Broker analysts evaluating the Naples Area Board of REALTORS® (NABOR®) June 2023 market report believe that the boost in summer travel led to a decline in Naples home sales during the month. Overall closed sales witnessed a 13.6 percent drop, moving down to 837 from 969 in June 2022.
However, the slump in closed sales is predicted to be a temporary hiccup, not expected to affect July’s sales data. Encouragingly, pending sales (homes under contract) in June edged up by 0.8 percent to 800 from 794, and showings also saw a slight uptick compared to June 2022.
Despite slower sales in June, home prices maintained their stability, with the median closed price inching up 0.4 percent to $602,494 from $600,000 in June 2022. The percentage of list price received declined by 2.9 percent to 96.2 percent from 99.1 percent in June 2022. This drop indicates increased price negotiations, unlike last year when sellers were less flexible with pricing and bidding wars were more common.
Today’s buyer hesitation is being influenced by what could be referred to as the trifecta of home buying concerns: insurance, property taxes, and interest rates. However, despite these hurdles, Naples continues to attract high-net worth individuals due to its desirable lifestyle offerings. Over the past year, there have been 193 home sales exceeding $5 million.
Inventory levels continued to improve compared to 2022, with June recording an 8.2 percent increase to 2,659 homes from 2,457. However, top brokers in the area attribute this rise to lower sales during the month rather than an increase in new listings, which fell 28.2 percent to 860 from 1,198 in June 2022.
The NABOR® June 2023 market report provides detailed comparisons of single-family home and condominium sales, price ranges, and geographic segmentation. It includes a comprehensive market summary and presents sales statistics in a convenient chart format.
In the current market scenario, an experienced Naples REALTOR® can provide precise market comparisons and strategic advice, helping to ensure a successful purchase or sale in the Naples area. Contact the Michelle Thomas Team to begin your search for your dream home!
| CATEGORIES | JUNE 2022 | JUNE 2023 | CHANGE |
| Total Inventory | 2,457 | 2,659 | +8.2% |
| New Listings | 1,198 | 860 | -28.2% |
| Total Showings | 23,057 | 23,168 | 0% |
| Total Pending Sales | 794 | 800 | +0.8% |
| Total Closed Sales | 969 | 837 | -13.6% |
| Median Closed Price | $600,000 | $602,494 | +0.4% |
| Average Days on Market | 19 | 50 | +163.2% |
| Single-Family Inventory | 1,534 | 1,478 | -3.7% |
| Single-Family Closed Sales | 445 | 441 | -0.9% |
| Single-Family Median Closed Price | $749,000 | $760,000 | +1.5% |
| Condominium Inventory | 923 | 1,181 | +28% |
| Condominium Closed Sales | 524 | 396 | -24.4% |
| Condominium Median Closed Price | $490,000 | $480,000 | -2% |