July Naples Real Estate Report : Market Holds Steady!
August 25, 2023, Naples, Florida – 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. This is in contrast to much of America, which is struggling with unusually high interest rates that have paralyzed the resale home market. Nevertheless, the overall median closed price of homes in the first seven months of 2023 has continued to rise in comparison to most months in the first seven months of 2022, despite a decline in cash sales for homes in Naples from 66.7 percent in January to 53.5 percent in July.
According to the July Market Report’s total sales data, there were 81 fewer homes sold in July 2022 than there were in July 2022, representing an 11.9 percent drop in closed sales from 681 to 600. On the opposite end of the spectrum, pending listings, or houses under contract, rose 6.3% in July 2022 to 798 from 751 in July 2022, demonstrating the stability of our market. In addition, the percentage of the list price obtained in July 2022 is 96.1 percent, which is unchanged from 97.9 percent in July 2022. Days on market rose by 115.4 percent to 56 days in July 2022 from 26 days in July 2022, which was the lowest number ever recorded in NABOR®’s Market Reports history. Interestingly, days on market averaged above 100 days prior to the pandemic (104 days in July 2019).
From 957 new listings in July 2022 to 810 new listings in July 2023, there was a 15.4% decline in new listings. An already very robust quantity of inventory was supplemented by fresh listings prior to the pandemic. In July 2019, there were 5,200 properties advertised for sale in Naples, according to data, whereas in July 2023, there were 2,583 houses listed for sale. However, overall inventory has not increased, even if the number of new listings, concluded sales, and pending sales activity have nearly reached 2019 levels.
During the pandemic years’ housing frenzy, when inventory decreased, median closing prices increased by more than 50%. The Naples median closing price in July 2019 was $325,000. However, the median closing price rose 9.2 percent from $545,000 in July 2022 to $595,000 in July 2023.
In addition to an overall market summary, the NABOR® July 2023 Market Report compares prices, geographic segmentation, and sales of single-family homes and condominiums (as reported by the Southwest Florida Multiple Listing Service). The NABOR® sales data is displayed in a chart format, with the following general results (for single-family and condominium homes) for 2023:
In July, 199 pending items were relisted on the market, according to the study. “Just because your offer is not chosen doesn’t necessarily mean that the home you want is off the table,” states Jillian Young, President of Premiere Plus Realty. It might reappear on the market. If you have the financial means, purchase a home because there will likely be more competition when the market drops and prices don’t go down.
Original article by Naples Area Board of REALTORS®(NABOR®)