February 2023 Naples Market Report: Ritz-Carlton Residences Sales Launch

January 2023: Naples Market Trends and Commentary

📊 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