The Naples housing market has been on a dynamic journey, as revealed by the July 2023 Market Report from NABOR®. Despite challenges like increased interest rates and evolving trends, the market's resilience shines through.
Sales and Pending Listings: A comparison to July 2022 shows a decrease of 11.9% in closed sales, with 600 homes sold this July. However, pending listings have increased by 6.3%, indicating a steady market. The percent of list price received in July remains consistent at 96.1%, underlining stability.
Days on Market: Days on market saw a significant increase of 115.4%, reaching 56 days in July 2023 from a record low of 26 days in July 2022. This trend contrasts with July 2019, when the average was 104 days.
New Listings and Inventory: July 2023 saw a 15.4% decrease in new listings compared to July 2022. Inventory levels have shifted dramatically since July 2019, with a drop from 5,200 properties to 2,583 properties listed for sale. Although new listings and sales activity show resemblances to 2019 levels, overall inventory hasn't rebounded fully.
Price Trends: The pandemic-induced homebuying frenzy led to a 50% surge in median closed prices. July 2023 reports a median closed price of $595,000, marking a 9.2% increase from July 2022's $545,000 and a significant leap from July 2019's $325,000.
Expert Guidance: If you're considering a home purchase or sale in Naples or anywhere in Southwest Florida, a knowledgeable REALTOR® is your key to success. We can provide accurate market insights and expert advice to help you navigate the current conditions and seize opportunities.
The Naples housing market showcases its ability to adapt and thrive, even amidst changing dynamics. Whether you're a buyer or seller, staying informed is essential for making the right decisions. #NaplesHousingTrends #MarketInsights #HomebuyingTips #NaplesRealEstate #CompassFL #TheBowersGroupNaples