Home values drop along Florida's Gulf Coast amid rising inventory

FORT MYERS, Fla. —

Home values along the Gulf Coast, including Punta Gorda, are experiencing a notable decline, with prices dropping by more than $25,000, and Lee County seeing over 12,800 homes for sale.

Ellis Painter, who is considering a move to Fort Myers from Pittsburgh, noted the increase in sales and listings, saying, "I know in Florida, the sales and listings at least have gone up expeditiously. Just driving down here through Fort Myers, you see for sale signs everywhere."

Sue Christiano from Elite Edge Realty in Fort Myers explained that some sellers are opting to rent their properties instead of selling due to the current market conditions.

"I have sellers who have chosen to pull their properties off the market and rent them," Christiano said. She added, "The prices have to be realistic, and we have too much inventory right now."

Christiano highlighted that homes in Lee County are taking an average of 86 days to sell, while in Punta Gorda, it takes about 103 days.

"Even in my office, I see things are starting to move once the price has been reduced," she said. She attributed the slow movement to homes being priced at 2021 levels post-pandemic, stating, "The longer you carry a house, the more it costs you money."

According to Realtor.com, Naples, Cape Coral, Punta Gorda and North Port are experiencing some of the largest declines in home values in the country since 2008. Christiano observed, "I'm seeing home prices are starting to reset. I hate to say decline, but decline is a scary word."

Despite the declining prices, potential buyers like Ellison Painter remain optimistic.

"I think the market will always correct itself. Sometimes that just takes time," Painter said.

For those considering selling, the advice is to price homes accordingly, as lower prices may result in less time on the market, making it a buyer's market in Lee County.

DOWNLOAD the free Gulf Coast News app for your latest news and alerts on breaking news, weather, sports, entertainment, and more on your phone or tablet. And check out the Very Local Gulf Coast app to stream news, entertainment and original programming on your TV.