June 2023 Naples Market Report: Single Family Prices Near All-Time High

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.

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 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.

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 and sales volume in May were about 20% below the sales level seen last May for both condos and single family homes.

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.

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.