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.
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 May report shows a 3.8 percent decrease in the percent of list price received to 96.3 percent compared to 100.1 percent reported in May 2022.
Though broker analysts reviewing the report pointed out that an increase in negotiations does not mean home prices in Naples are dropping. In fact,
no month over month median closed price decrease for condominiums in May; only a 6.5 percent decrease (month over month) was reported in the single family home market. Naples home pricing has been holding steady due to the demand from the US migration of new buyers coming to SW Florida.
New listings decreased 31.2 percent in May to 990 new listings from 1,438 new listings in May 2022. Fewer new listings are putting a strain on overall inventory of homes, which is still recovering from frenzied buying during the pandemic.
For May, overall inventory increased 27.6 percent to 2,749 homes from 2,155 homes in May 2022. Broker analysts reviewing the May report said listing a home for sale this summer has numerous advantages including the fact that there are historically fewer homes on the market compared to winter season so there is less competition.
Pending and closed sales during May decreased 4.4 percent and 20 percent, respectively, compared to last year.
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.
The report also showed that we were 150 closed sales short of what sold in May 2019, but with half the inventory. Demand for homes in Naples has not diminished.
Based on market conditions reflected in the May report, brokers recommend sellers keep their listings active during the summer. Additionally, since 2021, closed sales of high-end properties have increased during summer months. As such, during May, the median closed price of single family homes in close proximity to the beach (34102, 34103, 34108) increased 20.2 percent to $3,125,000 from $2,600,000 in May 2022.
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.
