August 2023 NABOR Real Estate Market Report

The August 2023 NABOR Real Estate Market Report by the Naples Area Board of REALTORS® (NABOR®) reveals promising trends in the Naples real estate market.

The report indicates an increase in the overall median closed price, presenting a potential window of opportunity for buyers and sellers alike during the upcoming season.

The median closed price increased by 5.2 per cent, settling at $605,000 compared to $575,000 in August 2022. Furthermore, the number of new listings experienced an increase of 2.6 percent.

Market experts note that sellers in Naples are becoming more open to price negotiations, as evidenced by a 96.1 percent steady in the percentage of list price received. However, it’s important to highlight that these negotiations do not signify a drop in home prices.

Molly Lane, Senior Vice President at William Raveis Real Estate, emphasizes that prices are holding steady, contrary to initial expectations following Hurricane Ian.

While there was no decline in median closed prices for condominiums, the single-family home market witnessed a modest 23.5 percent decrease in prices.

The limited supply of new listings is contributing to the strain on overall inventory, which has been slow to recover from the heightened demand experienced during the pandemic.

With new home construction failing to meet the current demand and a reluctance among buyers to invest in fixer-uppers, the inventory remains constrained. August saw a 27.6 percent increase in overall inventory compared to the previous year, with 2,749 homes available.

While pending and closed sales experienced a decline of 6.3 percent and 11.9 percent, respectively, compared to the previous year, experts believe that purchasing a home during August proved advantageous.

Sherry Stein, Managing Broker at Berkshire Hathaway HomeServices, suggests that buying during this time presents an opportune moment as lower interest rates tend to spur increased buyer demand and potentially higher home prices.

Based on the market conditions outlined in the August report, brokers recommend keeping listings active throughout the summer.

Moreover, the report highlights that the median closed price for single-family homes in close proximity to the beach exhibited a noteworthy increase of 20.2 percent, reaching $3,125,000 in August 2023.

Overall, the August market report for Naples indicates a stable market with opportunities for both buyers and sellers, encouraging active engagement in the real estate market during the summer months.

See below for the full Naples market report and contact me to discuss the current Naples Florida real estate market.

Real Estate Market Report

The above report is a wealth of fresh insights in the monthly Naples Board of Realtors Market Report (NABOR).  Whether you’re considering buying or selling real estate in Naples, this comprehensive report is a must-read.

Packed with valuable information, it offers more than you might expect. Key highlights, including the market summary, quick facts, and Naples market graphs on pages 1 and 2, provide an excellent overview to set the tone for the rest of the breakout reports.

For those interested in single-family homes or condos, pages 3-4 offer a top-notch overview with a plethora of data to explore.  Delving deeper into the details is where the real value lies.

Each month, NABOR meticulously examines year-over-year statistics that paint a complete picture of the market. By the time you reach page 15, you’ll find detailed market reports for each zip code for Naples Florida, allowing you to fine-tune your focus even further.

• Naples Beach includes 34102 zip code (Moorings, Coquina Sands, Old Naples, Aqualane Shores & Port Royal), Naples Florida 34103 (Park Shore), and 34108 zip code (Pelican Bay, Bay Colony, Vanderbilt Beach, Pine Ridge Estates, Pelican Marsh).
• North Naples includes zip code 34109 (Pelican Marsh, Tiburón), Naples Fl 34110 (Mediterra, Talis Park, Audubon, Kalea Bay, Aqua, Dunes), and zip code 34119 (Quail West, Vineyards, Oaks Estates, Esplanade, Old Cypress).
• Central Naples includes zip code 34104 (Brookside), zip code 34105 (Grey Oaks, Bears Paw, Wyndemere, Kensington Park), and zip code 34116.
• South Naples includes zip code 34112 (Royal Harbor) and zip code 34113 (Lely, Isles of Capri).
• East Naples includes zip code 34114 (Fiddlers Creek, Treviso Bay), zip code 34117, 34120 zip code , and zip code 34137.

If Naples real estate piques your interest, we invite you to explore our Naples Communities page, where we provide in-depth coverage of the top luxury real estate communities in Naples, along with showcasing available properties. Whether you’re searching for a waterfront community, a gated community, a golf community, or something in between, begin your journey by browsing Naples and Bonita Springs properties. When you’re ready to take the next steps, don’t hesitate to reach out.  Browse all Southwest Florida homes for sale, or narrow down to the area which interests you most – Naples Florida, Bonita Springs Florida, Estero Florida or Marco Island Florida.

For a more detailed discussion of this market report or if you have any questions about the Naples Luxury Real Estate Market or want to discuss properties, contact Matt Brown at (239) 309-2315.

Matt Brown is a top Naples realtor focusing heavily on market data and analysis. His client testimonies speak volumes of his character, analytical nature, and approach to sound investment purchases. He is two steps ahead of market shifts because of his knowledge base, client transaction history, community connections, and deep understanding of the data.

Matt presents his vast local real estate knowledge, comprehensive research, and thorough market analysis in every client interaction. If you are looking for a local advisor to partner with to grow your real estate portfolio, contact Matt Brown at (239) 201-4788 or fill out the Let’s Connect form.