A slight reduction in overall median closed price along with fewer new listings during May indicates a window of opportunity for both buyers and sellers this summer. According to the May 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the overall median closed price decreased 1.2 percent to $600,000 from $607,500 in May 2022. There were also 1,045 price decreases and a 31.2 percent decrease in new listings reported during the month.
New listings decreased 31.2 percent in May to 990 new listings from 1,438 new listings in May 2022. Fewer new listings are putting a strain on the overall inventory of homes, which is still recovering from frenzied buying during the pandemic.
Inventory has been increasing at a snail’s pace over the last year, averaging 100 new homes a month. For May, overall inventory increased 27.6 percent to 2,749 homes from 2,155 homes in May 2022. Broker analysts reviewing the May report said listing a home for sale this summer has numerous advantages including the fact that there are historically fewer homes on the market compared to the winter season so there is less competition. Most homeowners who purchased a home in Naples in the last five years have seen a remarkable increase in equity so the profit they enjoy from a sale will likely offset any increase they may pay for a new mortgage on a higher-priced home with a higher interest rate.
The NABOR® May 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:
The report also showed that we were 150 closed sales short of what sold in May 2019 but with half the inventory.
Based on market conditions reflected in the May report, brokers recommend sellers keep their listings active during the summer. Additionally, since 2021, closed sales of high-end properties have increased during the summer months. As such, during May, the median closed price of single-family homes in close proximity to the beach (34102, 34103, 34108) increased 20.2 percent to $3,125,000 from $2,600,000 in May 2022.
If you are considering buying or selling your home, look to Naples REALTOR® Mike Shoaff with REMAX in Naples who has the ability to provide an accurate market comparison and give you expert advice on how to capitalize on today’s market conditions. A REALTOR® like Mike Shoaff can ensure your next purchase or sale in the Naples area is a success.
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