February 2023 Newsletter | Matt Brown Real Estate

February 2023 Newsletter Naples & SWFL Real Estate

February and March are exciting months in Southwest Florida. Season is in full swing, which means the restaurants are fully booked, the weather is idyllic and there are many events/festivals to keep you entertained. In addition to having world-class beaches and golf courses, Southwest Florida is also rich in culture and the arts. If you aren’t familiar with Gulfshore Life, they keep a helpful calendar of upcoming events which help my family and I stay plenty busy in down moments: check out all the things to do! If you’re in town Feb 25th/26th, make sure to visit the 44th Annual National Art Fair held in Cambier Park in the heart of Downtown Naples.

In case you missed it, my kids entered our 2-year old Cockapoo dog Ellie, in the 14th Annual 3rd Street South Pet Parade. The theme was storybook pets and they and took home the First Place prize with Ellie as Paddington Bear!

Enjoy this month’s newsletter!
~Matt

Ritz-Carlton Residences, Estero Bay | Ritz-Carlton Residences, Naples

Sales for both the Ritz-Carlton Residences, Estero Bay and the Ritz Carlton Residences, Naples are now underway! Both of these waterfront 5-star luxury communities are spectacular in their design, amenities and services offered to their residents. If you are interested in learning more, let’s connect.

Market Update

📊 Naples real estate pricing continued it’s upward trend in January for the 4th consecutive month of pricing gains with average sales prices up to $1.210M, climbing back from an annual low of $840k in September 2022 and in surpassing the May 2022 average of $1.135M. Single family sales prices are up 30% from 1 year ago to $1.6M and condos are up 20% to $838k. As expected in January, we saw a healthy spike in new listings as many sellers wait until season to put their properties on the market and I expect that to continue into February and March. We also experienced a sharp increase in activity with pending sales up 71% from December but still 18% below January 2022. Inventory has been slowly trending up since it’s all-time low of 1,195 units in December 2021 and has been holding relatively stable with 2,500-2,700 units on the market since last July, well below the 6,000 unit level we had pre-pandemic. Total closings in Naples were fairly weak in January with only 555 sales, at the low benchmark from the past 5 years, essentially the same as January & February 2019, May 2020, September & November 2022.

🌴 The Naples beachfront estate at 25 16th Ave S made a splash on national news feeds when it closed in July 2022 for $62,000,000 as the highest residential sale in Naples history. That same property just came back on the market with a new price of $88,000,000 ($7,802/SF) (View Listing).

🌊 Properties damaged by Hurricane Ian’s storm surge continued to come on the market, many with ultra-prime bayfront or beachfront locations, one notable listing has 3 acres on the beach with 321’ of beach frontage just south of the Naples Pier and is offered for $99,000,000 (View Listing).

👀 Naples Ultra-Luxury Properties $20,000,000+: There are currently 23 active listings (14 of which are listed with William Raveis), 2 pending and 5 closed in the last 6 months: View Listings