The Naples housing market is exhibiting a swift inventory turnover and stable pricing, according to the Naples Area Board of REALTORS® (NABOR®) August 2023 Market Report. Monitoring home listings and sales within Collier County (excluding Marco Island), the report illustrates an optimistic scenario, with August seeing a 17% surge in closed sales compared to July and a modest 1.9% increase to 702 closed sales from 689 in August 2022.
Analysts and brokers, having scrutinized the market report, express confidence that the latter half of 2023 could potentially eclipse sales from the second half of 2022, barring unforeseen major disruptions such as a hurricane. Further reinforcing this optimism is a steady inflow of new listings, which rose by 2.6% in August, aiding a 7.2% inventory boost for the month.
In terms of pricing, the median closed price in August witnessed a 5.2% ascent, moving to $605,000 from $575,000 in August 2022. The condominium market emerges as a notable driver behind many of these increases, experiencing a 7.7% rise in the median closed price. In contrast, the single-family home market saw a decrease of 2.2% in median closed price. Additionally, new condominium listings surged by 10.1%, whereas new single-family home listings dipped by 3%. Inventory dynamics also diverged between the two markets: condominium inventory soared by 25.5%, while single-family home inventory receded by 3.7%.
Despite August traditionally being a quieter month in terms of activity, showings experienced a 19% decline to 21,269, down from 26,191 in August 2022. This might also shed light on the 9.4% fall in pending sales in August to 811 from 895 in the same month the previous year.
For those contemplating buying or selling a home in this dynamic market, a Naples REALTOR® stands ready to provide precise market comparisons and expert advice to leverage the current market conditions to your advantage. Guaranteeing your next purchase or sale in the Naples area is a triumph, REALTORS® can assist you every step of the way. Begin your journey towards your dream home and find a trusted Naples REALTOR® on Naplesarea.com.
| CATEGORIES | AUGUST 2022 | AUGUST 2023 | CHANGE |
| Total Inventory | 2,559 | 2,583 | +0.9% |
| New Listings | 957 | 810 | -15.4% |
| Total Showings | 24,562 | 22,984 | -6.0% |
| Total Pending Sales | 751 | 798 | +6.3% |
| Total Closed Sales | 681 | 600 | -11.9% |
| Median Closed Price | $545,000 | $595,000 | +9.2% |
| Average Days on Market | 26 | 56 | +115.4% |
| Single-Family Inventory | 1,571 | 1,446 | -8.0% |
| Single-Family Closed Sales | 331 | 336 | +1.5% |
| Single-Family Median Closed Price | $725,000 | $735,000 | +1.4% |
| Condominium Inventory | 988 | 1,137 | +15.1% |
| Condominium Closed Sales | 350 | 264 | -24.6% |
| Condominium Median Closed Price | $428,500 | $455,000 | +6.2% |