Naples Housing Market Summary

2023 February Naples Housing Market Summary

The latest Naples housing market summary showed 682 properties sold for just over $738 Million. The largest sale was for $32.5 million in Olde Naples along Gulf Shore Blvd. Additionally, 26 percent of the real estate transactions for the month were above $1 Million.

Once again, inventory more than doubled over this time last year. February ended the month with 2,835 properties for sale. However, similar to other Southwest Florida cities, the numbers are very misleading. In January 2019, before the pandemic, Naples had just over 8,100 properties for sale which was over 9 months’ worth of supply. Inventory ended the month at 35 percent of what we normally have during this time of year.

Demand remains strong for the Naples lifestyle. In fact, Naples was named the best city to live in the U.S., according to a report from Scholaroo. The report compared 151 cities across 47 metrics distributed in eight categories — crime and safety, affordability, economy, quality of life, health care, education opportunity and infrastructure.

What is another key factor contributing to demand? Tax savings. Florida continues to be one of the best states for those looking to reduce their tax burden, it’s actually one of the lowest in the country according to a recent study by Wallethub. 

Bottom line, prices continue to rise due to low inventory and persistent demand.

Naples Housing Market Summary – February 2023

February 2023 versus February 2022 Highlights

• Closed sales decreased 17 percent compared to February of last year.
• Overall pending sales decreased 17 percent versus the same time in 2022.
• Inventory increased 131 percent up from 1,225 homes to 2,835 homes for sale.
• Average days on market increased 129 percent up to 55 days compared to February of 2022.

In all, there were 365 single-family homes and 317 condos sold for a total of 682 sales during the month, which was a 17 percent decrease compared to the same time last year. While inventory is up significantly over last year, it only increased 5 percent from January to February.

Overall, the median single family price remained the same as January at $600,000. The median single-family home price was $725,000 in February which was up from $715,000 in January and was 10.6 percent higher than the same time last year. Similarly, the median condo sale price was $495,000 which was a 16.5 percent increase over February of 2022 and up from $482,500 in January of this year.

Additionally, even though the number of days it took for a property increased significantly over this time last year (129% increase), it was only one more day than January which was 54 days. Even 54 days is quick compared to historical norms.

Also notable was the percentage of cash sales which represented 62.1 percent of all residential real estate transactions for the month. Even though cash still dominates the majority of sales, very few sellers require cash only offers.

For Buyers, the trend of increased inventory is a good sign depending on the neighborhood. For Sellers, the increased inventory will lead to more competition and has the potential to impact your sales price.

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.

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.

Naples Housing Market Update – Luxury Golf Home Sales in January

• $7,800,000 – 1450 Gulfstar Dr. S. in Windstar with 6,104 sq. ft. (98% of list price)
• $7,500,000 – 8665 Bay Colony Dr. Unit 903 in Pelican Bay with 3,390 sq. ft. (100% of list price)
• $6,250,000 – 15303 Corsini Ln. in Mediterra with 6,376 sq. ft. (96% of list price)
• $5,250,000 – 3105 Dahlia Way in Grey Oaks with 4,432 sq. ft. (96% of list price)
• $4,800,000 – 16995 Verona Ln. in Mediterra with 4,734 sq. ft. (96% of list price)
• $4,400,000 – 6551 Ridgewood Dr. in Pelican Bay with 3,194 sq. ft. (100% of list price)
• $4,000,000 – 9067 Breakwater Dr. in The Quarry with 4,000 sq. ft. (100% of list price)
• $3,995,000 – 6597 Nickolas Blvd. #1401 in Pelican Bay with 3,275 sq. ft. (100% of list price)
• $3,850,000 –17009 Cortile Dr. in Mediterra with 3,532 sq. ft. (100% of list price)
• $3,850,000 – 28094 Castellano Way in Mediterra with 3,816 sq. ft. (100% of list price)

Southwest Florida Luxury Golf Properties Just Listed…

Time to Sell Your Home?

With almost 20 years of experience helping sellers with their golf community real estate needs, we would like to share our strategy for how we are helping maximize the number of offers homeowners are receiving and ultimately higher sales prices.

As an experienced real estate team, we have made a career out of helping people sell homes in premier golf communities. As you may well know, opportunities such as today’s market for sellers only comes every so often.