Home Prices Hold Steady in July
Naples, Fla. (August 25, 2023) – While much of America grapples with unfamiliarly high interest rates that have stalemated the resale home market, broker analysts reviewing the July 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), point to data that shows home sales activity in Naples has remained steady for the past year despite several interest rate increases. Yet, even as cash sales for homes in Naples decreased from 66.7 percent in January to 53.5 percent in July, the overall median closed price of homes in the first seven months of 2023 has continued to increase compared to most months in the first seven months of 2022.
The July Market Report’s total sales data showed 81 fewer homes sold in July compared to July 2022, an 11.9 percent decrease to 600 closed sales from 681 closed sales. On the other side of the spectrum, pending listings (homes under contract) in July increased 6.3 percent to 798 pending listings from 751 pending listings in July 2022, which illustrates our market’s steadiness. Also, the percent of list price received this July is steady at 96.1 percent compared to 97.9 percent in July 2022. In July, days on market increased 115.4 percent to 56 days from 26 days in July 2022, the lowest reported in the history of NABOR®’s Market Reports. Incidentally, before the pandemic, days on market averaged over 100 days (104 days in July 2019).
“Fortunately, new listings continue to be steady each month,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “But they aren’t replenishing inventory at the rate we need, and so inventory has been dropping for each of the last four months.”
New listings in July decreased 15.4 percent to 810 new listings from 957 new listings in July 2022. Before the pandemic, new listings supplemented an already very healthy inventory level. Data showed there were 5,200 properties for sale in Naples in July 2019 compared to 2,583 properties listed for sale in July 2023. But while new listings, closed sales, and pending sales activity have almost returned to 2019 levels, overall inventory has not.
As inventory faded away during the homebuying frenzy of the pandemic years, median closed prices rose by over 50 percent. In July 2019, the median closed price in Naples was $325,000. But in July 2023, the median closed price increased 9.2 percent to $595,000 from $545,000 in July 2022.
“I don’t think sales in our area have stalemated,” said Hughes. “Looking at the data, we’re no better and no worse than we were a year ago. In fact, historically speaking, we’re only 500 sales off from the number of closed sales reported in the first seven months of 2019. And that’s with half the inventory. This says so much about resiliency and the desirability of homeownership in our area.”
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Mark H. Bickel | Naples Daily News
A Naples house is No. 1 on the list for most expensive single-family property transfers in Collier County from July 1-31, 2023.
This house has five bedrooms and nine bathrooms. The house was last sold in 2021 for $3,495,000 million.
Following are the Top 10 real estate sales in Collier County recorded for July 2023:
#1: 682 17th Ave. S, Naples
List price: $16,500,000
Sold price: $15,000,000
Neighborhood/Subdivision: Aqualane Shores
Size: 5,878 square feet
Year built: 2023
Days on market: 112
Amenities: Gulf Access, Boat Dock, Private Pool/Spa, Built-In Gas Fire Pit/Grill, Deck, Outdoor Fireplace/Kitchen
View: Canal
#2: 149 Cajeput Drive, Naples
List price: $14,500,000
Sold price: $14,250,000
Neighborhood/Subdivision: Pine Ridge
Size: 9,833 square feet
Year built: 2022
Days on market: 131
Amenities: Private Pool/Spa, Built-In Gas Fire Pit/Grill, Outdoor Fireplace/Kitchen
View: Landscaped area
#3: 3133 Rum Row, Naples
List price: $16,950,000
Sold price: $12,000,000
Neighborhood/Subdivision: Port Royal
Size: 6,669 square feet
Year built: 1974
Days on market: 223
Amenities: Gulf Access, Boat Dock/Lift, Private Membership, Private Pool/Spa
View: Canal
For the rest of the list read the article and see photos on naplesnews.com.
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Naples Housing Market Prime for Summer Buyers
Naples, Fla. (July 21, 2023) – Broker analysts reviewing the June 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe a surge in summer travel contributed to the reduction in home sales in Naples during June. The report showed a 13.6 percent decrease in overall closed sales for the month to 837 closed sales from 969 closed sales in June 2022. Though the dip in closed sales appears temporary and may not linger into July’s closed sales data as overall pending sales (homes under contract) in June increased 0.8 percent to 800 pending sales from 794 pending sales, and June’s showings increased slightly from showings reported in June 2022. Fortunately, slow sales in June did not impact home prices as the median closed price reported in June increased 0.4 percent to $602,494 from $600,000 in June 2022.
Overall inventory continues to rise compared to 2022 levels. June had an 8.2 percent increase in overall inventory to 2,659 homes from 2,457 homes. But according to the area’s top brokers, this increase was due to low sales for the month and not because of new listings, which decreased 28.2 percent to 860 new listings from 1,198 new listings in June 2022.
The NABOR® June 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:
“Travel is the elixir that will make people feel inspired to buy again once they return home from summer vacations,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC. “It’s been 15 months since the market peaked [December 2021]. We’ve been through a pandemic and hurricane and still the monthly reports fail to indicate a market correction will happen anytime soon as median and average closed prices continue to hold steady.”
Development to begin soon.
Laura Layden | Naples Daily News
A new town planned for rural Collier County has reached a pivotal moment.
In late June, county commissioners quietly signed off on the new town that’s been years in the making.
The creation of the town, known as Big Cypress, appeared on the board’s summary agenda, reserved for noncontroversial matters.
One frustrated environmentalist spoke against the development before it came to a swift vote.
The town – planned by Collier Enterprises – won final approval along with three unrelated, undisputed items, in one fell swoop, at a county commission meeting June 27.
A town and two villages
The town will connect two new villages planned by Collier Enterprises, known as Rivergrass and Bellmar. It will replace the developer’s third approved village, Longwater, with the addition of roughly 544 acres to its borders.
Centered in and around the two villages, the town will span more than 1,544 acres, off Oil Well Road, east of Golden Gate Estates.
Read the full article.
For new homes in the Naples, Collier County, Florida area, contact David at David@DavidFlorida.com or 239-285-1086.
May Market Report: Home Prices Holding Steady
Naples, Fla. (June 23, 2023) – A slight reduction in overall median closed price along with fewer new listings during May indicates a window of opportunity for both buyers and sellers this summer. According to the May 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall median closed price decreased 1.2 percent to $600,000 from $607,500 in May 2022. There were also 1,045 price decreases and a 31.2 percent decrease in new listings reported during the month.
The NABOR® May 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:
Laura Layden | Naples Daily News
The town of Ave Maria will grow by nearly 1,000 acres.
On Tuesday, Collier County commissioners greenlighted the change, without debate, bringing the town’s size to 5,000 acres, the largest allowed by county rules.
The size doesn’t include Ave Maria University. Its roughly 1,000-acre campus and other public benefits, such as parks, aren’t counted in its borders under the approvals that allowed the town to be built on rural lands, roughly 25 miles east of Naples.
Why is the town expanding?
Mostly, it’s to allow for more single-family homes to be built, explained David Genson, president of development for Barron Collier Cos. in Naples.
Barron Collier Cos. is the force behind the town, in partnership with Tom Monaghan, the creator of Domino’s Pizza and founder of Ave Maria University.
Get the full story on naplesnews.com
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