Naples May ’23 Housing Update: Did You Go The Right Way?

You can really get lost in the maze of news headlines and real estate sales jargon that attempts to prophesy the future housing market or even make sense of the Naples May ’23 housing update. It’s all speculation. There are markets within markets, governments within governments, money moving around like fish in the sea with chances of a shift outnumbering the grains of sand all throughout the earth. As Joe Pesci said in Oliver Stone’s 1991 movie “JFK“:

“It’s a mystery! It’s a mystery wrapped in a riddle inside an enigma!”

Now, don’t mis-calculate my point here. Any rational person will, and should, take a peek out of the tunnels we are digging once and while to observe the landscape and take stock of any adjustments we need to make in order to keep moving towards our goals. This is a lesson I learned from Bugs Bunny 30 years ago. How many times did pop up out of his tunnel to exclaim “I knew I should have made a left turn at Albuquerque”, while reviewing his map? Bugs Bunny had a destination in mind, but somehow things changed and he was left to deal with the situation he found himself in. Life keeps moving and “the best laid plans of mice and men often go awry”.

So where are we at in the Naples housing cycle? When we pop our head out of our tunnels to survey the land, we will see that, in the Overall Naples Market, the Median Sales Price dropped 3.6% from April to May but was up in ZIP code 34102 for April & May to a staggering 21.4% from May 2022. New Listings are down the last two months in both Overall Naples & 34102. And although Naples housing inventory has been decreasing since February, we still have 26.7% more homes to choose from according to the Naples May ’23 housing update vs May 2022. Buyer’s are still buying! Though Pending Transactions have dropped in April and May, we are only 1.5% down from May 2022 which is also fairly consistent for the whole 2021 “Off-Season”. To summarize; Inventory is low and getting lower, which props up prices. The desire for Naples real estate is not likely to wane anytime soon. Is there really any other town to compare Naples to? We have a unique position and the numbers in the Naples May ’23 housing update tell the same.

Let’s look at the graphs, shall we?

Naples May ’23 Housing Update Charts

Latest Naples Housing Market Stats

Latest Naples Housing Market Stats

Back to Bugs Bunny. He was pretty wise, right? I always remember him outmaneuvering his opponents with ease. A hero of sorts. So, with Bugs knowing that the situation had shifted, I don’t ever remember him getting back into his tunnel to continue on to Albuquerque. Maybe he did, but I just remember him adjusting to the situation he found himself in and still coming out on top. He never lost perspective, other than making that wrong turn. If anyone has never made a wrong turn, please call me. I will give you $10,000 to teach me how to never make a wrong turn again! But it will need to be refundable if I fail… because I will.

So what do you do with this constant barrage of information and opinions of where the Naples May ’23 housing market update is taking us? Well, history has taught us that people are quite capable of recognizing their perceived limitations, and in turn, step up to overcome those fears.

If you really want to sell that condo and move up to a single family home, JUST DO IT.
If you really want to sell that single family home and move down to a condo, JUST DO IT.
If you really want to buy that vacant land parcel to build a custom home, JUST DO IT.
If you really want to buy a muli-family property to rent out, JUST DO IT.

Look at all these people below who have JUST DONE IT by leaving high tax states to come to the land of milk and honey; Florida.

Redfin Migration Chart 2022

Source: Redfin.com

Trust me, I can get your home sold in an enjoyable and highly communicative way. And for the homeowners who are worried that they won’t be able to find a home that will frame the next 5-10-30 years of their lives due to low inventory, you are probably not living and breathing real estate to understand the amount of homeowners who are willing to sell off-market. Bugs, give me that map so I can help navigate.

There are thousands of success stories from people, who at one point, had zero odds to succeed. They found a way.

I can help you find your way,