After reviewing the market stats for June 2023, I'm seeing a shift in consumer sentiment as people become more aware of interest rates. We're also beginning to see more negotiations on price and realistic list prices that reflect the current market - this makes buying a home more accessible!
The percentage of list price to sale price has returned to a normal level of 96%. It's no secret that competition among buyers in Naples has been fierce in the past, but this shift in the market shows a more balanced approach to real estate transactions. As always, it's important to keep an eye on the market trends and adjust your strategy accordingly, but for now, these numbers are a welcomed relief for buyers.
Total inventory was up 8% year over year, but the pace of that increase has slowed over the past handful of months. This increase in listings is actually a reflection of lower sales, as new listings continue to drop. In fact, new listings declined a whopping 28% year over year.
It's a tricky game out there, but given that Naples still remains a top destination in the U.S., expect prices to hold steady but should not overwhelm well-qualified buyers.
I'm optimistic about what this could mean for the real estate market in the near future. For any questions or inquiries, please don't hesitate to reach out - I'd love to chat further about it. Infographic below.