Just as the price of gas has gone up recently, so has the Median Sales Price, amount of New Listings, Pending Sales & Total Sales gone up in the Overall Naples Market. You figure that because supply is increasing that prices should be coming down. That is usually the case, but not when buyer demand is increasing more than supply. While New Listings in the Overall Naples Market were up 6.9% in the Naples August 2023 market update, inventory was down 3.1%. This continues the decline of available residential properties since April 2023.
NAR reports that median sale prices of existing homes are near record highs. Home prices in July 2023 rose 1.9 percent year-0ver-year to reach $406,700 — the highest July median ever recorded, and only the fourth time any monthly median has eclipsed the $400,000 mark since NAR began keeping records. “The housing recession is essentially over,” said Lawrence Yun, NAR’s chief economist.
For help buying or selling real estate in the Naples real estate market, and to get even more detailed sales statistics down to a specific home or neighborhood, call Josh Amolsch.