“So, what’s goiong on in the real estate market?” That’s a common question these days as the market is in the middle of shifting from a hot sellers market to a more balanced one. The best practice to determine where real estate is is to look at Naples Florida real estate 2019 vs 2023. Why? Because 2019 was the last year before the pandemic arrived and work from home became a reality for many people.
Comparing 2019 to 2023
We thought we’d take a look at the first eight months of the year and compare Naples Florida real estate 2019 to 2023. Here we go…
In the first eight months of 2019, NABOR (Naples Area Board of Realtors) had 7,252 pending sales. This year, in 2023, for the same time period of eight months, NABOR had 8,268 pending sales. So, with comparing 2019 to 2023 with regard to just pending sales, we can see that there is a 14% increase in the number of pending sales when looking at Naples Florida real estate 2019 vs 2023.
Why is this significant? The past few years have been abnormal years in the amount of sales, market appreciation, inventory and demand. The demand in 2022 was historic and the appreciation in the market reflected that demand. In order to see where this “cooler” market is heading, it’s important to go back to a more normal year. The last “normal” year was 2019.
Naples Florida Inventory 2019 vs 2023
So let’s look at inventory and see how the numbers stack up for Naples Florida real estate 2019 vs 2023. At the end of August 2019, NABOR indicated that we had 7.2 months of invntory; now, as of August 2023, we have 3.5 months of inventory. This is great for sellers who are priced appropriately for this market (and the interest rate headwinds). It’s looking like a good time to be a seller but important to be priced right. Pricing is one of the 3 P’s we stress in selling a home.
Naples Florida New Listings 2019 vs 2023
What are new listings doing? Are they coming on the market as fast as 2019? Spoiler alert! No, they’re not. For the first eight months of 2019, NABOR reported 10,514 new listings coming onto the market. Fast forward to 2023 and NABOR showed 8,687 new listings coming on the first eight months of 2023. That’s a 17% drop in new listings; quite a significant number.
What does this mean for you if you’re a Naples Florida real estate buyer or seller? Buyers have less to choose from but there is a good amount of new construction coming on the market that is alleviating some of the pressure. Sellers, it’s a good time to get ready to sell in season. There’s pent up demand and buyers who are looking for options other than what is currently available.
If you’d like to put our decades of experience to work for you as either a buyer or seller, give us a call at 239.293.0246. We’ve got over 550+ sales and 160+ 5 star reviews on Zillow. Please, whatever you do, please do your homework when choosing an agent and research what their Naples Florida real estate customers have said about them in the past. Then you can know what kind of experience you can expect. We pride ourselves on giving top notch service and helping our customers achieve their goals. If we can help you, give us a call for a no pressure discussion.
