October 2023 Naples Florida Real Estate Review

The latest Naples Florida real estate review showed 594 properties sold for just over $609 Million during October. The highest-priced sale was a single-family home in Pine Ridge for $12,150,000. Additionally, 164 of the real estate transactions for the month were at or above $1 Million. Year-to-date, Collier County has had $8.9 Billion worth of home sales.

Additionally, the average closed price of all properties year-to-date in Naples is now over $1 million. And, of the top 10 highest-priced home sales, 40 percent were in luxury golf communities, including Pelican Bay, Grey Oaks, Mediterra, and Quail West.

Overall, inventory ended the month with 3,367 properties for sale, representing a 30 percent increase over the same time last year. It was also a 20 percent increase over the previous month.

Similar to the prior month, there was another notable increase in new listings in Naples.  A total of 1,231 new properties came to market during the month giving Buyers more options.

As has been the common theme for the year, although we kept adding new listings to our inventory, it’s just not at the pace we need to keep up with demand. However, there are some neighborhoods where there’s a healthy supply of properties for sale. For example, in the Naples Beach area (34102, 34103, and 34108) the month ended with a ten-month supply of homes for sale.

On the flip side, there is little to no inventory of homes for sale in many golf communities. For example, there is only one single-family home for sale in Wyndemere Country Club. If you are considering buying or selling in the area, be sure to work with an expert.

In neighborhoods where inventory remains low, prices will continue to rise. Not sure which neighborhood is right for you? Let us be your guide.

Naples Florida Real Estate Review – October 2023

October 2023 versus October 2022 Highlights

• Closed sales decreased 13 percent compared to October of last year.
• Overall pending sales decreased 1 percent versus the same time in 2022.
• Inventory increased 30 percent up from 2,597 homes to 3,367 homes for sale.
• Average days on market increased 37 percent up to 56 days compared to October of 2022.

In all, there were 318 single-family homes and 276 condos sold for a total of 594 sales during the month. Total property sales were 13 percent lower than the same time last year.

The median single family price came in at $580,000 for October, up from $555,000 during the same time last year. And, the median condo sales price remained similar to last year, ending the month at $439,500, up from $439,000 in October of 2002.

Further, even though the number of days it took for a property to go to contract increased quite a bit over last year (37% increase), it decreased by three days compared to the prior month. The typical number of days on the market during a healthy market is 120 days, well above the October levels.

Finally, the latest stats showed there was more room for negotiation from the list price during October. The percent of list price received was 96 percent which is far better than 2 years ago when it was 98.7 percent of list price if you are a Buyer.

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…

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 October

• $8,200,000 – 8665 Bay Colony Dr. Unit 1403 in Pelican Bay with 3,390 sq. ft. (100% of list price)
• $6,450,000 – 13830 WillistonWay in Quail West with 5,391 sq. ft. (96% of list price)
• $6,350,000 – 15004 Pratolino Way in Mediterra with 6,191 sq. ft. (93% of list price)
• $5,500,000 – 2209 Miramonte Ct. in Grey Oaks  with 3,762 sq. ft. (100% of list price)
• $3,795,000 – 7425 Pelican Bay Blvd. Penthouse 2201 in Pelican Bay with 3,340 sq. ft. (94% of list price)
• $3,595,000 – 17240 Germano Ct. in Mediterra  with 4,250 sq. ft. (100% of list price)
• $3,595,000 – 1561 Marsh Wren Ln. in Grey Oaks with 3,460 sq. ft. (92% of list price)
• $3,300,000 – 7117 Pelican Bay Blvd. Unit 806 in Pelican Bay with 2,250 sq. ft. (100% of list price)
• $3,035,000 – 3181 Cullowee Ln. in Fiddler’s Creek with 3,576 sq. ft. (96% of list price)
• $3,000,000 – 2667 Caladium Way in Grey Oaks with 2,666 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.