 41.5% year-over-year, but month-over-month sales are trending upward. Year-over-year, Marco Island has seen a dip in price, with the average sale price dropping to $1.3M, which is down by 18.2%. Homes in Marco Island are spending an average of 71 days on the market, which is 27 days slower than this time last year.
There is plenty of evidence that purchasing in Southwest Florida is a good investment at any price point, given that sale prices in many areas are trending upward despite the overall economy. However, while the trends show a gradual increase in new inventory, buyers will want to ensure that they work with Professional, Loving, Local Realtors®, who will help them find the best home for their needs and will negotiate a fair price.
Sellers that have been resisting putting their homes on the market due to the decline in sales may find that now is a great opportunity to capitalize on buyer confidence. However, in order to ensure a successful sale, working with a Real Estate team that prioritizes exceptional marketing, from staging to professional photography and videography and a marketing plan that includes both local buyers and international buyers.
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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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