NAPLES & SWFL REAL ESTATE NEWSLETTER
July 2023 Real Estate Newsletter
Wow the Summer has just flown by, it’s already late-July, and the kids will be back in school in just 3 weeks! Some exciting news for Naples is that the Ritz-Carlton Beach Resort is open again after being shut down for 9 months following Hurricane Ian. The Ritz is back and better than ever after an expansion and extensive redesign, take a look here: Travel & Leisure
I did break away this month with the kids and joined my dad at his member-guest event at Cape Arundel Golf Club in Kennebunkport, ME. The course has quite a history, it was founded in 1896 and at that time was one of only 74 golf clubs in the United States. It was nice to unplug a bit for 3 days, we played some great golf and had fantastic weather, a stroke of luck considering the Maine has had such a wet summer so far. Maine is a special place and we always enjoy visiting.
We’re also getting ready to embark on a family road trip July 22nd to August 1st. I have coverage in place if needed, so just reach out if something comes up. We are headed to St. Augustine, FL, Savanah, GA, Asheville, NC and then back down to Atlanta, GA to visit my sisters. If you have any recommendations for Savanah or Asheville please reach out!
FAMILY UPDATE
I wanted to share photos from a recent family/pet photo shoot which was a result of our 1st place prize in January at the “14th Annual Pets on Third” Pet Parade. We took a boat out for the photoshoot since they love spending the day with us on the boat and swimming in the gulf, they are certainly living their best life! Alessandra from Inspired by Animals specializes in pet/family photography was amazing, if you would like some nice images of your family/pets reach out to her: https://inspiredbyanimals.com/
Now onto Naples real estate! Check out the remaining July Real Estate Newsletter below, which features the local market reports, my June market charts and the recent real estate news we posted to our social media in June.
~Matt
June 2023 Market Graphs & Commentary
This month I included a five year history for the market trend charts instead of the typical three year charts. As we phase out of the frenzied sales market spurred by the pandemic and return to more of a normal/stable market in Naples, it’s interesting to compare our current statistics to those we saw in 2018/2019 before the action started in mid 2020. Average pricing has been moving up and down from month to month so far in 2023. The market has been slowing down going into Summer with inventory decreasing for 3 months in a row after gaining from FEB of 2022 all the way through FEB of 2023. There were 27% less properties listed this June compared to last June, which is constraining the inventory and a decent number of sellers take their property off the market to give the listing a break for Naples’ slow summer season. Buyer activity tends to pick up in the Fall as people get ready for the winter season so that’s typically when sellers will put their properties back on the market and we see new listings increase.
AVERAGE SALES PRICE
The average sales price of a property in Naples (condos/villas/homes) ticked down this month to just over $1M, 4.5% above the average price from 1 year ago and 30.5% above the average of $770,623 from June 2021.
AVERAGE PRICE PER SQFT
The average sales price per square foot also moved down this month to $440/SF, 4.1% less than 1 year ago and 60.6% above where it was 2 years ago at $274/SF.
MONTHS SUPPLY
The months of supply indicator measures how long it would take for all the properties on the market to be absorbed/sold if sales continued at the past month’s pace and no new listings came on the market. 3.6 months is considered a seller’s market, around 6 months is a balanced market and above 6 months, a buyer’s market. This is one of the most interesting statistics to track since it combines the pace of sales with the amount of properties available on the market.
There were only 2,659 properties on the market in all of Naples including all condos/villas/homes, considerably less than the 5,000 to 7,000 we were accustomed to having available before the pandemic.
NEW LISTINGS
There were only 871 new listings put on the market in June, a significant reduction from last June when there were 1,198 new listings put on the market. Also it was less than June of 2019 when there were 1,004 new listings.
PENDING SALES
There were 666 sales pending in June in Naples, 5% more than last year and 8.4% below the 727 pending sales we had in June of 2019. I would expect to see slightly lower numbers in July, August and September before increasing in October.
TOTAL SALES
There were 837 sales closings in June with at total dollar volume of $843.2M, just about 10% below the total volume closed in June 2022 and 44.2% above the sales volume in June of 2019 of $584.7M.
AVERAGE DAYS ON MARKET
Properties that closed in June spent an average of 50 days on the market, a metric that has held pretty steady since DEC of 2022 and hit an all-time low of 16 days on the market in APR/MAY 2022. 50 days on the market is still only half of what we were used to seeing prior to the pandemic when properties typically spent an average of 100 days on the market. We are a seasonal vacation home community when it typically takes some time and multiple house hunting trips for buyers to find the “one”.
AVERAGE PERCENT OF LAST SALES PRICE
The average amount of negotiation for properties closed in June was 3.8% below the last asking price. That doesn’t mean that sellers are getting close to their 1st asking price as we saw a significant # of price reductions this season as sellers had trouble gauging the correct offering price before buyers were willing to move forward with an offer that resulted in a sale. We are still above the 4 to 5% average amount of wiggle room we had prior to the pandemic.
Southwest Florida & Naples Real Estate Market Reports
Each month our real estate newsletter includes previous months published market reports for Naples, Bonita/Estero and Marco Island.
Area Real Estate News Summary
Featured Listings
Search Current Inventory
Filter, view and discover Southwest Florida’s current market inventory (includes Marco Island, Bonita Springs, Estero and Naples properties). Below I have focused on Luxury Homes in this month’s real estate newsletter.
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