July 2023 Naples Area Housing Market Stats

The latest Naples area housing market stats showed 600 properties sold for just over $516 Million. The highest-priced sale was for a single-family home for $15 million in Aqualane Shores. Additionally, 186 of the real estate transactions for the month were at or above $1 Million.

Overall inventory ended the month with 2,583 properties for sale which represents just a 1 percent increase over the same time last year. However, similar to other Southwest Florida cities, the numbers are very misleading. In July of 2019, before the pandemic, Naples had 5200 properties for sale. Inventory ended the month at 50 percent of what we normally have during this time of year.

Additionally, from month to month, we’ve seen our 4th straight decline in inventory. At the end of June, we had 2,659 properties for sale. By the end of July, we had 76 fewer properties for sale. 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.

Overall, Florida remains a prime destination for retirees and others looking for a vacation home. Further evidence Naples remains a top destination for people relocating or buying a second home is the addition of more new direct flights to Fort Myers International Airport (RSW). As more people travel to Southwest Florida, airlines continue to make it even easier to get to Naples. For example, Porter Airlines just announced a new direct flight from Toronto to RSW starting in November.

Bottom line, the Naples area continues to be a prime location for retirees and those who own vacation homes.

Naples Area Housing Market Statistics – July 2023

July 2023 versus July 2022 Highlights

• Closed sales decreased 12 percent compared to July of last year.
• Overall pending sales increased 6 percent versus the same time in 2022.
• Inventory increased 1 percent up from 2,429 homes to 2,583 homes for sale.
• Average days on market increased 115 percent up to 56 days compared to July of 2022.

In all, there were 336 single-family homes and 264 condos sold for a total of 555 sales during the month, which was a 34 percent decrease compared to the same time last year and 34 percent fewer sales than the prior month.

The median single family price increased slightly up to $735,000 compared to the same time last year. However, it was down compared to the prior month when it was $760,000 in June.

Similarly, the median condo sale price was $445,000 which was up from $428,500 from June of 2022. And, similar to single-family homes it was down from the previous month when the median condo sales price was $480,000.

Additionally, even though the number of days it took for a property increased significantly over this time last year (115% increase), it only increased from 50 to 56 days compared to the prior month. The typical number of days on market during a healthy market is 120 days which is well above the levels at the end of July.

Finally, the latest stats continued to show there was more room for negotiation from the list price during July. The percent of list price received decreased 1.9 percent to 95.9 percent, down from 97.4 percent in July of last year.

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 July

• $6,400,000 – 8041 Via Vecchia in Pelican Bay with 3,611 sq. ft. (93% of list price)
• $6,132,832 –4245 Brynwood Dr. in Quail West  with 5,991 sq. ft. (108% of list price)
• $5,300,000 – 1307 Little Blue Heron Ct. at Pelican Marsh with 4,010 sq. ft. (98% of list price)
• $4,250,000 – 16859 Caminetto Ct. in Mediterra with 4,670 sq. ft. (97% of list price)
• $4,000,000 – 713 Shadow Lake Ln. in Pelican Bay with 3,048 sq. ft. (93% of list price)
• $3,037,500 – 7020 Oakmont Pkwy. in Pelican Bay with 3,219 sq. ft. (87% of list price)
• $2,825,000 – 8694 Armour Ct. in Esplanade with 3,293 sq. ft. (97% of list price)
• $2,800,000 – 8665 Cavano St. in Esplanade with 3,346 sq. ft. (95% of list price)
• $2,775,000 – 1034 Spanish Moss Trl. in Pelican Marsh with 2,753 sq. ft. (96% of list price)
• $2,753,075 – 8201 Via Vecchia in Pelican Bay with 2,720 sq. ft. (92% 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.