Naples Housing Market Update

2023 January Naples Housing Market Update

The Naples housing market update showed 555 properties sold for just over $900 Million. The largest sale was for $19.9 million in Port Royal. Additionally, the luxury market remained strong, with 253 properties sold at or above $1 Million compared to 165 sales during December.

Sales within the city limits of Naples, dominated the list of largest home sales for the month. Fourteen of the fifteen highest priced Naples properties were located in Port Royal, Olde Naples, Aqualane Shores, Moorings and Royal Harbor (34102 and 34103 zip codes). Prices ranged from $6.5 million to $19.9 million.

The Naples housing market remained stable in terms of value as evidenced by the increase in the median closed price which went from $540,000 up to $600,000 or an 11.1 percent increase over January of last year and up from $575,000 in December.

Once again, inventory more than doubled over this time last year. It rose from 1,112 to 2,699 properties for sale. However, similar to other Southwest Florida cities, the numbers are very misleading. In January 2019, before the pandemic Naples had 7,972 properties for sale for sale which was over 9 months worth of supply. Inventory ended the month at 34 percent of what we normally have during this time of year.

So what is contributing to the lack of inventory? First, we had a record year for visitors last year with almost 138 million people visiting the Sunshine state. As a result, more airlines added direct flights to Fort Myers’ Southwest Florida International Airport (RSW). Recently, airlines have announced new direct flights making it even easier for people to travel to Southwest Florida including flights from Providence (RI), Hartford (CT), Austin (TX) and Wilmington (DE). Direct flights from more destinations make our area an even more desirable place for a second home or vacation home which is easy to get to.

Also, a recent study by The Boyd Company named Naples a top city for corporate headquarters. Why? With no state income tax, low corporate taxes, attractive lifestyle amenities and desirable housing for company executives, it puts Naples at the top of the list.

Another notable trend is the relocation of corporate headquarters to Florida. Billionaire and developer Stephen Ross says the ‘Wealth Exodus’ to S. Florida will continue. People are relocating from the Northeast for jobs, not just retirement. It is a combination of tax issues, security issues and overall ease of living.

Finally, we were recently ranked the Best Overall State for Retirement by SmartAsset due to favorable taxes, pleasant climate, and reasonable cost of living. Certainly the cost of living in some areas of the state are more affordable than others.

So while I don’t have a crystal ball to predict the future, there continue to be signs Florida remains a prime destination for not only retirees, those on the verge of retiring and those looking to relocate their businesses to our area. Recession or not, inventory is low, and demand is high. The continued lack of supply will lead to higher home prices for the foreseeable future.

Naples Housing Market Update – January 2023

January 2023 versus January 2022 Highlights

• Closed sales decreased 34 percent compared to January of last year.
• Overall pending sales decreased 21 percent versus the same time in 2022.
• Inventory increased 123 percent up from 1,112 homes to 2,699 homes for sale.
• Average days on market increased 125 percent up to 54 days compared to January of 2022.

In all, there were 275 single-family homes and 280 condos sold for a total of 555 sales during the month, which was a 34 percent decrease compared to the same time last year. Notable was the change in inventory between December and January. Unlike the prior month, there was a 6 percent increase in single-family homes for sale. More importantly, there was a 16 percent increase in Naples condos for sale compared to December.

The median single-family home price was $715,000 in January which was a 6 percent increase compared to the same time last year. However, it was slightly lower than December when the median sales price was $735,000. The median condo sale price was $482,500 which was a 13.5 percent increase over January of 2022 and a 6 percent increase over December.

Overall inventory increased 9 percent compared to the prior month. There was a modest 6 percent increase in single-family homes for sale. And there was a more significant increase in condos for sale which increased 15 percent over December. For buyers, this 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

• $6,400,000 – 8665 Bay Colony Dr. Unit 501 in Pelican Bay with 3,010 sq. ft. (85% of list price)
• $5,750,000 – 4204 Brynwood Dr. in Quail West with 6,977 sq. ft. (89% of list price)
• $4,600,000 – 196 Audubon Blvd. in Audubon with 5,282 sq. ft. (94% of list price)
• $4,336,250 – 6097 Sunnyslope Dr. in Quail West with 5,605 sq. ft. (97% of list price)
• $4,195,000 – 16642 Isola Bella Ln. in Talis Park with 4,012 sq. ft. (100% of list price)
• $3,799,900 – 8930 Bay Colony Dr. Unit 701 in Pelican Bay with 2,900 sq. ft. (100% of list price)
• $3,700,000 – 14814 Bellezza Ln. in Mediterra with 3,795 sq. ft. (97% of list price)
• $3,499,000 – 3244 Tavolara Ln. in Fiddler’s Creek with 3,566 sq. ft. (100% of list price)
• $3,250,000 – 7912 Via Vecchia in Pelican Bay with 4,258 sq. ft. (72% of list price)
• $3,200,000 – 28016 Castellano Way in Mediterra with 3,424 sq. ft. (94% of list price)

Southwest Florida Luxury Golf Properties Just Listed…

Time to Sell Your Home?

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