Fort Myers Real Estate Market 2024: An Analysis Compared to 2023
As we navigate through 2024, the real estate market in Fort Myers, Florida, has shown some notable shifts compared to 2023. By examining key metrics such as median sales prices, closed sales, days on market, list price received, sold price per square foot, new listings, and active inventory, we can gain valuable insights into the current state and trends of the market.
Median Sales Price
2023: $478,500
2024: $487,500
Year-over-Year Change: +1.9%
The median sales price has seen a modest increase of 1.9% from $478,500 in 2023 to $487,500 in 2024. This indicates a stable market with gradual appreciation in property values, reflecting continued demand for homes in Fort Myers.
Closed Sales
2023: 896
2024: 721
Year-over-Year Change: -19.5%
Closed sales have dropped significantly by 19.5%, from 896 in 2023 to 721 in 2024. This decline suggests a cooling market, potentially due to higher interest rates, affordability issues, or shifting buyer preferences.
Median Days on Market
2023: 17 days
2024: 44 days
Year-over-Year Change: +158.8%
The median days on market have surged from 17 days in 2023 to 44 days in 2024, an increase of 158.8%. Homes are taking much longer to sell, which could indicate a shift towards a buyer’s market where sellers may need to adjust prices or offer incentives to attract buyers.
List Price Received
2023: 96.4%
2024: 96.0%
Year-over-Year Change: -0.4%
The percentage of list price received has slightly decreased from 96.4% to 96.0%. This small dip suggests that sellers are still receiving near their asking prices, but there is a slight softening in negotiation power.
Sold Price per Square Foot
2023: $255
2024: $261
Year-over-Year Change: +2.4%
The sold price per square foot has increased by 2.4%, from $255 to $261. This rise indicates that the cost of housing on a per-square-foot basis is climbing, contributing to the overall increase in median sales prices.
New Listings
2023: 1,286
2024: 1,341
Year-over-Year Change: +4.3%
New listings have gone up by 4.3%, from 1,286 in 2023 to 1,341 in 2024. This increase in inventory provides more options for buyers and could help balance the market if demand keeps pace.
Overall Market Trends
Price Appreciation: The market shows modest price appreciation, indicating sustained demand.
Slower Sales: A significant drop in closed sales and longer days on market suggest the market is cooling, with properties taking longer to sell.
Stable Pricing: Despite the slower sales, the list price received remains relatively stable, showing sellers are still getting close to their asking prices.
Increased Inventory: More new listings and potential increases in active inventory suggest growing supply, which could help ease pricing pressures if demand doesn't outpace supply.
Conclusion
The Fort Myers real estate market in 2024 shows signs of stabilization with modest price increases and a longer time to sell homes. While the market is cooling compared to 2023, with fewer closed sales and longer median days on market, the stable list price received and rising price per square foot indicate that property values remain strong. Increased new listings may lead to more balanced conditions, potentially benefiting buyers with more choices and sellers with sustained, albeit slower, market activity.
For both buyers and sellers, understanding these trends is crucial. Buyers might find more opportunities and negotiation power, while sellers need to be mindful of pricing strategies and market conditions to attract buyers. As always, consulting with a local real estate professional can provide personalized insights tailored to your specific needs and goals.
If you have any questions, please reach out to me at 239-785-6986. I look forward to hearing from you! -Chad Damitz, Broker/Founder of Anchorpoint Real Estate
