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.

Naples August 2023 Median Home Prices

Total Sales in the Overall Naples Market have been falling since April 2021. Little spikes here and there around the vacation season would make the housing market in Naples seem anemic in August 2023, but just take a look at the meteoric rise in Median Sales Price. It’s really a story of lack of New Listings, which translates into a lack of inventory. Most of what I hear from buyers is “what do you have off-market”? Apparently the current offerings of the Naples market in August 2023 don’t satisfy the appetite of a lot of buyers. That’s OK, because there are off-market deals too. Many sellers don’t really want to advertise their listing until they know they have a place to go. I know of a couple of off-market listings. Some good, some OK. There are even good deals ON the market right now! Like this lowest priced single family home on the water in Royal Harbor.

Homes For Sale In Royal Harbor

Collectors of things typically want rarities. This is why you see 1959 Les Pauls going for upwards $500,000 or more. Well, there are only so many waterfront homes in Naples, FL. Especially homes with their own dock, boat lift and Gulf of Mexico access with no bridge restrictions, like the one located in Royal Harbor at 1660 Sandpiper St. This home has a pool and is rear west facing. Even more rare. Switching the 34102 criteria in the graph below from “All properties” to “Single Family Waterfront” will see an increase in Median Sales Price by over $1,000,000. Rare commands desire. Additionally, NEW homes command desire. A quick search today of active real estate listings in the Naples area that were built before 2021 came up at 2208 listings. Adjust that to listings built after 2022; 522. I happen to have two brand new beautiful luxury single family home listings located in Palm Springs Estates coming available in 2024. For now, the asking prices are at $1,200,000. Both will have a pool, spa, 3 car garage, circle driveway, 4 bed + Den 3 bath 2400sf. Check out the rendering below and call me for more details. The seller will allow quite a bit of flexibility on the finishes to buyers who get into contract early.

New Luxury Home For Sale

A recent article on Yahoo.com published the following article regarding the overall US housing market, which included a pretty bold statement by the National Association Chief Economist, Lawrence Yun:

So much for the idea that a “housing recession” would reverse some of the outsized price gains in homes. The U.S. housing market had finally started slowing in late 2022, and home prices seemed poised for a correction. But a strange thing happened on the way to the housing crash: Home values started rising again.

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.

The advice for the Naples housing market in August 2023 is the same as it has been; Don’t try to time the market. If you can buy a home right now and keep that home, do it. Rates are at their historical average right now. Don’t be that person that waits around for 3% mortgage rates to return. All the experts say that isn’t going to happen. A good local Realtor (ahem… ME) will give you all sorts of information to help you make a good choice in any housing market.

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.