Fort Myers & Cape Coral Real Estate Market Report – December 2024

The real estate markets in Fort Myers and Cape Coral closed out 2024 with a mix of opportunities and challenges for both buyers and sellers. Let’s dive into the numbers and break down the trends for single-family homes and condos/townhomes.

Single-Family Homes Market Overview

Year-Over-Year (December 2024 vs. December 2023):
The single-family home market saw some shifts compared to last year. Closed sales dipped slightly by 3.4%, with 880 homes sold this December, compared to 911 last year. However, pending sales increased by 13.2%, climbing to 807 homes under contract from 713 last year, signaling strong buyer demand as the year ended.

Inventory grew significantly, with active listings up 24.1%, rising from 5,687 homes in December 2023 to 7,058 homes in December 2024. Homes also took a bit longer to sell, with the median days on market up 9.1%, now at 48 days compared to 44 days last year.

The median sales price softened slightly, down 1.3%, dropping from $385,000 in December 2023 to $380,000 in December 2024, reflecting a modest price adjustment.

Month-Over-Month (December 2024 vs. November 2024):
The market saw strong activity heading into December. The median sales price increased by 1.3%, rising from $375,000 in November to $380,000 in December. Closed sales were up 9.3%, with 880 homes sold, compared to 805 in November.

New listings dropped significantly by 15.1%, with 1,755 homes hitting the market in December compared to 2,065 in November, tightening supply. However, active inventory increased slightly by 1.8%, with 7,058 homes available in December, up from 6,932 in November.

Homes sold faster in December, with the median days on market decreasing by 5.9%, from 51 days in November to 48 days. The months of supply dipped by 6.9%, leaving about 8 months of inventory, which points to a market trending slightly in favor of sellers.

Condos & Townhomes Market Overview

Year-Over-Year (December 2024 vs. December 2023):
The condo and townhome market saw a more pronounced shift over the past year. Closed sales fell 3.6%, with 187 units sold this December, compared to 194 last year. Pending sales dropped by 13.3%, with 157 units under contract, down from 181 in December 2023.

Active inventory grew sharply, up 35.9%, with 2,625 condos and townhomes available this December, compared to 1,931 last year. Properties took much longer to sell, with the median days on market up 61.4%, increasing from 44 days last year to 71 days in December 2024.

Prices also softened significantly, with the median sales price down 11.6%, dropping from $311,000 in December 2023 to $275,000 in December 2024.

Month-Over-Month (December 2024 vs. November 2024):
The condo market showed some interesting month-to-month changes. The median sales price rose by 3.9%, increasing from $265,000 in November to $275,000 in December, showing a short-term recovery.

Closed sales surged 46.1%, with 187 units sold this December, compared to 128 in November. However, properties are taking longer to sell, with the median days on market increasing by 31.5%, rising from 54 days in November to 71 days in December.

New listings fell sharply, down 29.2%, with only 489 new units hitting the market in December compared to 690 in November. Despite fewer new listings, active inventory increased slightly by 2%, rising from 2,572 units in November to 2,625 units in December.

The months of inventory decreased significantly, down 30.2%, leaving about 14 months of supply in December.

Key Takeaways for December 2024

  • Single-Family Homes: Prices are holding steady, and buyer activity is strong, as seen in the rise in pending and closed sales. However, fewer new listings and tightening inventory are making it more competitive for buyers. Sellers remain in a favorable position.

  • Condos & Townhomes: While prices are still down year-over-year, December saw a slight rebound in the median price. Sales activity picked up significantly month-to-month, but inventory remains high, giving buyers plenty of choices.

This market shows a blend of opportunities for both buyers and sellers. Whether you’re looking to capitalize on high inventory in the condo market or take advantage of strong demand for single-family homes, now is the time to explore your options.