Has seasonality taken hold of the Southwest Florida Real Estate market? With the winter behind us and spring approaching, the impact of spring and summer seasonality can be observed in the market statistics for May 2023. Compared to the previous year, new listings have shown a decline across the board, although there have been some fluctuations in month-to-month data in specific markets. The prices have remained stable in most areas, while certain markets have witnessed a year-over-year increase in the average sale price.
Continue reading to discover how the local markets in beautiful Southwest Florida have performed!
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With 1017 new listings hitting the market in Naples in May, the area experienced a 32% decrease in new listings year-over-year, along with a slowdown in new listings month-over-month, likely attributed to seasonality. In addition, sales in Naples are down by 24% compared to May 2022, with 1017 homes sold in Naples. The average sale price, however, has held steady year-over-year at over $1.1M, a 3.1% increase compared to May 2022. Not unlike many areas in Southwest Florida, homes are spending more time on the market, with homes in Naples selling in 52 days on average. This is up 37 days from May 2022.
Like Naples, the Bonita-Estero area has seen a decrease in new listings becoming available. With 309 new properties available in May 2023, this represents a 24.8% decrease in new inventory year-over-year. This could also contribute to home sales being down in the area, with 357 homes sold in Bonita-Estero, a 10.3% decrease from last year. The average sale prices are holding steady in the region despite the slowdown in the market. At over $750k, Bonita-Estero sellers saw gains upwards of 5.8% on their properties in May. Also notable in May, homes in Bonita-Estero sold firm in 36 days on average, a 24-day increase from May 2022.
Cape Coral also experienced a slowdown in new listings in May compared to this time last year. The area had 790 new homes hit the market in May 2023, down 17.1% compared to May 2022. However, the data also shows that new listings have increased compared to April, which had 746 new properties available. Sales are also down from May 2022, with 574 sales in Cape Coral which is down 18.8% year-over-year. However, this number has increased just one month prior, with just 520 homes sold. The average sale price in Cape Coral was $485k, which has softened by May 2022 by 9%. Furthermore, houses in Cape Coral sold in 49 days on average in May 2023, which is 31 days slower than this time last year, not unlike many areas in Southwest Florida.
New Listings are down in Fort Myers Beach Areas from May 2022, with just 47 new homes hitting the market last month. Consequently, sales are also down, with 43 homes sold, down 23.4% year-over-year. For this area, sales have increased slightly from the month prior. With so few sales in the area, the impact of a single sale price will result in more fluctuations in the average sale price. This could explain why prices are down year-over-year in the Fort Myers Beach Areas by 26.3%, with the average sale price at $835k. The average days to sell is consistent with Southwest Florida areas, with homes selling in 46 days on average. This is up 26 days from 2022.
While Fort Myers also saw a decrease in new listings, the year-over-year data shows an 8.6% decrease from May 2022, with 984 new properties hitting the market. Sales have also decreased from last May but by 21.1%, with 742 homes sold in May 2023. Prices have stayed consistent year-over-year, with the average sale price in Fort Myers at $469k, showing just a 3.3% dip from May 2022. And much like many areas across Florida’s Southwest, homes sold in 39 days on average in Fort Myers, up 25 days from this time last year.
Finishing up with beautiful Marco Island, this area also had a decrease in new listings becoming available, with 114 new homes hitting the market in May 2023. This is down 11.6% year-over-year. In terms of homes sold in May, Marco Island experienced the exact same number of homes sold in 2023 as in 2022, which was 102 sales. The average sale price in Marco Island is up 8.8%, with the average sale price reaching $1.5M in May 2023. Homes are taking longer to sell than they were this time last year, with homes selling firm in 54 days on average.
New listings are down across the board in Southwest Florida, meaning there has been a little bit less choice in May, and the market is a bit tighter for inventory. This could be in part to seasonality as the busy season in Southwest Florida winds down. However, fewer sales present an excellent window for buyers looking to purchase in Southwest Florida with the possibility of less competition. If prospective buyers are hoping to spend the winter months enjoying all of the beauty that Southwest Florida has to offer, now would be a great time to search to secure and close on a home before the weather starts to turn! It remains essential to work with a Realtor® who will help them navigate the current market conditions so they find the best home for them and close on it at a fair price.
While the market stats may suggest less competition due to the decreased inventory, the decrease in sales shows that sellers still need to market their homes exceptionally and effectively to increase buyer interest and achieve top value for their homes in summer 2023. Not only is it crucial to showcase your Southwest Florida home in the best way possible with professional photos, staging, and videos, but working with a Real Estate team with strong connections to international buyers will help sellers bypass the seasonal slowdown within their local market. Summers fly by quickly for areas further North with prolonged winters, and some buyers are already looking ahead to prolong the enjoyment of the sunshine and have started searching for their winter paradise!
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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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