Southwest Florida Market Update: November 2024
As November 2024 unfolds, the Southwest Florida real estate market is showing notable shifts across Cape Coral, Fort Myers, Naples, and Fort Myers Beach. These trends highlight the dynamic nature of the region, offering insights for buyers, sellers, and investors alike. Let’s take a closer look at the latest data.
Cape Coral: Adjustments in Pricing and Inventory
Cape Coral’s median sales price has decreased by 2.7% compared to November 2023, moving from $409,990 to $399,000. Price per square foot also saw a decline of 3.3%, signaling a slight dip in overall home values. On the positive side, new listings have surged by 12.5%, increasing housing options for prospective buyers.
Fort Myers: Stability with Some Challenges
Fort Myers remains relatively stable, with only a 2% depreciation in median sales price year-over-year. The current price per square foot is down 2.1%, while new listings have grown by 4.2%. However, the market faces a significant challenge with closed sales dropping by 7.5%, reflecting slower activity in this November’s market compared to last year.
Naples: Positive Growth Amidst Change
The Naples market continues to exhibit strength, with the median sales price rising by 2.7%, from $789,000 in November 2023 to $810,000 today. This upward trend aligns with a 14.9% increase in new listings, bringing more opportunities for buyers to explore. Despite this growth, closed sales have declined by 8.9%, highlighting some slowing in transactional activity.
Fort Myers Beach: Exceptional Appreciation with Limited Sales
Fort Myers Beach single-family homes have seen a dramatic 28.7% appreciation in value, with the median sales price skyrocketing from $785,000 in November 2023 to $1,010,000 this year. However, the market is constrained by a significant 60.1% drop in closed sales, from 183 last year to just 73 in November 2024.
What Does This Mean for You?
November 2024 data showcases a varied market landscape across Southwest Florida. From price adjustments in Cape Coral to remarkable appreciation in Fort Myers Beach, each area offers unique opportunities and challenges.
If you’re considering buying, selling, or investing in Southwest Florida, I’d be happy to help you navigate these trends. Give me a call at 239-785-6986 or email chad@anchorpointrealestatefl.com, and let’s discuss how these shifts impact your goals!
