Summer Trends in Naples Real Estate Cooling Sales Amidst Rising Inventory and Economic Concerns

By Robert Nardi, Broker/Owner

Summer TrendsBroker analysts reviewing the June 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe a surge in summer travel contributed to the reduction in home sales in Naples during June. The report showed a 13.6 percent decrease in overall closed sales for the month to 837 closed sales from 969 closed sales in June 2022. Though the dip in closed sales appears temporary and may not linger into July’s closed sales data, overall pending sales (homes under contract) in June increased 0.8 percent to 800 pending sales from 794 pending sales. June’s showings increased slightly from showings reported in June 2022. Fortunately, slow sales in June did not impact home prices as the median closed price reported in June increased 0.4 percent to $602,494 from $600,000 in June 2022.

Overall inventory continues to rise compared to 2022 levels. June had an 8.2 percent increase in comprehensive inventory to 2,659 homes from 2,457 homes. This increase was due to low monthly sales and not because of new listings, which decreased 28.2 percent to 860 new listings from 1,198 new listings in June 2022.

For those of you who would like to look at all the data, please send your request to Robert@NardiRealty.com. I could provide you with the June 2023 statistical chart.

What does this mean?
Interest rates going up so quickly has made some buyers skittish about entering the market. In addition, they are worried about increasing property taxes and insurance costs. Lastly, they were concerned about inflation and the possibility of a recession. Therefore, the need to purchase ASAP is on the back burner for now. Some good news is that inflation is at a 3% low, and no recession exists. Lastly, another piece of good news is that property values are not crashing and burning. The median and average closed prices continue to hold steady.

Some buyers who are watching the market insist that values are decreasing, but the only values that are going down are overpriced properties; usually, they start with an exaggerated price. Sellers were trying to get as much as they could. However, with all the accessible data, buyers have become much more sophisticated. They see the numbers. Also, potential buyers are using REALTORS® in a consulting capacity to dig deeper into more comps not readily available to the public.

How about renting for next season?
If you are considering renting for next season, we have some charming rentals available.

If you wish to rent for next season, January through April 2024, please contact my Rental Administrator, Sheri Martin, at 239-571-6189 or email her at sheri@teamonesource.com. Remember property is one of your biggest assets, so I would leverage it as much as you can so you can get a return on your investment.

Are you thinking about selling or buying?
Please remember that Nardi Realty is a concierge real estate firm where “we treat every customer like our only customer.” We could perform a free Comparative Market Analysis (CMA) and provide a listing price if you are considering selling. We could even put together a “Sellers’ Net.” This Sellers’ Net will allow you to see your bottom line after all expenses. The Sellers’ Net is a powerful tool because it can provide information to you that could assist you with your decision to sell or not.

If you are thinking about buying, please contact me directly at 239-293-3592, via email at Robert@NardiRealty.com, or perform your own search at www.BuyNaples.net. We are an established “red carpet” real estate firm that sells property all the way up to Sarasota and in this market, you need a firm with years of experience and vast knowledge of Southwest Florida and beyond. We can be your resource for finding mortgage companies/banks, insurance agents/brokers, property inspectors, and contractors.

Please enjoy the rest of this hot and “sticky” summer! Hopefully, I will see you in the fall!

239-293-3592 | www.BuyNaples.net