August 2023 Naples FL Housing Market Update

The latest Naples FL housing market update showed 702 properties sold for just over $965 Million. The highest-priced sale was a penthouse in Windsor at Bay Colony for $19.5 million. Additionally, 169 of the real estate transactions for the month were at or above $1 Million.

Of the top 20 highest-priced home sales, 65 percent were in luxury golf communities including, Pelican Bay, Grey Oaks, Mediterra, Quail West, Talis Park, Tiburon, and Treviso Bay.

Overall, inventory continues to sell quickly and prices are stable in the Naples housing market. Inventory ended the month with 2,618 properties for sale which represents a 7 percent increase over the same time last year.

The increase in Naples housing inventory comes after 4 straight months of declines. Although we do keep adding new listings to our inventory, it’s just not at the pace we need to keep up with demand let alone return to a balanced market of 6-7 months’ worth of supply.

As long as supply remains low and demand strong, home prices will continue to rise.

Naples FL Housing Market Update – August 2023

August 2023 versus August 2022 Highlights

• Closed sales increased 2 percent compared to August of last year.
• Overall pending sales decreased 9 percent versus the same time in 2022.
• Inventory increased 7 percent up from 2,443 homes to 2,618 homes for sale.
• Average days on market increased 74 percent up to 54 days compared to August of 2022.

In all, there were 372 single-family homes and 264 condos sold for a total of 702 sales during the month. Total property sales were 9.4 percent lower than the same time last year, however it was 17 percent more sales than the prior month.

The median single family price fell slightly from $715,835 last year down to $700,000 this August. The median sales price was also down from the prior month when it was $735,000 at the end of July.

Unlike single-family homes, the median condo sale price increased year-over-year. The median price for a condo was $485,000, up from $450,195 in August of 2022. Additionally, the median price was up from the previous month when it was $445,000.

Further, even though the number of days it took for a property to sell increased significantly over this time last year (74% increase), it remained the same as the prior month at 56 days. The typical number of days on market during a healthy market is 120 days which is well above the levels at the end of August.

Finally, the latest stats show there is only a little room for negotiation from the list price during August. The percent of list price received was 96.3 percent which is far better than 2 years ago when it was 98.8 percent of list price.

Bottom line, it remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

With low inventory of existing homes for sale, there’s been a notable increase in buyers turning toward new construction. From ultra-luxury waterfront condos at The Kalea Bay to bundled golf communities such as coach homes in Talis Park there are a wide array of options available.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling, let us help you navigate this complex market. The Naples Golf Guy team members are all REALTOR® professionals who have the expertise to provide you with timely and accurate market data. Call, email or text us today for all of your real estate needs – 239.370.0892.

Naples Florida Housing Market – Luxury Golf Home Sales in August

• $19,500,000 – 8477 Bay Colony Dr. Penthouse 19 in Bay Colony at Pelican Bay with 8,550 sq. ft. (103% of list price)
• $8,750,000 – 6897 Grenadier Blvd. Unit 304 in Pelican Bay with 5,280 sq. ft. (95% of list price)
• $7,300,000 – 1372 Great Egret Trl. in Grey Oaks with 7,350 sq. ft. (91% of list price)
• $7,250,000 – 1485 Anhinga Pt. in Grey Oaks with 7,160 sq. ft. (97% of list price)
• $6,125,000 – 5945 Sunnyslope Dr. in Quail West  with 7,366 sq. ft. (88% of list price)
• $4,825,000 – 16443 Seneca Way in Talis Park with 4,257 sq. ft. (97% of list price)
• $4,700,000 – 6087 Sunnyslope Dr. in Quail West  with 3,781 sq. ft. (100% of list price)
• $4,600,000 – 6974 Greentree Dr. in Pelican Bay with 4,020 sq. ft. (90% of list price)
• $4,500,000 – 806 Brentwood Dr. in Pelican Bay with 3,573 sq. ft. (99% of list price)
• $4,426,680 – 15005 Pratolino Way in Mediterra with 5,067 sq. ft. (91% of list price)
• $4,250,000 – 1701 Venezia Way in Grey Oaks with 3,833 sq. ft. (98% of list price)
• $4,065,000 – 14419 Marsala Way in Tiburon with 4,833 sq. ft. (93% of list price)
• $3,960,000 – 9905 Montiano Dr. in Treviso Bay with 3,660 sq. ft. (95% of list price)

New Listings in Golf Communities

If you just want to keep an eye on the market, we can set up a custom property search that is fully automated or sign up for automatic property alerts.  Please feel free to call us any time to set up the alerts for you based on your criteria.

