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.