Buyers Are Returning Faster Than Sellers Across the Region
The Southwest Florida housing market saw more buyer activity this winter than at any point in the past three years, while inventory continued to tighten. Prices haven’t bounced back yet, but buyers are showing up again.
What follows is a look at what February 2026 data from the Florida Gulf Coast MLS (FGCMLS) reveals across Fort Myers, Cape Coral, Estero, Bonita Springs, and Naples: where homes are moving, where they are sitting, and what separates the two. All transaction data, listing counts, and price metrics referenced in this report and the five city-level reports linked below are drawn from FGCMLS unless otherwise noted.
Key Takeaways (TL;DR)
- Pending sales across the region hit 3,637 in February, the highest single month since January 2023 and a 20.6% increase year over year.
- Active inventory fell to 21,031 homes, down 17.5% from last year, while new listings dropped 18.2%, tightening supply from both directions.
- Months of supply compressed from 10.8 to 8.0 year over year, the biggest improvement since prices started pulling back in 2023.
- Roughly 30% of active listings across the five major cities have already failed at least once in the past 12 months. Those sellers eventually sold at a median of 10% to 11% below their original asking price.
- The competitive market (listings under 90 days, first-attempts or meaningful relists) shows 3.6 to 4.6 months of supply depending on the city, far tighter than the overall inventory numbers suggest.
Transaction Volume Is Recovering Before Prices
More homes are selling, but prices haven’t started climbing yet. That is the story of early 2026. Closed sales across the full MLS rose from 2,100 in February 2025 to 2,408 in February 2026. Pending contracts surged to 3,637, the highest reading in the dataset. Dollar volume climbed to $1.818 billion for the month.
Prices Have Stabilized at Lower Levels
Median sale price settled at $420,000 in February, down from a $460,000 peak in April 2024. Price per square foot is a better measure because it does not get thrown off when a different mix of homes happens to close in a given month. That number stands at $242 after bottoming at $232 in July 2025. That $10 recovery over seven months shows stabilization after last summer’s trough. Sellers received 95.9% of their last list price at closing, consistent with the prior year.
Showings Confirm Buyers Are Engaging Again
Showings per listing rose to 3.5, a 16.7% year-over-year increase and the first winter quarter improvement in three years. The winter quarter comparison (December through February) reinforces the trend: pending sales rose 22.3%, closed sales gained 15.0%, and showings per listing climbed 12.9%. Buyers are engaging again. And that interest is turning into offers.
Mortgage Rates Remain Part of the Equation
This buyer activity happened while mortgage rates were working their way down. The 30-year fixed-rate mortgage averaged 6.76% in February 2025 and fell to 5.98% by the last week of February 2026, the first time in three and a half years that the average dipped below 6% (Freddie Mac Primary Mortgage Market Survey). Whether rates stay below 6% or settle back above it, the sales numbers show buyers are acting at current levels rather than waiting.
Nearly One-Third of Active Inventory Has Already Failed to Sell
Across Fort Myers, Cape Coral, Estero, Bonita Springs, and Naples, 4,364 of 14,739 active listings (29.6%) have expired, been terminated, or been withdrawn within the past 12 months and returned to market. Fort Myers and Bonita Springs lead at roughly 32%, while Cape Coral and Estero sit near 27%.
A note on what this figure captures: a relist does not always mean the original price was wrong. Some homes return after an agent change, a decision to pull off market during a slower season, or a shift in the seller’s personal circumstances. That said, 79% of returning sellers across the region reduced their asking price before their second attempt, which suggests pricing was the primary factor in most cases. Here is what that pattern actually costs sellers in dollars and days.
The Real Cost of Overpricing
Those relisted sellers reduced their asking price by a median of roughly 5% to 7% before their second attempt began. Among the 1,653 relisted homes that eventually sold, the final sale price landed a median of 10% to 11% below the original asking price. In dollar terms, that gap ranges from $42,500 in Fort Myers to $80,500 in Naples.
The time cost compounds the financial one. Homes that sold on the first attempt closed in a median of 49 to 69 days depending on the city. Homes that failed and relisted spent a combined 206 to 236 days on market across both attempts. Every month of unnecessary marketing time carries holding costs, and the eventual discount almost always exceeds what an accurate initial price would have required.
