Naples is Winning.
Rememeber, I can provide specific market stats for your neighborhood and even a specific analysis of your home value and how long it will take to sell. Ask and it will be done.
It happened again. The Median Sales Price for the Overall Naples Market defied gravity again by hitting a new record high of $629,640 in April, up 2.9% over March’s record high of $612,000. This equates to a 5.8% increase over the Median Sales Price in April 2022, which was the start of that 5-month tear where housing inventory in Naples doubled, likely due to interest rates skyrocketing. But even with inventory in Naples doubling during that time, the Median Sales Price pretty much stayed between $550,000 and $600,000, even going up to $607,000 in May 2022. While large parts of the country are down on Median Sale Price, Naples is defiantly up.
Naples is chock full of entrepreneurs, risk takers and trailblazers. It is those who think outside of the box, those who don’t take “no” for an answer, those who are always searching for the next best idea-the defiant ones-who end up in Naples. Want proof? Look at the property values and story behind the owners of those properties. Need help? Take a Princess Cruise through Port Royal.
We all realize how special Naples is. Many of the worlds “movers and shakers” have homes here. With that, I want to check the Median Sale Price of other cities that were making headlines a couple of years ago with how many people were moving there. These numbers below are the most recent from Redfin:
Median Sales Price March 2023 vs March 2022
U.S Overall – Down 3.3%
Austin, TX – Down 16.4%
Boise, ID – Down 14.6%
Johnson City, TN – Down 10.3%
Asheville, NC – Down .51%
Spokane, WA – Down 8.5%
I am sure there are other lists that show popular move-to cities from the last couple of years that are doing just fine. I just think it is interesting that the first list I found shows losses in home values of all those popular cities. But guess which city is up? Home sweet home, baby.
Naples Area Median Sales Price April 2023 vs April 2022
Overall Naples Market – Up 5.8%
ZIP 34102 – Up17.5%
ZIP 34103 – Up 3.7%
ZIP 34120 – Up 8.5%
ZIP 34112 – Up 15.9%
An even bigger change I am seeing in the Naples April ’23 Housing Update is the 20% drop in New Listings. But in looking at the data from the past few years, the drop in New Listings is normal. Season is over and the vibe has changed. But what current homeowners need to understand is that where it may seem that the drop in New Listings would correspond to a lack of buyers (shown below as Pending Sales) The same can be said about the drop in Pending Sales is due to a lack of New Listings! I have included another chart below that shows just the Median Sales Price in Naples going back as far as my association’s system will allow (Jan 2010). Every off-season, the Median Sales Price either stays steady or goes up.
Moral of the story is that off-season is a GREAT TIME TO LIST, AS HOMEOWNERS WILL HAVE LESS COMPETITION! Also, for the folks who like to use their property during season, listing in the off-season (with your friend Josh Amolsch, or course) will help you avoid the hassle of showings when you are trying to relax from all of that trailblazing you have been doing all summer. Just consider that thought. And for buyers, the time to buy is whenever CAN buy. Naples is a little bubble, the last one into a recession and that first one out. We are not affected by economic bumps as much as other areas of the country. Real estate in Naples is as good as gold as far as I can tell from research. The amount of homes on the water is finite, the amount of condos with views of Naples Bay and the Gulf is finite. Pick one up while you can.
I think we have enough charts and numbers to chew on here. The next step is to call the Naples Realtor who truly cares about your real estate needs and who will be honest. If I can’t help you, I will find someone who can, but I can very likely help you.
Give me a shout if you are planning to buy or sell real estate in Naples, Florida.