Naples June Real Estate Recap

2022 Naples June Real Estate Recap

The latest Naples June real estate recap for the area showed 952 properties sold for just over $1 Billion! The largest sale was $10,200,000 for a single-family home in Olde Naples. Additionally, the luxury market remained strong as evident by the 245 properties sold at or above $1 Million.

So, everyone is asking if prices are going to go down. It is a great question and one I wish I could give a definitive answer.

If you are familiar with the economic principal of supply and demand, you are aware that there is a pricing relationship between the quantity of a commodity being sold versus the quantity of buyers willing to pay for the commodity. When it comes to real estate if supply is low and demand is high, prices will continue to rise. Home prices will fall if supply increases or the demand fades.

First, from the supply side, Naples housing inventory increased significantly compared to June of last year, up 81 percent. However, it is important to note inventory was extremely low last year. Therefore, although we have more supply, we still only have a 2.2 months’ supply of properties for sale. A healthy market would be at least 6 months. If supply remains at these levels, prices will continue to rise.

From the demand side, we have seen a bit of a slowdown. Both pending and closed sales fell during June and showings of properties declined 33 percent. On the flip side, international buyers are back! According to a recent report from the National Association of Realtors, 24% of international buyers chose Florida. Foreign buyers purchased $59 billion worth of U.S. existing homes from April ’21 through March ’22 – an 8.5% increase YOY. Why did they buy a home in Florida? Well, 44% of foreign buyers purchased their property for use as a vacation home, rental property, or both.

Bottom line, we are starting to move back towards a normal market. Yet it is going to be a slow journey back to a balanced market. Analysts say inventory will remain low for the balance of the 2022.

Naples June Real Estate Recap

June 2022 versus June 2021 Highlights

• Closed sales decreased 38 percent compared to June of last year.
• Overall pending sales decreased 37 percent versus the same time.
• Inventory increased 81 percent up from 1,271 homes to 2,294 homes for sale.
• Average days on market fell 40 percent down to 18 days.

In all, there were 438 single-family homes and 514 condos sold for a total of 952 sales during the month which was a 38 percent decrease over last year. Once again, single-family homes saw a significant increase in the median price which rose 22 percent up to $750,000. Condos saw an even bigger increase up 46.7 percent up to $497,500. Overall, the median price rose 32 percent coming in at $604,000 year-over-year which is excellent news for Sellers.

So far, year-to-date, properties have sold near or above list price. Condos sold just above asking price at 101.1 percent of list price and single-family homes came in at 99.5 percent of list. If you are thinking about selling, you should be aware inventory is increasing which means there is more competition. Also, approximately 50 percent of our inventory went through a price reduction in June. Most of the reductions were on overpriced properties.

Even though prices are starting to flatten out, there is still time to list your home to maximize your profits but I would not wait much longer. Call, email or text us today for a FREE home evaluation – 239.370.0892.

On the other hand, if you are a buyer, you have more options due to the increased inventory. Also, properties are staying on the market longer than they were in May when it was just 16 days compared to 18 days in June. Another notable trend is the days of multiple offers and offers above list price will be the exception as we move forward.

If you are considering buying now or in the future, sign up for automatic property alerts or call us and we’ll set up the alerts for you based on your criteria.

Naples Luxury Home Sales in Exclusive Golf Communities for June

• $8,200,000 – 8665 Bay Colony Dr. Unit 804 in Pelican Bay with 3,010 sq. ft. (103% of list price)
• $6,350,000 – 4427 Wayside Dr. in
• $5,750,000 – 2232 Miramonte Ct. in Grey Oaks with 4,057 sq. ft. (98% of list price)
• $5,377,625 – 8787 Bay Colony Dr. Unit 1506 in Pelican Bay with 4,075 sq. ft. (98% of list price)
• $5,199,000 – 16427 Seneca Way in Talis Park with 3,885 sq. ft. (100% of list price)
• $4,867,500 – 16890 Caminetto Ct. in Mediterra with 3,887 sq. ft. (102% of list price)
• $4,750,000 – 2426 Indian Pipe Way in Grey Oaks with 4,573 sq. ft. (95% of list price)
• $4,579,000 – 4650 Idylwood Ln. in Quail West with 4,160 sq. ft. (100% of list price)
• $4,450,000 – 16643 Isola Bella Ln. in Talis Park with 4,577 sq. ft. (100% of list price)

View large single-family homes for sale in Naples golf communities…

View large single-family Naples luxury homes for sale…

Considering Selling Your Naples Home?

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

Our team is committed to extraordinary customer service with an emphasis on detail and frequent communication.

We collaborate with our sellers to design and implement a customized marketing campaign to present your property to the world. We are dedicated to making the sales process easier for you and your family.

We would very much like to meet you and learn about your home and help provide a stress-free selling environment for you and your family. As you may well know, opportunities such as today’s market for sellers only comes every so often.

Call, email or text us today for all of your real estate needs – 239.370.0892.

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