Naples Florida Real Estate – Market Update July 2023

An In-Depth Look at the Current Real Estate Market in Naples, Florida

As we journey through 2023, the real estate market in Naples, Florida, continues to evolve, presenting a unique landscape for both potential buyers and sellers. This article aims to provide a comprehensive overview of the current conditions and trends shaping the Naples real estate market.

Market Classification

Naples is currently classified as a Neutral Housing Market. This classification implies that the prices of properties are generally reasonable, and homes tend to stay on the market for an average duration before being sold. As of June 2023, the median price for homes sold in Naples stood at $483,380. On average, the price per square foot was calculated to be $307. Interestingly, there was a slight dip in the median sold price compared to the previous month, with a decrease of $6,619, which represents a 1.4% decrease.

Naples Florida Real Estate

Interest Rates and Their Impact

The housing market is also significantly influenced by interest rates. On July 6, the interest rates peaked at 6.81%, which was the highest since November of the previous year. Despite the ongoing fluctuation between 6.5% and 7%, these rates are lower than their peak in the fall of 2022. This fluctuation in interest rates could potentially impact the purchasing power of prospective buyers.

Sales Trends

In terms of sales, there has been a noticeable decline in the closed sales of existing single-family homes in Florida. In May, the number of closed sales was 26,396, which represents an 8.5% decrease compared to the same month in the previous year. Similarly, the sales of existing condo-townhouses also experienced a decline of 14.1% year-over-year, with 11,392 units sold.

Property Values and Resilience

Despite the challenges brought about by Hurricane Ian, property values in Collier County, where Naples is situated, have seen an increase of 20% since the previous year. The market value for all property rose to an impressive $222.5 billion this year. This resilience in property values underscores the robustness of the Naples real estate market and its appeal as a lucrative destination for real estate investment.

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(all data current as of 5/3/2024)

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Detailed Market Statistics

To provide a more comprehensive picture, here are some detailed statistics from August 2022 to July 2023:

• August 2022: Average Sale Price – $972,586, Average CDOM – 100
• September 2022: Average Sale Price – $846,607, Average CDOM – 111
• October 2022: Average Sale Price – $938,680, Average CDOM – 115
• November 2022: Average Sale Price – $1,064,432, Average CDOM – 122
• December 2022: Average Sale Price – $1,109,304, Average CDOM – 123
• January 2023: Average Sale Price – $1,338,920, Average CDOM – 126
• February 2023: Average Sale Price – $1,138,471, Average CDOM – 120
• March 2023: Average Sale Price – $1,033,473, Average CDOM – 113
• April 2023: Average Sale Price – $998,322, Average CDOM – 126
• May 2023: Average Sale Price – $1,174,274, Average CDOM – 124
• June 2023: Average Sale Price – $1,014,654, Average CDOM – 118
• July 2023: Average Sale Price – $1,239,293, Average CDOM – 124

These statistics were calculated from approximately 9,000 listings and provide a more granular view of the market trends.

In conclusion, the Naples real estate market is demonstrating remarkable resilience and stability, even in the face of external challenges. While there has been a slight decrease in sales and median sold prices, property values have seen a significant increase. The current market conditions present unique opportunities for both buyers and sellers. As always, potential investors are advised to conduct thorough research and consider their financial situation and goals before making any investment decisions.

Stay tuned for more updates on the Naples real estate market as we continue to monitor these trends and their potential impacts on the real estate landscape.