How Did The Naples Market Fare in December 2023?
Well can you believe it! 2023 is over and the Overall Naples Market hit a record Median Sales Price of $636,995 in December 2023! That is a 10.8% increase over December 2022. This with the Total Sales being almost exactly flat in December as compared to November. We did have a couple of higher end (not the highest, by far) properties close in December along with a slew of $2 million to $6 million properties. Doesn’t seem too out of the ordinary for the healthy Naples real estate market. I have been reading from various national real estate news outlets that 2024 should be fairly similar to 2023, while others claim the new year to be somewhat of a “breakout” year. What do you think? C’mon, everyone has an opinion.
I believe we will see a continual uptick in sales in 2024 all while home prices (on a national level) fall a bit. Naples might not go below $600,000 after this Summer though. Mortgage rates should find their sweet spot around the high 5’s. 🖐 Either way you slice it, 2024 is going to be an explosive year regardless of who wins in November. Can I get an Amen?
Naples Area Median Prices | December 2023
I chose to report on specific ZIP codes, 34102, 34103 & 34117 for the Naples December 2023 market update for a couple of reasons. One, I have a single family home listing in Royal Harbor (34102) that is oh, such a great deal! Two, my office is right off of 5th Ave S, so I need to serve my area. 34103 is the ZIP I live in and I feel that 34117 gets left out so I want to include those folks more often to let them know what is going on out in the Estates. I actually am going to be writing a couple of blogs specifically for those east of I-75, so keep an eye out for that. Passionate folks out there in the estates. I am pleased to inform you all that you gain about 7.3% equity in December over December 2022, granted you didn’t refi or anything.
The spike in Median Sales Price in these areas are a welcome sign for people wanting to sell but another dart towards the dreams of buyers. Mortgage rates did fall down from 8% to close to 6.5% (per Mortgage News Daily) in December, but have started to climb again. It must be an election year because the price of gas suddenly dropped and mortgage rates started to come back down to earth. New Listings for properties fell off a cliff in December 2023, even more so than they do each December. But prepare for an influx of listings, sales and price increases in the coming months while all of our friends from up north are here visiting us.
Naples Area Housing Inventory | December 2023
Get To The Numbers
I try to keep these Naples housing market updates as informative as possible without getting too boring. Throwing in entertaining thoughts is one way, but not too much. Have you looked up a recipe online recently? Wow. The amount of ads and clever writing you have to sift through just to get the ingredient measurements is something. Quite something, as my Mom would say. Let’s have a breather here and just take in some quick bullet points.
Overall Naples – Dec. 2023 vs Dec 2022
- Median Price – Up 10.8%
- New Listings – Up 11.4%
- Inventory – Up 45.1%
- Total Sales – Down 17.2%
34117 – Dec. 2023 vs Dec 2022
- Median Price – Up 7.3%
- New Listings – Up 70.6% (wow)
- Inventory – Down 15%
- Total Sales – Down 10%
34103 – Dec. 2023 vs Dec 2022
- Median Price – Up 8.4%
- New Listings – Up 5.8%
- Inventory – Up 63.6%
- Total Sales – Down 28.6%
34102 – Dec. 2023 vs Dec 2022
- Median Price – Down 18.1%
- New Listings – Up 40.4%
- Inventory – Up 62.3%
- Total Sales – Down 6.7%
Did you see that? 34117 is up 70% on new listings from a year prior! Only 8 are new construction, so most of that 70% is resale. Are people moving out of the Estates? I’ll do my best to answer that later this month. 34102 (Royal Harbor, Old Naples etc) also had a large increase in New Listings from a year ago. It’s all very interesting, of course, and we can talk in circles all day about why. But the fact is, we hit a record high on the Overall Naples Market Sales Price in December 2023. Albeit, the percentage is not as impressive as the 2020-2021 year where the price increased 25% from December 2020 to December 2021. Even 2021-2022 was an increase of 13.8%. Naples is running strong, baby.
Your Agent & Friend for Life
If you are thinking about selling or buying in Naples, why not hire someone who lives and breathes Naples Real Estate… ME! Selling a property yourself rarely ever works out better than working with a REALTOR® and finding a trustworthy, committed agent to serve your needs, without placing their ego in the transaction, can be tougher than first thought. I bring 10 years of experience and training from the industry’s best brokers to your door and into your intimate need for home switching.
Call me anytime at 239.302.8475.
Josh Amolsch | Naples Luxury Real Estate
Naples Seller’s Agent
