According to the Naples Area Board of REALTORS® (NABOR®), January saw a remarkable 74.5% rise in new listings from December 2022 and a 3.2% increase year-on-year, with total new listings reaching 1,338. Despite this influx of options, median home prices remained strong, climbing by 11.1% to $600,000 compared to $540,000 in the same period last year.
However, closed sales experienced a dip in January, falling by 33.8% to 555 homes from 839 in January 2022. But, this dip was offset by the notable 122.7% increase in overall inventory, from 1,212 properties in January 2022 to 2,699 this year. The sudden surge in new listings could herald a buoyant winter home buying season, according to optimistic broker analysts.
Following a stable seven months, January also brought about a recovery in pending sales. The month’s pending sales outperformed not just December’s figures (682), but also those from January 2019 (660) and 2020 (892). Despite this improvement, they remained 20.5% lower than the exceptional sales activity of January 2022, with 1,092 pending sales compared to 1,373 the previous year.
January’s market activity indicated strong pent-up demand, with showings almost doubling from December, despite a 20% decrease from January 2022. Another influencing factor was the notable price reduction on 1,092 properties that month, pushing the average listing price value down to 95.8%, a 4.2% decrease from the 100% seen in January 2022.
The NABOR® January 2023 Market Report provides a detailed overview of single-family home and condominium sales. Among its key findings, the report notes that only the $500,000 to $1 million price category of condominiums saw an increase in closed sales, up 4.2%. Intriguingly, while the median closed price for single-family homes decreased by 2.7% from December, condominiums witnessed a 6% rise.
As a standout performer, the most affordable price category ($300,000 and below) for condominiums recorded the highest median closed price increase of 16.1%. It was also the only category to report a decrease in inventory (13.1%) in January.
Considering the dynamic market conditions, potential buyers and sellers in the Naples area are advised to seek professional 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 | JANUARY 2022 | JANUARY 2023 | CHANGE |
| Total Inventory | 1,212 | 2,699 | +122.7% |
| New Listings | 1,297 | 1,338 | +3.2% |
| Total Showings | 44,741 | 35,975 | -20% |
| Total Pending Sales | 1,373 | 1,092 | -20.5% |
| Total Closed Sales | 839 | 555 | -33.8% |
| Median Closed Price | $540,000 | $600,000 | +11.1% |
| Average Days on Market | 24 | 54 | +125% |
| Single-Family Inventory | 739 | 1,596 | +116% |
| Single-Family Closed Sales | 406 | 275 | -32.3% |
| Single-Family Median Closed Price | $674,378 | $715,000 | +6% |
| Condominium Inventory | 473 | 1,103 | +133.2% |
| Condominium Closed Sales | 433 | 280 | -35.3% |
| Condominium Median Closed Price | $425,000 | $482,500 | +13.5% |