Our real estate agents are keeping a close eye on real estate trends in Southwest Florida. We understand that many home sellers and buyers are uncertain if now is the right time to pursue their real estate goals, and we agree that this important decision deserves patience and contemplation. The team at John R. Wood Properties has continued to analyze the most recent data to help position our clients for success. If you're thinking about buying or selling a property in our market area, you should consider the following statistics.
October Sales in Southwest Florida
Overall sales in Southwest Florida saw an increase of more than 11 percent over the last year, which increased approximately 3,000 more homes sold. New listings trended downward by nearly 10 percent, but that didn't prevent the number of closed sales from rising by 11.37 percent, with average sales prices increasing by 10.61 percent. As of October 31st, 2020, the months of supply stood at 3.10, and the current inventory stood at 7,588
Similar to September 2020, fewer homes listed may have actually encouraged buyers to jump on the limited inventory. With average sales prices climbing to $492,652 and over 29,000 homes sold, it's clear that sellers were reaping the benefits of fewer homes for sale. Let's look a little deeper into our October 2020 report and see which areas specifically offered the best overall advantages for sellers and buyers.
Naples
The average sales price of homes sold in Naples was up by 10.85 percent, with the number of closed sales also increasing by 13.92 percent. Though it was a decrease, new listings in Naples only dropped by 1.94 percent, creating 3.74 months of supply and an inventory of 3,530 as of October 31st.
Marco Island
New listings decreased 6.89 percent in Marco Island and may have caused the number of closed sales to increase by an astounding 27.59 percent. The average sales price also climbed by 4.91 percent to $809,724. October closed the month with 4.86 months of supply and a current inventory of 408.
Bonita-Estero
All data points are looking up in the Bonita-Estero area with a current inventory of 961 and 3.39 months of supply. New listings rose by only 0.95 percent, but the total closed sales stood at 3,404 with a 9 percent increase. The average sales price also climbed a little, reaching $425,644 at an increase of 2.33 percent.
Fort Myers
Fort Myers saw a dramatic drop in new listings, down by 27.35 percent to only 8,074 newly listed properties. With closed sales rising by 4.34 percent, this may suggest that more homeowners are settling into the area and deciding not to sell. The average sales price increased by 11.34 percent, and the month's final inventory count stood at 1,357 with 2.69 months of supply.
Fort Myers Beach
Fort Myers Beach, however, saw a dramatic increase in the number of units sold. Closed sales rose by 26.17 percent, while new listings only dropped by 2.73 percent. The average sales price climbed by 7.61 percent to $577,994, with a current inventory of only 186 and 4.58 months of supply.
Sanibel & Captiva Islands
The Sanibel-Captiva area saw the largest increase in closed sales at 33.42 percent. The number of new listings increased by 5.17 percent though the average sales price dipped by 0.88 percent. October ended with a current inventory of 243 and 5.80 months of supply.
Cape Coral
New listings in Cape Coral saw a decrease of 6.40 percent, though their closed sales increased by 10.68 percent, and the average sales price climbed 8.69 percent to $304,640. Current inventory stood at 903, while months of supply were listed at 1.65.
As we move into the winter months and the conclusion of the year, market trends may fluctuate. However, our team believes that the market shows signs of healthy gains, and reports indicate that Southwest Florida real estate will continue to be highly-desirable as we move into 2021. If you'd like to receive more information about our newly listed Naples homes for sale, we encourage you to contact us today.
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