What’s happening in the Naples Florida real estate market?
As you can see from the infographic above, Naples real estate inventory continues to be well below the level it was last year, down 47% which has impacted every other category. The volume of pending sales is down 36% and the number of new listings are down 14%. This has resulted in 40% fewer closed sales and 36% fewer pending sales. The number of days on market is down 69% to 23 days however, and this is the important statistic, the median sales price is up 38% to $550,000.
Is now a good time to sell?
Now is one of the best times to sell in recent Naples real estate history. On average, sellers are getting 36 showings on their properties which is a staggering number of showings. For comparison’s sake, in 2019, the average was around 2.9 showings per home.
How do you get an advantage as a buyer?
First, you’ll want to have a responsive agent who will not only respond to your calls, texts and emails but also will be reaching out to the other agents who may have a property listed that could go under contract quickly. We pride ourselves on our quick response time for our buyers and sellers.
Second, consider being a back-up offer. It’s a win-win for everyone, the seller has someone in place should the first offer go away and the back up buyer usually doesn’t have to put down funds and can keep looking for another potential home.
Additional Naples real estate statistics
There are several other key performance areas within the February 2022 report, month/month, that are worthy of
mention:
• 1,261 – The number of new listings added to the existing inventory
• 69.7% – The percentage increase in median closed price for properties located in 34113
• $1,161,203 – The average closed price for single family homes (+5.3%)
• 5% – The percentage increase in overall closed sales in Central Naples (34104, 34105, 34116)
• 4 – The number of months in a row that condominiums have sold for over 100% of list price
Is now a good time to buy?
There are no indications that the market is going to crash or that prices will be going down soon. The fundamentals of this market are strong, lots of cash buyers, a lack of inventory and the inherent desirability of SW Florida and Naples real estate. If you’re looking to buy and you’re comfortable with what you have to spend in order to enjoy the unique and special Naples Florida lifestyle, then it’s a good time to buy. If you’d rather wait, then prices may be lower but then they may also be higher. It’s a matter of personal preference and risk tolerance, just like any other asset class.
Want to know more about what we think of the market?
Give us a call and we’d be happy to discuss our unique perspective on the market and where it may be heading. 239.293.0246.
Have a great day.
