Corey Cabral, Downing Frye Realty Inc.
Compiled from the Naples Area Board of Realtors Market Statistics Reports.
If you are looking to buy or sell a home in Naples contact 30+ year veteran Realtor,
Corey Cabral at (239) 963-6590 or via email through our online contact form.
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.
Buyers today are facing headwinds like high interest rates, rising property and flood insurance rates, and low inventory levels and 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.
New listings during March decreased 17.9 percent to 1,369 new listings from 1,667 new listings in March 2022; but compared to March 2019, new listings for the month decreased only 2.5 percent.
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.
The average sales price in Naples in March 2019 was $597,081, but today it’s $1,018,469.