May 2023 Naples Florida Housing Market Stats

The latest Naples Florida housing market stats showed 1013 properties sold for just over $1.1 Billion. The highest-priced sale was for a single-family home for $29 million in Port Royal. Additionally, 287 of the real estate transactions for the month were at or above $1 Million.

Overall inventory ended the month with 2,749 properties for sale. Although inventory increased 28 percent over the same time last year, it actually fell month-to-month. At the end of April, we had 2,868 properties for sale. By the end of May, inventory fell by 4.1 percent.

However, similar to other Southwest Florida cities, the numbers are very misleading. In May of 2019, before the pandemic, Naples had just over 5,905 properties for sale. Inventory ended the month at 46.5 percent of what we normally have during this time of year.

Demand remains strong for the luxury lifestyle Naples has to offer. The area is ranked the 2nd Wealthiest County in the state behind Monroe County. So it may not surprise you we were recently recognized as the Most Charitable County in Florida!

Need another reason to live along the paradise coast? Naples also has been recognized as the 4th Best Beach Town in the Sunshine State.

Bottom line, the Naples area continues to be a prime location for Vacation Homes or a top option for best places to retire.

Naples Housing Market Statistics – May 2023

May 2023 versus May 2022 Highlights

• Closed sales decreased 20 percent compared to May of last year.
• Overall pending sales decreased 4 percent versus the same time in 2022.
• Inventory increased 28 percent up from 2,155 homes to 2,748 homes for sale.
• Average days on market increased 231 percent up to 53 days compared to May of 2022.

In all, there were 482 single-family homes and 531 condos sold for a total of 1,013 sales during the month, which was a 20 percent decrease compared to the same time last year. While inventory is up significantly over 2022, it actually decreased by 32 properties from April to May.

The median single family price increased significantly up to $805,250 up from $752, 890 compared to the same time last year. However, unlike the previous month, it fell slightly from $825,000 in April.

Similarly, the median condo sale price was $485,000 which was the same as May of the prior year. And, similar to single-family homes it was down from the previous month when the median condo sales price was $526,000.

Additionally, even though the number of days it took for a property increased significantly over this time last year (231% increase), it actually remained the same as it was in April.

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 Ritz-Carlton Residences 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 May

• $8,000,000 – 2556 Escada Dr. in Tiburon with 8,351 sq. ft. (90% of list price)
• $5,800,000 – 3123 Dahlia Way in Grey Oaks with 5,542 sq. ft. (98% of list price)
• $5,300,000 – 6367 Burnham Rd. in Quail West with 4,459 sq. ft. (98% of list price)
• $4,950,000 – 2546 Augusta Dr. in Pelican Marsh with 4,714 sq. ft. (84% of list price)
• $4,952,500 – 2202 Miramonte Way in Grey Oaks with 3,724 sq. ft. (92% of list price)
• $4,550,000 – 4252 Deephaven Ln. in Quail West with 4,290 sq. ft. (96% of list price)
• $4,500,000 – 1746 Persimmon Ct. in Pelican Marsh with 4,380 sq. ft. (98% of list price)
• $4,500,000 – 29171 Marcello Way Way in Mediterra with 4,218 sq. ft. (94% of list price)
• $4,350,000 – 353 Chancery Cir. in Audubon with 4,426 sq. ft. (100% of list price)
• $4,250,000 – 10818 Est Cortile Ct. in Mediterra with 3,534 sq. ft. (101% 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.