During the first quarter of 2023, Naples witnessed an impressive performance in closed home sales, surpassing figures reported for the same period in 2019 (pre-COVID), despite the current inventory being roughly one-third of what it was then. As per the Naples Area Board of REALTORS® (NABOR®) March 2023 Market Report, overall inventory in March climbed 92.4% to 2,900 properties, up from 1,507 in March 2022.
Despite the low 3.6 months of inventory, this represents a steady recovery since hitting a low of 0.8 months in December 2021. A more comparable year-over-year analysis shows closed sales in March dropped 16.5% to 1,017 from 1,218 in March 2022. However, when compared to March 2019, closed sales saw a 2.6% uptick.
Similarly, pending sales decreased 14.5% in March to 1,377 from 1,611 in March 2022, but against March 2019, pending sales rose by 22%. As for new listings, growth remained somewhat constant in Q1 2023. Compared to March 2022, new listings in March decreased 17.9% to 1,369, but when measured against March 2019, the decrease was only 2.5%.
The NABOR® report also offers a comprehensive analysis of single-family home and condominium sales, segmented by price ranges and geographic areas. The overall median closed price in March climbed 7.3% to $615,000 from $573,000 in March 2022. The condominium market largely fueled this increase, boasting a 5.9% rise in its median closed price. Interestingly, the median closed price for single-family homes in March showed no growth compared to the same period last year.
| CATEGORIES | MARCH 2022 | MARCH 2023 | CHANGE |
| Total Inventory | 1,507 | 2,900 | +92.4% |
| New Listings | 1,667 | 1,369 | -17.9% |
| Total Showings | 43,206 | 38,753 | -10% |
| Total Pending Sales | 1,611 | 1,377 | -14.5% |
| Total Closed Sales | 1,218 | 1,017 | -16.5% |
| Median Closed Price | $573,000 | $615,000 | +7.3% |
| Average Days on Market | 22 | 49 | +122.7% |
| Single-Family Inventory | 899 | 1.661 | +84.8% |
| Single-Family Closed Sales | 605 | 495 | -18.2% |
| Single-Family Median Closed Price | $740,000 | $740,000 | 0% |
| Condominium Inventory | 608 | 1,239 | +103.8% |
| Condominium Closed Sales | 613 | 522 | -14.8% |
| Condominium Median Closed Price | $465,000 | $491,450 | +103.8% |