November 2023 Naples FL Real Estate Review

The latest Naples FL real estate review showed 537 properties sold for just over $517 Million during November. The highest-priced sale was a single-family home in Quail West for $7,000,000.

Additionally, 132 of the real estate transactions for the month were at or above $1 Million. Year-to-date, Collier County has had $9.6 Billion worth of home sales. Once again, 40 percent of the 10 highest-priced home sales were in luxury golf communities, including Grey Oaks and Quail West.

Overall, inventory ended the month with 3,795 properties for sale, representing a 38.8 percent increase over the same time last year. It was also a 12.7 percent increase over the previous month. Similar to the prior month, there was a notable increase in new listings, 1,174 new properties that came to market during the month, giving Buyers more options.

The Naples Beach area (34102, 34103, and 34108) ended the month with one of the highest levels of homes for sale with an 11.8-month supply up from 10 months during the previous month.

Many golf communities are starting to see an increase in inventory as well. For example, there are currently 4 homes for sale in Collier’s Reserve and 7 properties for sale in Wyndemere. Buyers haven’t seen this level of options since September 2020.

New home builders have also seen a slower fall sales market than anticipated. According to Mike Bone, Area Sales Manager with D.R. Horton, “Area builders have experienced a much slower fall sales market than what was budgeted for the fall months. Sales were lagging behind monthly budgets by approximately 25 percent, and cancellation rates on contracts have hovered around 20 percent due to the higher interest rates.”

Naples Florida Real Estate Review – November 2023

November 2023 versus November 2022 Highlights

• Closed sales decreased 6 percent compared to November of last year.
• Overall pending sales decreased 14 percent versus the same time in 2022.
• Inventory increased 39 percent up from 2,734 homes to 3,795 homes for sale.
• Average days on market increased 28 percent up to 59 days compared to November of 2022.

In all, there were 253 single-family homes and 284 condos sold for a total of 537 sales during the month. The total number of property sales were 6 percent lower than the same time last year.

The median single family price came in at $725,000 for November, up from $585,000 during the prior month. And, the median condo sales price was $465,000, up from $439,500 during the month before.

Further, even though the number of days it took for a property to go to contract increased quite a bit over last year (28% increase). It also increased month-to-month up from 56 days to 59 days. The typical number of days on the market during a healthy market is 120 days, well above the November levels.

Bottom line, season will be in full-swing within the next couple of weeks. If you are considering selling, mid-January to March is the ideal time to list your property for sale. If you are a buyer, there are already more options to chose from and if the previous three months of inventory increases continue, we should see even more options available by the second week in January.

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 FL Real Estate Review – Luxury Golf Home Sales in November

• $7,000,000 – 5936 Sunnyslope Dr. in Quail West with 6,128 sq. ft. (97% of list price)
• $6,650,000 – 6405 Highcroft Dr. in Quail West with 5,730 sq. ft. (100% of list price)
• $6,200,000 – 6253 Highcroft Dr. in Quail West with 4,795 sq. ft. (100% of list price)
• $5,850,000 – 2354 Alexander Palm Dr. in Grey Oaks  with 4,801 sq. ft. (98% of list price)
• $4,800,000 – 15139 Brolio Ln. in Mediterra with 4,957 sq. ft. (96% of list price)
• $4,000,000 – 7923 Grand bay Dr. Unit 12 in Pelican Bay with 3,126 sq. ft. (93% of list price)
• $3,500,000 – 7575 Pelican Bay Blvd. Unit 1108 in Pelican Bay with 3,400 sq. ft. (93% of list price)
• $3,349,000 – 655 Venezia Grande Dr. in The Vineyards with 4,458 sq. ft. (96% of list price)
• $3,290,000 – 16708 Lucarno Way in Mediterra with 3,308 sq. ft. (94% of list price)
• $3,250,000 – 7575 Pelican Bay Blvd. Unit 908 in Pelican Bay with 3,400 sq. ft. (100% 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.