Naples September ’23 Housing Market Update: The Fall of Summer

The Fall of Summer

As the beach umbrellas begin to change color and we lose 40 minutes of sunlight in October, things are starting to pick up here in Naples as we move into Q4 2023. Or as the rest of the world calls it…Fall. The school season is well underway and with all of the traffic that comes with it. Friday night lights at high school football stadiums burn as bright as the enthusiasm and energy both on the field and in the hearts of attendees. The Feast of Trumpets has ushered in a new year for many while others prepare to end their year with celebrations of their own. Now is the season for the final push of closing real estate transactions and applying for homestead exemptions here in Collier County. While the vacation rental season has not quite started here in Naples, it certainly will start ramping up from this September ’23 housing market update on out until “peak” season in March 2024.

Now that we have recognized the arrival of the Fall season, let us recognize the falling of the Median Sales Price throughout the Naples area during this September ’23 update on the housing market. While the Median Sales Price in The Overall Naples Market is up 1.7% over September 2022, it is down 6.7% from August 2023. This September lull is normal according to previous years stats. Looking at the past few years, the Median Sales Prices tend to dip a little in September before hitting new highs by December. ZIP 34102 was down a little as well in September 2023, but up 73% over September 2022! 73%… Did I mention that I have probably the best deal available in 34102 right now? Check out the single family waterfront home here.
Naples September 2023 Median Sales Price

Naples September 2023 Median Sales Price | Overall Naples vs 34102

Total inventory of Single Family Homes and Condos have levelled out in August & September, stabilizing the bleed of available properties for sale from April through July. Again, this is statistically normal market behavior for the summer Naples market. Expect inventory to rise as more listings come online January-March 2024, despite Pending Sales attempting to eat them up. But make no mistake, inventory is widely expected to remain subdued for some time, keeping prices at elevated levels.
Naples September 2023 Housing Inventory

Naples September 2023 Housing Inventory | Overall Naples vs 34102

How Are People Buying in ’23?

From Jan 1. 2023 until September 30, 2023, there were 4472 transactions on the MLS that closed with no financing… CASH.
  • Median Sales Price – $707,500
  • Average Sales Price – $1,257,330
  • Max Sales Price – $46,800,000

During that same time, 2419 transactions had conventional financing while only 328 buyers utilized FHA financing.

  • Median Sales Price w/ Conventional Financing – $560,000
  • Average Sales Price w/ Conventional Financing – $780,798
  • Max Sales Price w/ Conventional Financing – $14,250,000
Wow. That really puts some perspective on the market, doesn’t it? Almost double the amount of financed purchases are cash buyers. Now an astute business person may not fully agree that purchasing a home with cash means that they now have 100% equity forever. If the market turns and the home is now worth less than they paid for it, they not only essentially lost money, they may be taxed over basis. Sure, they don’t owe a bank, but losing money is still losing money. How this might affect the rest of the population is that there would likely not be a big rush to sell as there was in 2008 with the balloon payments that came due. 2008 was a perfect storm which affected even the toughest or weather preppers here in Southwest Florida.
Naples housing market updates, such as this September 2023 market update, can really pull you in different directions. The various graphs are all interconnected, of course, but there are other factors that push and pull at the categories that then go on to affect other categories. Hurricane Ian in 2022 is one. COVID was a big one, and maybe the 2024 Presidential election will be another. Point is, these numbers that the graphs represent are really a story of the lives of people. Each number is a person, or a couple who made a decision based on information. This is exactly why I love real estate. I love stories and I love people. This is probably why I am told by customers and clients often how much they appreciate my enthusiasm and service. Enthusiasm is something to cherish, just ask a depressed person.
To get your house sold or to buy a new one in the Naples area, give me a call. I just may become your agent and friend for life.
Josh Amolsch
Premiere Plus Realty, Co. | REALTOR® | #SL3522310
1100 5th Ave S #101B, Naples, FL 34102
Josh Amolsch | Naples Luxury Real Estate

Josh Amolsch | Naples Luxury Real Estate

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About the Author
Since 2012, Josh Amolsch has proven to be relentlessly effective in delivering success and satisfaction to his customers. As a resident of Naples, Josh brings energy, charm and wisdom to the Premiere Plus Realty Luxury International brand.

Josh is a long time musician who has released a few recordings over the last 20 years. He loves hiking in national parks and traveling with his wife, Viktoriya. The bedrock of Josh's character has always been his passion for service and results. With this, Josh has not only found success, but a permanent seat as a student in the practice of real estate.

Consulting real estate consumers and guiding principles through life changing events has been the highlight of Josh's adult life. Josh is an accomplished communicator, and with the unique training he has received from top brokers with over 120 years combined experience, Josh knows how to bring deals together, keep everyone on track, and close successfully while maintaining healthy relationships.