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.”
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:
Home Values Continue to Climb in April
Naples, Fla. (May 26, 2023) – The Naples real estate market enjoyed another month of increased home values driven mainly by another month of below typical inventory levels. According to the area’s top real estate brokers, resale home inventory in Naples this year will unlikely spike to levels we enjoyed before the pandemic. However, since 2019, the number of new listings each month has remained fairly consistent, with most months enjoying an average of between 1,100 and 1,300 new listings. According to the April 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory increased 64.4 percent in April to 2,868 homes for sale from 1,745 homes for sale in April 2022.
“One factor holding back home sales right now is interest rates,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Even though a majority of our sales in Naples are cash transactions, many buyers who own a home up north and want to purchase a home in Naples are having a hard time selling their northern home because the pool of potential buyers that can afford a mortgage at today’s rates is limited.”
Interest rates may also be influencing prospective sellers in Naples who currently enjoy a low interest rate on their mortgage too. In April, new listings decreased 25 percent to 1,116 new listings from 1,488 new listings in April 2022. Though many homes in Naples have doubled in value since 2019, providing sellers with a nice profit to use toward their next home purchase. With a hefty down payment, these sellers can minimize their next home’s mortgage obligation to make monthly payments affordable, even at a higher interest rate.
Interestingly, and according to Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, months of inventory is decreasing in communities off the water and east of I-75; a telltale sign that living in close proximity to the beach is not always a required factor of homeownership in Naples anymore. “In January 2019, Port Royal had 1.3 years of inventory; and today it has 1.3 years of inventory. But in January 2019, the Vineyards had 10 months of inventory; and today it has less than a month.” Carroll went on to add that in some areas east of Collier Boulevard (SR 951) there is less than four months of inventory.
As a result of slow inventory gains this year, pending and closed sales activity simmered slightly in April compared to March. Pending sales decreased 18.4 percent to 1,123 pending sales from 1,377 pending sales in April 2022, and closed sales in April decreased 24.2 percent to 947 closed sales from 1,250 closed sales in April 2022.
While the April report revealed 1,128 price decreases occurred during the month, Hughes said, “some price negotiating is happening, though low ball offers are not a good strategy in today’s tight inventory market.”
The report also showed the area’s overall median closed price is not increasing by double-digits each month anymore. In April, the median closed price for single family homes increased 3.1 percent to $825,000 from $800,000 in April 2022. But it’s a different story in the condominium market, where the median closed price increased 14.3 percent in April to $526,000 from $460,000 in April 2022.
The NABOR® April 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: 
Find your home in southwest Florida! Contact David at David@DavidFlorida.com or 239-285-1086.
Mark H. Bickel | Fort Myers News-Press
A Naples home is No. 1 on the list for most expensive single-family property transfers in Collier County from April 1-30, 2023.
This home is located at 1 3rd Ave. S. in Olde Naples. It has four bedrooms and four bathrooms. It was previously sold for $12.6 million in 2021.
Following are the Top 10 real estate sales in Collier County recorded for April 2023:
(Data provided by Royal Shell Real Estate)
1. 1 3rd Ave. S., Naples
List price: $18,000,000
Sold price: $18,000,000
Neighborhood/Subdivision: Olde Naples
Size: 2,400 sq. ft.
Year built: 1979
Days on market: 1
Amenities: Gulf Front, Beach Access, Deck
View: Gulf
2. 2140 Canna Way, Naples
List price: $9,900,000
Sold price: $9,000,000
Neighborhood/Subdivision: Isle Royal
Size: 11,826 sq. ft.
Year built: 2011
Days on market: 34
Amenities: Lakefront, Clubhouse, Community Pool/Spa, Private Membership, Putting Green, Tennis Court, Private Pool/Spa, Built-In Grill, Outdoor Fireplace/Kitchen
View: Golf course, Lake
March Top 10:Top 10: March’s most expensive house in Collier County sold for $32.5 million
3. 740 Coral Drive, Naples
List price: $6,950,000
Sold price: $6,750,000
Neighborhood/Subdivision: Coquina Sands
Size: 6,677 sq. ft.
Year built: 2006
Days on market: 51
Amenities: Private Pool/Spa, Built-In Grill, Fence
Read about #7 – #10
Contact David to find your home close to great restaurants in Bonita Springs and Naples, Florida. Email or call David@DavidFlorida.com or 239-285-1086.
March Housing Market Report Has a Silver Lining
Naples, Fla. (April 26, 2023) – Closed sales of homes in Naples during the first quarter of 2023 exceeded closed sales reported in the first quarter of 2019 (pre-COVID) when inventory levels were nearly three times the current level. According to the March 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory in March increased 92.4 percent to 2,900 properties from 1,507 properties in March 2022. While still historically low at 3.6 months of inventory, overall inventory in Naples has continued to increase ever since it bottomed out at 0.8 months of inventory in December 2021.Broker analysts reviewing the report like Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., speculate that “even though buyers today are facing headwinds like high interest rates, rising property and flood insurance rates, and low inventory levels, these factors are not diminishing people’s desire to live in Naples.”
Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, who advocates against comparing activity today to activity during the COVID-boom years (2020-2022), said she is “comforted by the fact that our area shows resilience to 2019. Homebuyers shouldn’t get too hung up on the months of inventory number reported because it fluctuates wildly depending on where you want to buy a home in Naples. For example, the Port Royal area has a 1.3 year supply today. The truth is we are heading back to 2019; a time when the housing market was stable, foundational, and logical. That is what should be happening, and it is.”
With this more accurate comparative method in mind, closed sales decreased 16.5 percent to 1,017 closed sales from 1,218 closed sales in March 2022; but compared to March 2019, closed sales increased 2.6 percent. Pending sales in March decreased 14.5 percent to 1,377 pending sales from 1,611 pending sales in March 2022; but compared to March 2019, pending sales increased 22 percent.
The NABOR® March 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:
The overall median closed price in March increased 7.3 percent to $615,000 from $573,000 in March 2022. This increase was driven by the condominium market, which had a 5.9 percent increase in its median closed price. Interestingly, the median closed price for single-family homes in March reported no increase compared to March 2022.
Iterated by top brokers who review the market report each month, it’s impossible to categorize the Naples area housing market as either a buyers or sellers market today. However, an experienced Naples REALTOR® understands the comparative market differences of each unique neighborhood.
Contact David to find your new home in Naples, Florida, at David@DavidFlorida.com or 239-285-1086.
Inventory Up and Prices Hold Steady in February
Naples, Fla. (March 24, 2023) – Buyers looking for homes in Naples during February were met with more choices as overall inventory increased 131.4 percent to 2,835 properties from 1,225 properties in February 2022. Broker analysts reviewing the February 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), attribute some of the rise in inventory to Hurricane Ian as many sellers were forced to address and remedy damage caused by the storm before the property was ready to welcome buyers. February’s overall median closed price is the same as January’s median close price of $600,000.
The NABOR® February 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:
Contact David to find your new home in Naples, Florida, at David@DavidFlorida.com or 239-285-1086.