Recent Golf Property Listings

Preview the newest golf property listings for sale in Naples, Bonita Springs, Estero, Fort Myers, Bradenton, and Sarasota! Are you ready to buy or sell a luxury golf home in Southwest Florida?

There are more than 150 golf courses in southwest Florida. Over 90% of these golf courses require you to be a resident or purchase a social or golf membership. From private equity golf clubs to bundled golf communities, we have a home or condo which will fit your lifestyle.

Also, if you’re wondering why you should choose Southwest Florida, in addition to significant tax advantages (did I mention there is no state income tax, low property taxes, and no inheritance tax?), we have perfect weather and an abundance of outdoor activities, shopping, and dining to suit everyone’s lifestyle.

So, whether you are considering relocating to our area or you are looking to buy your dream home, a second, third, or fourth home, check out some of the Top Private Golf Clubs and golf homes for sale in Southwest Florida Golf Communities on the market today!

LATEST GOLF PROPERTY LISTINGS IN SOUTHWEST FLORIDA

NAPLES Golf Property Listings

BONITA SPRINGS Golf Property Listings

ESTERO Golf Property Listings

FORT MYERS Golf Property Listings

BRADENTON Golf Property Listings

SARASOTA Golf Property Listings

Which Golf Community is Right for You?

With more than 200 golf communities in Southwest Florida, finding the perfect one to call home doesn’t just feel intimidating, it is. Different golf clubs offer different amenities, courses and lifestyles. To discover what truly feels right for you requires an insider’s perspective.

From private equity golf clubs to bundled golf communities, we have a home or condo which will fit your lifestyle. With more than 20 years of experience, we can help narrow down the list of communities to those which fit your lifestyle and housing options. We will help turn the process into an easy and enjoyable one.

Our vast relationships with all the golf communities from Naples to Sarasota allow us to serve our clients by providing relevant and current information about various golf communities in Southwest Florida. We’ll help you understand the difference between our bundled golf communities and our equity/non-equity golf communities. There are advantages and disadvantages to each type of membership and community.

Once we know how often you play, other desired club amenities, property type, and a desired price range we can help you narrow the list of clubs down to a handful that will potentially offer you the Florida golf lifestyle you are looking for. Let’s get started, call 239.370.0892 or email us today.

Remote Work Is Changing How Some Buyers Search for Their Dream Homes

The way Americans work has changed in recent years, and remote work is at the forefront of this shift. Experts say it’ll continue to be popular for years to come and project that 36.2 million Americans will be working remotely by 2025. To give you some perspective, that’s a 417% increase compared to the pre-pandemic years when there were just 7 million remote workers.

If you’re in the market to buy a home and you work remotely either full or part-time, this trend is a game-changer. It can help you overcome some of today’s affordability and housing inventory challenges.

How Remote Work Helps with Affordability

Remote or hybrid work allows you to change how you approach your home search. Since you’re no longer commuting every day, you may not feel it’s as essential to live near your office. If you’re willing to move a bit further out in the suburbs instead of the city, you could open up your pool of affordable options. In a recent study, Fannie Mae explains:

“Home affordability may also be a reason why we saw an increase in remote workers’ willingness to relocate or live farther away from their workplace . . .”

If you’re thinking about moving, having this kind of location flexibility can boost your chances of finding a home that fits your budget. Work with your agent to cast a wider net that includes additional areas with a lower cost of living.

More Work Flexibility Means More Home Options

And as you broaden your search to include more affordable options, you may also find you have the chance to get more features for your money too. Given the low supply of homes for sale, finding a home that fits all your wants and needs can be challenging.

By opening up your search, you’ll give yourself a bigger pool of options to choose from, and that makes it easier to find a home that truly fits your lifestyle. This could include homes with more square footage, diverse home styles, and a wider range of neighborhood amenities that were previously out of reach.

Historically, living close to work was a sought-after perk, often coming with a hefty price tag. But now, the dynamics have changed. If you work from home, you have the freedom to choose where you want to live without the burden of long daily commutes. This shift allows you to focus more on finding a home that is affordable and delivers on your dream home features.

Bottom Line

Remote work goes beyond job flexibility. It’s a chance to broaden your horizons in your home search. Without being bound to a fixed location, you have the freedom to explore all of your options. Let’s connect to find out how this freedom can lead you to your ideal home.

September 23rd, 2023 Posted by Matt

Foxfire Condo Sold!

Another Foxfire Condo Sold! Congratulations to our clients from Massachusetts who just closed on this golf condo in an excellent Naples bundled golf community.

