NAPLES & SWFL REAL ESTATE NEWSLETTER
June 2023 Real Estate Newsletter
As we transition into the summer season of 2023, my wife and I can’t help but celebrate the magnificent charm of summers in Naples, Florida. While most of you probably associate Naples with its bustling winter snowbird season, the summer months offer a unique experience that my family and I enjoy immensely. Here are some of the reasons why:
AFTERNOON STORMS
One of the defining characteristics of Naples’s summers is the dramatic afternoon storms, which occur like clockwork almost every day from 3-5 pm. These tropical showers provide a refreshing break from the sun-drenched day and offer a remarkable spectacle of nature’s power. The storms often roll in with a dramatic flair, refreshing the air and leaving cooler temperatures behind for the evening.
QUIET BEACHES
With the departure of seasonal visitors, the sandy shores transform into serene havens of relaxation. We take advantage of boating and the beaches in the summer because we have more time as a family and also enjoy the warmer waters. It’s our slice of paradise where we unwind in the beauty of nature without the crowds.
LESS TRAFFIC
The summer season also brings a noticeable decrease in traffic. Navigating through the area becomes a breeze by car and by foot. We explore more of Naples’ hidden gems and frequent restaurants more often and as a bonus, we can usually eat at peak times without a reservation.
COMMUNITY
The summer months reveal the true essence of Naples as a close-knit community. We plan more get-togethers with friends, host dinner parties, play pickleball on our home court more often and connect with neighbors. Everyone is particularly busy with engagements during the season so residents reconnect during the summer.
Regardless of where you are, I trust you will enjoy your summer just as much. Check out the remaining June Real Estate Newsletter below, which features our latest blog post on Clam Pass Park, the April Market Reports and graphs, and all the recent real estate news we posted to our social media in May.
~Matt
May 2023 Market Statistics
The Naples real estate market turned in a solid month of sales in May as the market activity drifts back towards “normal” activity but prices remain elevated and inventory is still somewhat constrained although markedly improved from the ultra-low supply seen over the last 2.5 years.
AVERAGE SALES PRICE
Naples single family sales prices ticked up in May considerably to an average of $1,504,622, just $60,000 below the all-time high seen in January 2023 while condos sales prices were mostly flat at an average of $809,627.
AVERAGE PRICE PER SQUARE FOOT
The average price per square foot for single families also ticked up to $514/SF just 3.2% below May 2022 and condos were more steady at $443/SF, 1.1% below May 2022.
INVENTORY MARKERS
Inventory is up 70 to 100% from last year but the supply reversed it’s upward trend and continued the decline started in April into May with 4.1 months of single family supply and 3.2 months of condo supply. These numbers represent the amount of properties on the market and the time period it would take for all inventory to be absorbed if the amount of contracts remained the same and no new listings came onto the market. Both numbers are significantly below the pre-pandemic levels of about 7 months of inventory.
PENDING SALES
Single family pending sales in May were 8.5% above last May and pending condo sales were 14.7% below levels from last May. Seasonal spikes in sales activity are evident by reviewing the pending sales charts as are the declining peak levels of seasonal sales since the surge of purchase activity seen in the 2nd half of 2020 and the 1st half of 2021.
TOTAL SALES VOLUME
Total sales and sales volume in May were about 20% below the sales level seen last May for both condos and single family homes.
AVERAGE DAYS ON MARKET
Single family homes that closed in May spent an average of 59 days on the market and condos spent an average of 48 days on the market. This indicator is up significantly from last year in the range of 195 to 269% but still significantly below pre-pandemic averages of about 100 days on the market.
AVERAGE PERCENT OF LAST SALES PRICE
Properties that closed in May sold for an average of 3.1% to 4.4% below the last list price, similar to but still slightly above the discounts seen pre-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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