Introducing the Naples, FL Real Estate Activity Summary for May 2023!
The average sale price experienced a slight dip of around 1% compared to last year, marking the first decrease in a while.
New property listings continue to decrease, with a 31% drop year over year. This trend will likely continue until sellers feel confident about securing their next property.
Total inventory (Homes for Sale) saw a 28% increase year over year. However, since inventory nearly doubled in June 2022, expect smaller percentage increases in future reports.
Total sales experienced a 20% decline year over year to 1,018 but showed improvement compared to April 2023 (947 sales). Interestingly, May 2023 sales were only 150 short of May 2019, despite having half the inventory, demonstrating that Naples, FL remains in high demand.
Lastly, average Days On Market surged by 231% year over year, reaching 53 days. This percentage increase may be misleading due to May 2022 being just a couple of months into the Fed's rate hiking cycle. Expect this percentage increase to stabilize in the July comparison numbers. The median Days on Market stands at 28, indicating that some homes that are not ready for immediate occupancy are starting to linger on the market.
Should you have any questions or require a no-pressure consultation to discuss how the current market aligns with your needs, please don't hesitate to get in touch!
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