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.
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.
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.
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.
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.
Buyers in Naples today need to be aware of their insurance cost obligation before negotiations and to confirm the full coverage of the property for damage, storm and flood as well as liability.
The market is revealing that homes in luxury, gated communities that include a golf membership are highly desirable and selling quickly these days because a majority of private courses in Naples have a two-year or more waiting list.”
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.
