Exciting news for those interested in the Naples real estate market! The January 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®) has revealed a surge of new sellers entering the market, indicating growing confidence in the Naples real estate market. New listings in January 2023 rose by an impressive 74.5% compared to December 2022, and by 3.2% to 1,338 new listings from 1,297 new listings a year ago.
Despite the rise in home options during January, home values remained steady and even increased. The median closed price rose by 11.1% to $600,000 from $540,000 in January 2022. This is excellent news for both sellers and buyers, as it indicates a healthy and thriving market.
“The good news is that the new listings coming onto the market are evenly split between single family and condos,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Inventory in both these areas have doubled since last January so buyers looking to purchase in either sector this year will have many more options.”
Although closed sales in January decreased by 33.8% to 555 homes from 839 homes in January 2022, the increase in new listings is a promising turn of events, as it pushed inventory in January up by 122.7% to 2,699 properties from 1,212 properties in January 2022. Broker analysts reviewing the report are optimistic and say it potentially could result in a better-than-expected winter home buying season.
“Inventory between December and January grew nearly 10 percent,” said NABOR® President Nick Bobzien, a broker associate at Downing-Frye Realty. “With the number of showings nearly doubling in January 2023 compared to December 2022, buyers were excited to see new listings come on the market and took advantage of the opportunity as seen by the huge increase in pending sales over the same period.”
Pent-up demand was evident in January, with showings nearly doubling compared to December’s reported showings. Although there was a 20% decrease in showings compared to January 2022, the number of pending sales in January was remarkably higher than pending sales not only in December (682) but also compared to January 2019 (660) and January 2020 (892).
The NABOR® January 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation, and includes an overall market summary. According to the report, the only home type that experienced a rise in closed sales during January compared to last year were condominiums in the $500,000 to $1 million price category, which increased by 4.2%.
If you are considering buying or selling your home, now is an excellent time to do so. Look to a Naples REALTOR® who has the ability to provide an accurate market comparison and give you expert advice on how to capitalize on today’s market conditions. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on SWFloridaHomes4Sale.com.
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Dan Skelly is a Real estate agent in Southwest Florida. He is also the broker/owner at Orson Hill Realty in Colorado. Southwest Florida homes for sale and real estate agents Fort Myers, FL. Dan works with buyers and sellers all over South Florida!
Dan Skelly is a Real estate agent in Southwest Florida. Dan Skelly is also the broker/owner at Orson Hill Realty in Colorado. Southwest Florida homes for sale and real estate agents Fort Myers, FL. Dan works with buyers and sellers all over South Florida!
