The Naples housing market sustained its trend of growing property values in April, primarily fueled by the ongoing shortage in inventory. According to the city’s leading real estate experts, it’s improbable that the inventory of resale homes this year will return to the pre-pandemic levels. Nonetheless, new listings have remained relatively stable since 2019, with a typical month seeing an average of 1,100 to 1,300 fresh listings.
The April 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®) shows that the overall inventory swelled by 64.4% to 2,868 homes available for sale, up from 1,745 in April 2022. One of the current hindrances to home sales is the rising interest rates. Despite cash transactions being the norm in Naples, a number of buyers looking to sell their northern homes and purchase in Naples are finding the market challenging due to the limited pool of buyers who can afford a mortgage at today’s rates.
New listings in April were down 25% to 1,116, compared to 1,488 in April 2022. However, it’s noteworthy that many homes in Naples have doubled in value since 2019, offering sellers a substantial profit to reinvest in their next purchase.
Intriguingly, inventory is dwindling in communities situated off the water and east of I-75, suggesting that proximity to the beach isn’t a crucial homeownership factor in Naples anymore. For instance, Port Royal’s inventory has remained steady at 1.3 years since January 2019, while the Vineyards’ inventory has shrunk from 10 months in January 2019 to less than a month currently.
Owing to slow inventory gains, there was a slight dip in pending and closed sales activity in April compared to March. Pending sales fell 18.4% to 1,123, and closed sales were down 24.2% to 947, both compared to April 2022. Despite the report showing 1,128 price reductions in April, meaningful price negotiation remains limited in the current tight inventory market.
For single-family homes, the median closed price in April rose 3.1% to $825,000, while the condo market saw a more considerable increase of 14.3% to $526,000.
In light of rising insurance costs, buyers are advised to consult their insurers before entering contract negotiations to ensure that the home meets current coverage requirements. Notably, luxury gated communities that include golf memberships are selling fast due to a long waiting list for private courses in Naples.
In this dynamic market, the expertise of a Naples REALTOR® is invaluable. The Michelle Thomas Team offers expert advice and accurate market comparisons to help you navigate the market effectively and successfully. Contact us to find your dream home!
| CATEGORIES | APRIL 2022 | APRIL 2023 | CHANGE |
| Total Inventory | 1,745 | 2,868 | +64.4% |
| New Listings | 1,488 | 1,116 | -25% |
| Total Showings | 37,914 | 32,718 | -14% |
| Total Pending Sales | 1,377 | 1,123 | -18.4% |
| Total Closed Sales | 1,250 | 947 | -24.2% |
| Median Closed Price | $595,000 | $627,500 | +5.5% |
| Average Days on Market | 16 | 53 | +231.3% |
| Single-Family Inventory | 1,078 | 1,612 | +49.5% |
| Single-Family Closed Sales | 580 | 431 | -25.7% |
| Single-Family Median Closed Price | $800,000 | $825,000 | +3.1% |
| Condominium Inventory | 667 | 1,256 | +88.3% |
| Condominium Closed Sales | 670 | 516 | -23% |
| Condominium Median Closed Price | $460,000 | $526,000 | +14.3% |