Foxfire Condo Sold – 5351 Fox Hollow Dr. Unit 301 Naples, FL – $481,500

More About this Naples Florida Foxfire Condo:

This highly sought after end unit overlooking the golf course in Foxfire Country Club is light and bright. Gleaming hardwood floors, updated kitchen with quartz counter tops and stainless steel appliances.

This Verandah unit with two bedrooms plus a den and 2 bathrooms offers an open courtyard in the front of the unit and an enclosed sunroom with panoramic views of the golf course. Conveniently located to the clubhouse and all the amenities Foxfire CC has to offer.

• Bedrooms: 2 plus den
• Bathrooms: 2
• Square ft.: 1,663
• Year Built: 1984

Are you considering buying or selling a home in Foxfire? Contact us today!

More About Foxfire Country Club

Foxfire Country Club is a gated community of condos, villas and single family homes with equity membership and home purchase. There are 27 holes of golf on 385 acres designed by Arthur Hills.

Each of the six associations in Foxfire offers a swimming pool and tennis courts. The club is in the midst of significant renovations of the main clubhouse, bar and grill, and fitness center. In addition the club offers Bocce Ball, plus a wide array of social amenities.

Naples Florida Foxfire Country Club single family homes start at $485,000 and condos start at $267,000.  Learn more about Foxfire Country Club…

Not sure which golf community is right for you? Let us be your guide. Call or text us today at 239.370.0892.

September 22nd, 2023 Posted by Matt

Spanish Wells Condo Just Listed!

Turnkey Furnished Spanish Wells Condo Just Listed is on the first floor and overlooks the golf course in a North Naples gated golf community.

9855 Costa Mesa Ln. Unit 403 Bonita Springs, FL – $359,000

More About this Spanish Wells Condo for Sale:

This beautifully appointed condo is in a PRIME location, just west of US-41. Conveniently located 3 miles to the sandy white beaches of the Gulf of Mexico. Enjoy your morning coffee on the tiled lanai with outstanding golf course and water views. Plantation shutters and granite countertops are just a few of the updated finishes throughout the condo.

A 1-car detached GARAGE and GOLF CART GARAGE are deeded to the property, along with an assigned parking space. Roll-down shutters on the lanai offer storm protection in the summer months.

And after a round of golf enjoy relaxation lounging at the pool, only steps away from the property. A 27-hole golf membership to Spanish Wells is optional.

• 2 Bedrooms
• 2 Bathrooms
• 1,146 Square feet under air
• Built in 1992

Virtual Tour…

For a private tour, contact us at 239-777-8870.

Learn More About Spanish Wells:

Spanish Wells Country Club is a gated golf community located in Bonita Springs, FL.  The community is situated on 600 acres that were originally planned with an 18-hole golf course designed by Gordon Lewis. Designer Bruce Howard added an additional nine holes in 1996. Water hazards are the main obstacles on these courses as they come into play several times.

Hidden in the beachy town of Bonita Springs which is Southwest Florida’s best-kept secret.  Spanish Wells Golf & Country Club provides a fun and active lifestyle for Club Members with a 27-hole Championship Golf Course. Additional amenities include a Fitness Center, Bocce Courts, Pickleball, Bocce, a Relaxing Heated Pool, and 3 Har Tru Tennis Courts with a premier playing surface!

This gated community is conveniently located in Bonita Springs only minutes from shopping, dining, and the pristine white sandy beaches of the gulf coast.

Learn more…

Home Selling Tips

Make Your Home Listing Stand Out

Why Hire a Real Estate Agent to Sell Your Home

Home Selling Tips…

Are you considering selling your home? Call us today to learn your home’s value in today’s market – 239-370-0892.

Spanish Wells Golf Condo Coming to Market Soon!

Turnkey Furnished Spanish Wells Golf Condo is about to hit the market! This TURNKEY furnished 1st Floor Spanish Wells Golf Condo has it all.

9855 Costa Mesa Ln. Unit 403 Bonita Springs, FL

More About this Spanish Wells Condo for Sale:

You can’t beat the PRIME location, only steps away from US-41 and 3 miles to the Beach. Enjoy your morning coffee on the tiled lanai with outstanding golf course and water views. Plantation shutters and granite countertops are just a few of the updated finishes throughout the condo.

A 1-car detached GARAGE and GOLF CART GARAGE are deeded to the property, along with an assigned parking space. Roll-down shutters on the lanai offer storm protection in the summer months.

And after a round of golf enjoy relaxation lounging at the pool, only steps away from the property. A 27-hole golf membership to Spanish Wells is optional.