Overall Inventory Overstates the Competition
Stripping out stale inventory (180 or more days on market) and stubborn relists (homes that returned at the same or higher price) reveals a different picture. Competitive inventory, defined as listings under 90 days that are either first-attempts or relists with a meaningful price reduction, shows months of supply ranging from 3.6 in Estero to 4.6 in Naples. Properly priced homes face far less competition than the raw numbers indicate.
This is a deliberate filtering choice, and it is worth explaining why. The overall months-of-supply figure treats every active listing as competition, including homes that have sat for eight months without a showing and relists that returned at the same price that already failed. A seller who prices to recent comparable sales is not competing against those listings. Buyers are not cross-shopping a well-priced home against one that has been on market since last summer. The competitive inventory measure is designed to reflect the supply a properly prepared seller actually faces. It produces a tighter number, but we apply the same rules in every city.
Each City in the Southwest Florida Housing Market Tells a Different Story
Regional averages smooth over meaningful variation. The table below compares the five major cities on the metrics that matter most to homeowners evaluating a move. Each city-level report linked below provides the full analysis behind these numbers.
| City | Median Sold Price | Price/SF | Active Listings | Months of Supply | Sold-to-List | Closed Sales YoY |
|---|---|---|---|---|---|---|
| Fort Myers | $325,000 | $202 | 3,506 | 7.9 | 95.6% | +9.6% |
| Cape Coral | $375,000 | $218 | 3,091 | 6.3 | 97.0% | +16.0% |
| Estero | $425,000 | $252 | 753 | 6.3 | 96.4% | +18.1% |
| Bonita Springs | $565,000 | $308 | 1,245 | 8.4 | 95.5% | +23.0% |
| Naples | $665,000 | $346 | 6,153 | 8.8 | 95.2% | +15.2% |
Source: FGCMLS. All metrics reflect February 2026 single-month data unless otherwise noted. The sold-to-list ratio reflects the most recent list price at the time of contract, not the original asking price. The city-level snapshots below use 120-day data to support the listing-level analysis.
Cape Coral saw the biggest drop in available homes in the region at 26.4% year over year, while Fort Myers saw its median fall 12.2% below last February’s level. Naples held prices essentially flat while generating the highest dollar volume. Estero recorded the largest pending sales increase at 43.5%.
The city-by-city reports linked below break down each market’s supply dynamics, pricing accuracy, relist patterns, and featured community performance.
Where Each City in Southwest Florida Stands Right Now
Fort Myers
- Active Listings: 3,492
- Sold (Last 120 Days): 1,593
- Months of Supply: 8.8 (all listings) / 4.2 (priced-right listings only)
- Median Sold Price: $339,000
- Sellers Received: 95.8% of asking price
- Relist Share of Active: 31.9%
Fort Myers recorded a 9.0% year-over-year price per square foot decline, the second-steepest in the region behind Estero’s 14.0%, bringing the median to $202. Transaction volume still improved 9.6%, and inventory dropped 21.0% from February 2025. The highest relist rate (31.9%) among the five cities signals that pricing accuracy remains the primary challenge. Homes priced to recent comparables are reaching contract in roughly 49 days. Homes that missed the mark spent a median of 219 days across two attempts and sold for $42,500 less than their original ask. Read the full Fort Myers housing market update for community-level detail. Explore Fort Myers neighborhoods and homes.
Cape Coral
- Active Listings: 3,089
- Sold (Last 120 Days): 1,629
- Months of Supply: 7.6 (all listings) / 3.8 (priced-right listings only)
- Median Sold Price: $365,000
- Sellers Received: 96.5% of asking price
- Relist Share of Active: 27.1%
Cape Coral tied Estero for the tightest overall months of supply (6.3) in the region. Competitive supply sits at 3.8, behind Estero’s 3.6. Cape Coral also posted the largest inventory decline at 26.4% year over year. Closed sales rose 16.0%, and showings per listing jumped 22.9%. A 13.3% gap between what sellers are asking per square foot and what buyers are paying stands as the widest in Lee County, driven partly by new construction (34.4% of active inventory). Read the full Cape Coral housing market update for waterfront and community breakdowns. Explore Cape Coral neighborhoods and homes.
