Please see the Market Report for Naples, FL, in April 2023.
Total inventory (properties for sale) was up year over year to 2,868, an increase of 64%. The bad news (for buyers) is that the increase is plateauing, evidenced by the month-over-month decrease in inventory by 1.1%.
New listings continue to decline as well. New Listings were down 25% year over year and seem to be accelerating (typical in the summer off-season). New listings in March of 2023 were down 18% year over year. This would be the mortgage rate lockdown taking effect, although I believe it is more than just rates; it's the total affordability index that's pressuring buyers and sellers.
Given the commentary above, it is probably not surprising that total sales are down 24% year over year. Despite these challenges, Naples' housing market remains strong, with home prices still rising by 7% year over year.
And finally, while resale single-family homes posted declines of 30% in total sales year over year, new construction single-family home sales were up 20% year over year. The builders are very efficient sellers, and they also don't have to move into another home, giving them some additional leverage in this market.
If you have any questions or would like to have a no-pressure conversation, please don't hesitate to reach out!
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