• 2 Bedrooms
• 2 Bathrooms
• 1,146 Square feet under air
• Built in 1992

Learn More About Spanish Wells:

Spanish Wells Country Club is a gated golf community located in Bonita Springs, FL.  The community is situated on 600 acres that were originally planned with an 18-hole golf course designed by Gordon Lewis. Designer Bruce Howard added an additional nine holes in 1996. Water hazards are the main obstacles on these courses as they come into play several times. This gated community is conveniently located in Bonita Springs only minutes from shopping, dining, and the pristine white sandy beaches of the gulf coast and was developed in the early 1980s.

Hidden in the beachy town of Bonita Springs which is Southwest Florida’s best-kept secret.  Spanish Wells Golf & Country Club provides a fun and active lifestyle for Club Members with a 27-hole Championship Golf Course. Additional amenities include a Fitness Center, Bocce Courts, Pickleball, Bocce, a Relaxing Heated Pool, and 3 Har Tru Tennis Courts with a premier playing surface!

Learn more…

Home Selling Tips

Make Your Home Listing Stand Out

Why Hire a Real Estate Agent to Sell Your Home

Home Selling Tips…

Are you considering selling your home? Call us today to learn your home’s value in today’s market – 239-370-0892.

Naples Park Home New to the Market!

LOCATION, LOCATION, LOCATION! This spacious Naples Park Home is now for sale. The home is in a prime location west of U.S. 41 just 1 mile to Vanderbilt Beach and half a mile to Mercato’s upscale restaurants and shopping.

755 92nd Ave N. Naples FL – List Price $1,499,000

Learn More About this Naples Home For Sale:

The home is light and bright and includes IMPACT GLASS windows and doors with Plantation Shutters. The trey ceilings make the living space feel larger and aesthetically pleasing.

The generous sized bedrooms include custom closets. The lucky new owners will enjoy the outdoor lanai with pool and spa in a private setting with the entire backyard fenced-in with lush landscaping.

• 3 Bedrooms plus Den
• 3 Bathrooms
• 1,837 Square feet under air
• Built in 2014

View 3D Tour

This Naples Park home is perfect for a full-time or seasonal residence. Or with no Home Owners Association (HOA) Fees, this property is an excellent investment opportunity with flexibility for annual or short-term rentals.

For a private tour, contact us at 239-777-8870.

More About Naples Park

Naples Park is a non-gated community in North Naples, just west of Tamiami Trail N. (U.S. 41), north of Vanderbilt Beach Road and South of Immokalee Road. The neighborhood is made up of single family homes, some of which are located along canals.

Located within walking distance to the beach, shopping, dining, grocery, fitness center, and much more!

Home Selling Tips

Make Your Home Listing Stand Out

Why Hire a Real Estate Agent to Sell Your Home

Home Selling Tips…

Are you considering selling your home? Call us today to learn your home’s value in today’s market – 239-370-0892.

Naples Park Home Coming to Market Soon!

LOCATION, LOCATION, LOCATION! This spacious Naples Park Home is about to hit the market. The home is in a prime location west of U.S. 41 just 1 mile to Vanderbilt Beach and half a mile to Mercato’s upscale restaurants and shopping.

Naples Park Home – 755 92nd Ave N. Naples FL

Learn More About this Naples Park Home:

The home is light and bright and includes IMPACT GLASS windows and doors with Plantation Shutters. The trey ceilings make the living space feel larger and aesthetically pleasing.

The generous sized bedrooms include custom closets. The lucky new owners will enjoy the outdoor lanai with pool and spa in a private setting with the entire backyard fenced-in with lush landscaping.

• 3 Bedrooms plus Den
• 3 Bathrooms
• 1,837 Square feet under air
• Built in 2014

View 3D Tour

This Naples Park home is perfect for a full-time or seasonal residence. Or with no Home Owners Association (HOA) Fees, this property is an excellent investment opportunity with flexibility for annual or short-term rentals.

For a private tour, contact us at 239-777-8870.

More About Naples Park

Naples Park is a non-gated community in North Naples, just west of Tamiami Trail N. (U.S. 41), north of Vanderbilt Beach Road and South of Immokalee Road. The neighborhood is made up of single family homes, some of which are located along canals.

Located within walking distance to the beach, shopping, dining, grocery, fitness center, and much more!

Home Selling Tips

Make Your Home Listing Stand Out

Why Hire a Real Estate Agent to Sell Your Home

Home Selling Tips…

Are you considering selling your home? Call us today to learn your home’s value in today’s market – 239-370-0892.