Estero
- Active Listings: 760
- Sold (Last 120 Days): 439
- Months of Supply: 6.9 (all listings) / 3.6 (priced-right listings only)
- Median Sold Price: $505,000
- Sellers Received: 96.3% of asking price
- Relist Share of Active: 26.8%
Estero holds the tightest competitive supply in the region at 3.6 months and a 36.3% pending-to-active ratio, the highest among the five cities. Overall months of supply matches Cape Coral at 6.3, but the competitive and pending-to-active measures both favor Estero. Pending sales surged 43.5% year over year. The ask-bid gap in price per square foot is the narrowest in the region at 4.5%, reflecting listings that are better aligned with buyer expectations. Read the full Estero real estate market update for newer construction trends and community data. Explore Estero neighborhoods and homes.
Bonita Springs
- Active Listings: 1,243
- Sold (Last 120 Days): 555
- Months of Supply: 9.0 (all listings) / 4.4 (priced-right listings only)
- Median Sold Price: $550,000
- Sellers Received: 95.5% of asking price
- Relist Share of Active: 31.8%
Bonita Springs carries the second-highest relist share in the region and a 14.9% gap between asking and sold price per square foot. It is also the only city where the single-month February median ($565,000) came in above last year, though rolling three-month data shows a modest decline consistent with the broader price-per-square-foot trend. Closed sales jumped 23.0%, and pending contracts increased 22.9%. Community-level performance varies widely here. Read the full Bonita Springs housing market update for the complete breakdown. Explore Bonita Springs neighborhoods and homes.
Naples
- Active Listings: 6,155
- Sold (Last 120 Days): 2,510
- Months of Supply: 9.8 (all listings) / 4.6 (priced-right listings only)
- Median Sold Price: $620,000
- Sellers Received: 95.1% of asking price
- Relist Share of Active: 29.5%
Naples commands the highest price point and the deepest inventory in the region. Pending sales climbed 27.9% year over year, and closed sales rose 15.2%. The 16.6% gap between active asking price per square foot and sold price per square foot is the widest in the region, driven by luxury inventory where $3.37 billion in listed value sits stale or stubbornly priced. Read the full Naples housing market update for luxury trends and community analysis. Explore Naples neighborhoods and homes.
What Southwest Florida Homeowners Are Asking
Transaction volume is clearly rising. Closed sales increased 14.7% year over year, and pending contracts hit a three-year high. Prices per square foot have stabilized after a 17% decline from their 2023 peak, though the median sale price remains 2.3% below last February. The best description: more homes are selling at slightly lower prices.
The answer depends on pricing. Homes that sell on their first attempt close in a median of 49 to 69 days. Homes that miss the price and need to relist spend 206 to 236 total days and sell at 10% to 11% below their original ask. Median days on market for the full MLS stands at 63.
The overall number is 8.0 months across the full MLS, down from 10.8 a year ago. Within the five major cities, competitive inventory (listings under 90 days, first-attempts or meaningful relists) shows 3.6 to 4.6 months, which is closer to balanced market conditions.
Buyers still hold structural advantages in most price tiers, with a 95.9% sold-to-list ratio and ample inventory. The balance is moving, though. Pending sales are up 20.6%, new listings are down 18.2%, and showings per listing increased for the first time in three winter quarters. Sellers who price accurately are finding contracts within 30 to 60 days.
Waiting involves tradeoffs in both directions. For sellers, inventory is declining and buyer activity is rising. For buyers, price per square foot has recovered modestly from its July 2025 low, and tightening supply means fewer options over time. The data supports making a well-informed decision based on your personal timeline rather than trying to call the bottom.
Final Thoughts on the Southwest Florida Housing Market
The numbers point in one direction: more buyers are entering, fewer sellers are listing, and the gap between the two is closing faster than at any point since 2023. Pricing remains the variable that separates a 50-day sale from a 200-day ordeal.
If you are considering a move in Fort Myers, Cape Coral, Estero, Bonita Springs, or Naples, explore the city-specific reports linked above for the data most relevant to your neighborhood. You can also search homes across Southwest Florida or contact our team to discuss your situation directly.
Most homeowners feel overwhelmed when it’s time to move. At Worthington Realty, we provide personalized guidance and clear communication so that you feel heard, valued, and confident in your decisions.
Explore the March 2026 Southwest Florida Market Series
- Fort Myers Housing Market Update
- Cape Coral Housing Market Update
- Estero Real Estate Market Update
- Bonita Springs Housing Market Update
- Naples Housing Market Update
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