September 2023 Naples Florida Real Estate Update

The latest Naples Florida real estate update showed 587 properties sold for just over $972 Million during the month of September. The highest-priced sale was a single-family home in Port Royal for $9.1 million. Additionally, 158 of the real estate transactions for the month were at or above $1 Million. Year-to-date there has been $8.3 Billion worth of home sales in Collier County.

Of the top 20 highest-priced home sales, 50 percent were in luxury golf communities including, Pelican Bay, Grey Oaks, Mediterra, and Quail West.

Overall, inventory ended the month with 2,793 properties for sale which represents a 13 percent increase over the same time last year. It was also a 6.5 percent increase over the previous month.

Unlike the prior month, there was a notable increase in new listings in Naples which increased 27.3 compared to the same time last year. A total of 937 new properties came to market during the month giving Buyers more options to choose from.

Although we kept 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. It is also noteworthy that 34 percent of Naples properties for sale went to contract within 2 weeks.

Ultimately, demand for Florida real estate remains strong. Yes, the state continues to be ranked one of the Top States to Retire which is one contributing factor. The state is now also s national leader in attracting wealthy millennials. A recent study showed the Sunshine State gained more than 16,000 wealthy millennials in 2021 alone.

As for Naples, during a recent economic summit Chief Economist Lawrence Yun noted Collier County is ranked as one of the Top 3 counties drawing the wealthiest Americans. As a result, prices are up 88% from pre-COVID to today.

As long as supply remains low and demand strong, home prices will continue to rise.

Naples Florida Real Estate Update – September 2023

September 2023 versus September 2022 Highlights

• Closed sales increased 5 percent compared to September of last year.
• Overall pending sales increased 19 percent versus the same time in 2022.
• Inventory increased 13 percent up from 2,468 homes to 2,793 homes for sale.
• Average days on market increased 48 percent up to 59 days compared to September of 2022.

In all, there were 283 single-family homes and 304 condos sold for a total of 587 sales during the month. Total property sales were 5 percent higher than the same time last year.

Unlike last month, the median single family price increase from $685,000 last September up to $765,000 during the same time this year. It was also up from the prior month when the median sales price was $700,000.

The median condo sales price also increased year-over-year going from $443,260 up to $465,000 as of the end of month. However, it was down from the prior month when it was $485,000.

Further, even though the number of days it took for a property to go to contract increased quite a bit over this time last year (48% increase), it only increased by 5 days over 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 September.

Finally, the latest stats show there was a little more room for negotiation from the list price during September. The percent of list price received was 96 percent which is far better than 2 years ago when it was 98.5 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. As we approach year end, many builders are offering Buyer incentives. 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 September

• $8,550,000 – 5063 Groveland Ter. in Quail West  with 5,665 sq. ft. (98% of list price)
• $8,250,000 – 2712 Buckthorn Way in Grey Oaks with 8,144 sq. ft. (97% of list price)
• $7,300,000 – 6897 Grenadier Blvd. Unit 702 in Pelican Bay with 4,013 sq. ft. (96% of list price)
• $6,654,000 – 6259 Highcroft Dr. in Quail West  with 5,427 sq. ft. (100% of list price)
• $6,200,000 – 13901 Williston Way in Quail West  with 4,861 sq. ft. (94% of list price)
• $5,900,000 – 5871 Sunnyslope Dr. in Quail West  with 5,017 sq. ft. (100% of list price)
• $5,250,000 – 2037 Isla Vista Ln. in Grey Oaks with 3,733 sq. ft. (106% of list price)
• $4,975,000 – 2943 Bellflower Ln. in Grey Oaks with 4,741 sq. ft. (90% of list price)
• $4,400,000 – 16012 Trebbio Way in Mediterra with 5,278 sq. ft. (90% of list price)
• $4,000,000 – 713 Pitch Apple Ln. in Pelican Bay with 2,522 sq. ft. (96% 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.