Southwest Florida Real Estate Market Update December 2024

Jan 6

As we step into the new year, let’s take a closer look at how the Southwest Florida real estate market has evolved over the past year. Whether you're buying, selling, or just staying informed, these insights are essential for navigating the market in 2025.

Cape Coral: Slight Decline in Prices, More Listings

For single-family homes in Cape Coral, the market has seen a dip:

Median Sales Price: Down 2.0%, from $405,000 in 2023 to $397,000 in December 2024.
Days on Market: Up 54%, signaling slower movement in the market.
Price per Square Foot: Down 3.3%, reflecting softer demand.
New Listings: Up 13.7%, adding more inventory to the market.

Fort Myers: Modest Price Drop and Fewer Sales

In Fort Myers, single-family homes experienced minor shifts:

Median Sales Price: Down 1.8%, from $489,000 in 2023 to $480,000 in December 2024.
Closed Sales: Down 7.9%, indicating reduced buyer activity.
Price per Square Foot: Down 2.3%.

Bonita Springs: Prices Rise Despite Longer Days on Market

The market in Bonita Springs has shown resilience:

Median Sales Price: Up 2%, from $745,000 to $760,000 year-over-year.
Price per Square Foot: Up 2.2%.
New Listings: Increased by 8.1%.
Days on Market: A sharp increase of 80.8%, from 26 days in 2023 to 47 days in December 2024.

Naples: A Strong Market with Growing Inventory

Naples continues to shine, although with some mixed metrics:

Median Sales Price: Up 3.2%, from $790,000 to $815,000.
Closed Sales: Down 8.2%, from 3,906 to 3,586.
New Listings: Up significantly by 16.3%, from 5,959 in 2023 to 6,933 in December 2024.

Condominium Market: Inventory Surging, Prices Declining

Across Southwest Florida, the condominium market faces challenges:

Naples: Prices down 1.9%, with new listings up nearly 20%. Inventory has grown to 11.6 months, signaling a buyer’s market.
Fort Myers: Median prices down 6.4%, with price per square foot down 8%. Inventory is at 12 months.
Cape Coral: Median sales prices dropped 9.3%, from $277,000 to $252,000. Price per square foot is down 12.4%, and new listings declined slightly by 1.4%.

What This Means for Buyers and Sellers

For Buyers: Increased inventory, particularly in the condo market, means more options and potential for negotiation.
For Sellers: It’s crucial to price competitively and highlight unique property features to stand out in a market with growing inventory.

If you have any questions about how these trends affect you or would like assistance with buying or selling, feel free to reach out to me at 239-785-6986 or email me at chad@anchorpointrealestatefl.com.

Let’s make 2025 a strong and successful year! Have a wonderful day!

Chad Damitz