Naples Florida real estate buyers looking in February had more options due to overall inventory increasing 131.4 percent to 2,835 properties from 1,225 properties in February 2022. Naples Florida real estate broker analyst opinions in the local February 2023 Market Report are attributing part of the real estate inventory increase to Hurricane Ian. Due to the storm, numerous sellers had no choice but to mitigate and repair damage caused by the storm in order to be ready for buyers. The overall median closed price is steady and the same as last month at $600,000.
How’s the Naples market looking?
There is continued confidence in the Naples real estate market and the difference in year over year Naples real estate action is still narrowing. Total pending sales decreased 16.8 percent to 1,241 pending sales from 1,480 pending sales compared to February 2022. Overall closed sales also decreased 17.2 percent to 682 closed sales from 824 closed sales year to year. Days on market have increased 129.2 percent to 55 days from 24 days but with higher prices and interest rates this is not entirely unexpected. Also affecting the data were several cancelled sales contracts that occurred during the month. This may have been due to concerns about the banking system, SVB in particular causing concern amongst buyers and sellers alike. However, a real estate acquisition is a viable, tangible investment alternative that has proven to perform well for investors.
Investing in Naples real estate
Most of the Naples Florida real estate home sales are cash sales. It may be that the woes of the financial market and the uncertainty could benefit the Naples real estate market. As more investors look into real estate as a more secure place to invest than stocks and bonds. We believe real estate is one of the best investments for yourself, your future and your loved ones. If you’d like more information, please reach out to us. We’d be happy to help you secure your real estate future in Naples.
