During a meeting to review the May 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), long-time Naples broker Bill Coffey, Broker Manager of Amerivest Realty Naples, remarked that, “May had the highest number of new listings than any May in the last three years.” Fellow brokers who also analyzed the May report are pleased with this trend as it will lead to more options for summer buyers. New listings during May pushed the inventory of homes for sale up 58.6 percent to 2,046 properties compared to 1,290 properties in May 2021.
Looking at closed sales, there was a 24.5 percent decrease in May to 1,249 closed sales from 1,654 closed sales in May 2021. However, using 2019’s balanced market activity as a comparison, closed sales increased 7 percent month/month and 18 percent year to date/year to date. Demand remains strong despite having three times fewer options in inventory compared to 2019 levels. Today, we have 1.9 months supply of inventory.
And while new construction is adding to the inventory, it’s not at a rate that will triple the inventory anytime soon.
The NABOR® May 2022 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 2022:
Closed sales were down slightly in the high end of the market in May, but this might be due to buyer reluctance to move cash out of the stock market right now. Notwithstanding, cash sales commanded 63.3 percent of closed sales in May, though brokers reviewing the report contend they are seeing more opportunities for buyers choosing to finance their purchase.
If you are looking to sell a home in Naples, contact a Naples REALTOR® professional who has the ability and expertise to provide you with an accurate market comparison in this fast-moving market, manage your showings to the right audience, evaluate the use of contingencies, and help you negotiate your home sale during a multiple offer process. 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.