Naples home seekers in February were greeted with an expanded selection, as the overall inventory experienced a significant jump of 131.4%, rising to 2,835 properties from 1,225 in the same month of the previous year. According to the Naples Area Board of REALTORS® (NABOR®) February 2023 Market Report, the surge in listings can be partly attributed to the aftermath of Hurricane Ian, which necessitated sellers to rectify storm damages before their properties were ready for viewing.
The overall median closing price in February remained stable at $600,000, mirroring the figure from January. A gradual narrowing in year-on-year sales activity can be observed, fueled by ongoing faith in the Naples real estate landscape. Overall pending sales in February decreased by 16.8% to 1,241, down from 1,480 in February 2022. Similarly, overall closed sales experienced a 17.2% drop to 682 compared to 824 in February 2022. Additionally, the number of property showings saw a 15% decline to 36,574 from 43,032 in the same period last year.
The NABOR® report provides a detailed analysis of single-family home and condominium sales, segmented by price range and geography. According to the report, February’s average days on the market increased by 129.2% to 55 days from just 24 in February 2022. Initially startling to broker analysts was the data on pending sales, revealing several contracts that were repeatedly canceled during the month.
Analysts speculate that these cancellations may stem from concerns about interest rates, banking stability, and fears of an impending recession, causing people to adopt a “wait-and-see” approach. However, it’s important to note that a majority of home sales in Naples are cash transactions, comprising 62.1% of February’s sales. In light of the financial market’s uncertainty, this could play to Naples’ advantage, as high-net-worth families may turn to real estate as a more stable investment alternative.
Given the current market conditions, individuals considering buying or selling in Naples are encouraged to seek guidance from a local REALTOR®. 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 | FEBRUARY 2022 | FEBRUARY 2023 | CHANGE |
| Total Inventory | 1,225 | 2,835 | +131.4% |
| New Listings | 1,294 | 1,303 | +0.7% |
| Total Showings | 43,032 | 36,574 | -15% |
| Total Pending Sales | 1,480 | 1,231 | +9.1% |
| Total Closed Sales | 824 | 682 | -17.2% |
| Median Closed Price | $550,000 | $600,000 | +9.1% |
| Average Days on Market | 24 | 55 | +129.2% |
| Single-Family Inventory | 749 | 1,649 | +120.2% |
| Single-Family Closed Sales | 442 | 365 | -17.4% |
| Single-Family Median Closed Price | $655,500 | $725,000 | +10.6% |
| Condominium Inventory | 476 | 1,186 | +149.2% |
| Condominium Closed Sales | 382 | 317 | -17% |
| Condominium Median Closed Price | $425,000 | $495,000 | +16.5% |