2022 Naples November Real Estate Recap

The Naples November real estate recap showed 552 properties sold for just over $1 Billion. The largest sale was for $27,900,000 in Port Royal. Additionally, the luxury market remained strong, with 160 properties sold at or above $1 Million compared to 142 sales during October.

The Naples market remains strong despite the recent hurricane, the economy and interest rate increases. If you have been watching national headlines you are likely concerned about a recession in 2023 and you have been told home building and home prices are dropping. What you may not be seeing in the national headlines is there are exceptions.

Yes, the market has changed over the past several months. As Ali Wolf, chief economist for Zonda, the largest home building prop tech company in North America eloquently put it, “We’re now entering a new phase in housing—an impasse—as both buyers and sellers are having trouble reconciling their views on the market.” She outlines the standoff in her most recent article on what’s driving buyer and seller behaviors. This stalemate is contributing to our low inventory levels.

We ended November with just a 2.8 months’ supply of homes for sale which is less than half of what we used to have before the pandemic. In November of 2019 we had 5,563 properties for sale compared to just 2,478 in November of this year. A normal market has at least 6 months worth of inventory.

Due to the lack of inventory, home prices continue to rise as evidenced by the 20 percent increase in the median close price year-over-year and a 9 percent increase over the previous month. The statistics show demand remains strong for the Naples area.

While there are uncertainties about the future of the economy, Naples, like many resort towns, offers a safe haven from many of the current economic conditions. Let’s start with interest rates, how relevant are they? First, over 62 percent of buyers paid cash in November so high interest rates are a moot point for those buyers. Second, if you ask many of the home buyers purchasing in our area what the interest rate was on their first home, there is a good chance they will tell you it was above 10 percent. As a result, 6 percent doesn’t seem all that high.

Additionally, while inflation is a significant issue for many households, real estate is still one of the top strategies used by wealthy individuals as a hedge against high inflation. While time will tell what happens, unless there is a large increase in the actual number of properties for sale or demand slows, prices are projected to continue to rise.

Naples November Real Estate Recap

November 2022 versus November 2021 Highlights

• Closed sales decreased 41 percent compared to November of last year.
• Overall pending sales decreased 33 percent versus the same time in 2021.
• Inventory increased 97 percent up from 1,259 homes to 2,478 homes for sale.
• Average days on market increased 92 percent up to 46 days.

In all, there were 286 single-family homes and 266 condos sold for a total of 552 sales during the month which was a 41 percent decrease compared to the same time last year.

Inventory continues to increase which is a positive sign for buyers. However, the numbers continue to be deceiving. While the number of properties for sale almost doubled over the same time last year, there was only a 6.5 percent increase from October to November. So even though we continued to move towards a more balanced market, we have ways to go.

Also notable was the in the median single-family home price which rose to $820,000 in November which was a 32.3 percent compared to the same time last year and an 8 percent increase over October. And the are that saw the biggest increase in median sales price was the 34103 zip code in the city of Naples which rose 131 percent over last November.

Additionally, the price sold relative to list price fell slightly from 95.9 percent to 96.4 percent over the prior month. Although Seller’s still have the upper hand in transactions, in most cases they are more willing to negotiate. Therefore, if you are a buyer, the good news is Sellers are willing to accept financing offers and, in some cases make modest repairs.

If you are a Seller, you still can capture a high sales price as inventory levels are still half of what we typically have at this time of year. So, if you are wondering if it is still a good time to list your home or whether or not you should do repairs before you sell, we will help guide you in the process and share what other Sellers are doing.

The Naples Golf Guy team members are all REALTOR® professionals who have the ability and expertise to provide you with an accurate market comparison using current market data. Call, email or text us today for a FREE home evaluation – 239.370.0892.

If you are planning to purchase, there are more options to chose from. The newly renovated properties on great lots continue to go to contract quickly and in some cases with multiple bids. If you see a property you are interested in learning more about, let us know and we’ll provide an analysis of the home.

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 Luxury Home Sales in Exclusive Golf Communities for November

• $11,950,000 – 6897 Grenadier Blvd. Unit 504 in Pelican Bay with 5,280 sq. ft. (96% of list price)
• $8,962,000 – 8516 Thomas Jefferson Ct. in Pelican Bay with 5,400 sq. ft. (102% of list price)
• $8,750,000 – 704 Hollybriar Ln. in Pelican Bay with 5,472 sq. ft. (100% of list price)
• $6,850,000 – 6897 Grenadier Blvd. Unit 1002 in Pelican Bay with 4,013 sq. ft. (93% of list price)
• $5,700,000 – 817 Buttonbush Ln. in Pelican Bay with 4,018 sq. ft. (100% of list price)
• $4,100,000 – 16373 Corsica Way in Talis Park with 4,576 sq. ft. (92% of list price)
• $3,850,000 – 2228 Miramonte Ct. in Grey Oaks with 3,705 sq. ft. (100% of list price)
• $3,550,000 – 1533 Marsh Wren Ln. in Grey Oaks with 3,477 sq. ft. (94% of list price)
• $3,200,000 – 2650 L’Ermitage Ln. in Grey Oaks with 3,432 sq. ft. (91% of list price)
• $3,150,000 – 16717 Cabreo Dr. in Mediterra with 3,386 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 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.

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 maximize your exposure to potential buyers. We are dedicated to making the sales process easy 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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