Market Resiliency Fuels Naples Home Sales in August
Inventory is selling quickly, and prices are stable in the Naples housing market. According to the August 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales of homes in Naples during August increased 17 percent compared to July closed sales, and 1.9 percent to 702 closed sales from 689 closed sales in August 2022.
Brokers who reviewed the Market Report are confident sales during the second half of 2023 could outperform sales during the second half of 2022, unless we experience another major disaster like a hurricane.
Another promising factor that supports this expectation is the steady rate of new listings, which increased 2.6 percent in August, and contributed to the 7.2 percent increase in inventory for the month.
The median closed price in August increased 5.2 percent to $605,000 from $575,000 in August 2022. Though according to the August report, activity in the condominium market fueled many of the increases reported.
As such, there was a 7.7 percent increase in the median closed price in the condominium market compared to a 2.2 percent decrease in median closed price for the single-family home market; a 10.1 percent increase in new condominium listings compared to a 3 percent decrease in new single-family home listings; and a 25.5 percent increase in condominium inventory compared to a 3.7 percent decrease in single-family home inventory.
Typically, one of the slower months for activity, August’s showings decreased 19 percent to 21,269 showings from 26,191 showings in August 2022, which might also explain the 9.4 percent decrease in pending sales in August to 811 from 895 in August 2022.
For August, the report showed 54 days on market compared to 31 days on market in August 2022.
The NABOR® August 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:
Broker analysts are not optimistic that inventory will rise above 3,000 properties in the next year.
If you are considering buying or selling your home, look to a Naples REALTOR® who has the ability to provide an accurate market comparison and give you expert advice on how to capitalize on today’s market conditions.
A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.