Here’s the most recent data regarding the Naples real estate arena, the December 2023 Market Report from the Naples Area Board of REALTORS® (NABOR®) reveals significant shifts. Collier County, excluding Marco Island, experienced a notable 45.9 percent surge in overall inventory, reaching 3,949 properties compared to 2,706 in December 2022. Throughout the year, there was a pattern of consistent monthly increase in Naples Florida real estate inventory, providing prospective buyers with expanded options in 2024. Particularly noteworthy is the condominium market, reporting an impressive 78.7 percent increase in inventory.
Despite the positive trends, 2023 posed challenges for the housing market, including rising interest rates, increased insurance rates, and inflation. Broker analysts attribute the lag in home sales to elevated personal travel in 2023. Consequently, closed sales saw a 13.6 percent decline, dropping to 8,816 from 10,206 in 2022.
Review of Naples Real Estate Listings
Notwithstanding these challenges, seven months in 2023 saw higher new listings compared to the same months in 2022. December alone witnessed a 12.1 percent increase, with 892 new listings, up from 796 in December 2022. Interestingly, unlike other markets where increased supply results in price reduction, the Naples housing market experienced a 9.7 percent rise in the overall median closed price, reaching $631,000 in December, compared to $575,000 in December 2022. In contrast, the national median existing-home price increased by 4.4 percent to $382,000.
In the eastern sector of Collier County there is a surge in migration due to the affordability for residents. Interestingly enough, 2023, the Immokalee/Ave Maria area reported a notable 34.1 percent increase in single-family home closed sales, while areas closer to the beach saw a 24.8 percent decrease.
Working with an experienced local REALTOR® can help buyers assess contributing costs such as insurance, association fees, and potential future assessments related to infrastructure projects.
Key Statistics for Naples in December 2023
The NABOR® December 2023 Market Report outlines key statistics, including a 5% decrease in total showings, a 16.0% drop in total closed sales, and a 14.5% decrease in total pending sales. However, the median closed price experienced a positive shift of 9.7%, reaching $631,000. The report also delves into single-family and condominium sales, inventory changes, and average days on market, offering valuable insights for those navigating the Naples real estate market.
In summary, while challenges impacted the Naples real estate market in 2023, it continues to be a dynamic landscape with shifting trends and opportunities for both buyers and sellers. The market is going through another shift and it’s important, if you’re a buyer or seller of Naples real estate, that the professional you choose to assist you is a full time, experienced agent. who is up to date on the market.