Are More Homes Coming onto the Market?

An important factor shaping today’s market is the number of homes for sale. And, if you’re considering whether or not to list your house, that’s one of the biggest advantages you have right now. When housing inventory is this low, your house will stand out, especially if it’s priced right.

But there are some early signs that more listings are coming. According to the latest data, new listings (homeowners who just put their house up for sale) are trending up. Here’s a look at why this is noteworthy and what it may mean for you.

More Homes Are Coming onto the Market than Usual

It’s well known that the busiest time in the housing market each year is the spring buying season. That’s why there’s a predictable increase in the volume of newly listed homes throughout the first half of the year. Sellers are anticipating this and ramping up for the months when buyers are most active. But, as the school year kicks off and as the holidays approach, the market cools. It’s what’s expected.

But here’s what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical. You can see both the normal seasonal trend and the unusual August in the graph below:As Realtor.com explains:

“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”

While this is only one month of data, it’s unusual enough to note. It’s still too early to say for sure if this trend will continue, but it’s something you’ll want to stay ahead of if it does.

What This Means for You

If you’ve been putting off selling your house, now may be the sweet spot to make your move. That’s because, if this trend continues, you’ll have more competition the longer you wait. And if your neighbor puts their house up for sale too, it means you may have to share buyers’ attention with that other homeowner. If you sell now, you can beat your neighbors to the punch.

But, even with more homes coming onto the market, the market is still well below normal supply levels. And, that inventory deficit isn’t going to be reversed overnight. The graph below helps put this into context, so you can see the opportunity you still have now: 

Bottom Line

Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. You still have an incredible opportunity if you sell your house today. Let’s connect to explore the benefits of selling now before more homes come to the market.

September 18th, 2023 Posted by Matt

Why Is Housing Inventory So Low?

One question that’s top of mind if you’re thinking about making a move today is: Why is it so hard to find a house to buy? And while it may be tempting to wait it out until you have more options, that’s probably not the best strategy. Here’s why.

There aren’t enough homes available for sale, but that shortage isn’t just a today problem. It’s been a challenge for years. Let’s take a look at some of the long-term and short-term factors that have contributed to this limited supply.

Underbuilding Is a Long-Standing Problem

One of the big reasons inventory is low is because builders haven’t been building enough homes in recent years. The graph below shows new construction for single-family homes over the past five decades, including the long-term average for housing units completed:

For 14 straight years, builders didn’t construct enough homes to meet the historical average (shown in red). That underbuilding created a significant inventory deficit. And while new home construction is back on track and meeting the historical average right now, the long-term inventory problem isn’t going to be solved overnight.

Today’s Mortgage Rates Create a Lock-In Effect

There are also a few factors at play in today’s market adding to the inventory challenge. The first is the mortgage rate lock-in effect. Basically, some homeowners are reluctant to sell because of where mortgage rates are right now. They don’t want to move and take on a rate that’s higher than the one they have on their current home. The chart below helps illustrate just how many homeowners may find themselves in this situation:

Those homeowners need to remember their needs may matter just as much as the financial aspects of their move.

Misinformation in the Media Is Creating Unnecessary Fear

Another thing that’s limiting inventory right now is the fear that’s been created by the media. You’ve likely seen the negative headlines calling for a housing crash, or the ones saying home prices would fall by 20%. While neither of those things happened, the stories may have dinged your confidence enough for you to think it’s better to hold off and wait for things to calm down. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

That’s further limiting inventory because people who would make a move otherwise now feel hesitant to do so. But the market isn’t doom and gloom, even if the headlines are. An agent can help you separate fact from fiction.

How This Impacts You

If you’re wondering how today’s low inventory affects you, it depends on if you’re selling or buying a home, or both.

• For buyers: A limited number of homes for sale means you’ll want to seriously consider all of your options, including various areas and housing types. A skilled professional will help you explore all of what’s available and find the home that best fits your needs. They can even coach you through casting a broader net if you need to expand your search.
• For sellers: Today’s low inventory actually offers incredible benefits because your house will stand out. A real estate agent can walk you through why it’s especially worthwhile to sell with these conditions. And since many sellers are also buyers, that agent is also an essential resource to help you stay up to date on the latest homes available for sale in your area so you can find your next dream home.

Bottom Line

The low supply of homes for sale isn’t a new challenge. There are a number of long-term and short-term factors leading to the current inventory deficit. If you’re looking to make a move, let’s connect. That way you’ll have an expert on your side to explain how this impacts you and what’s happening with housing inventory in our area.

September 17th, 2023 Posted by Matt