NAPLES 2023 MARKET REPORT and 5-YEAR REVIEW

This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO). Median numbers are used in all calculations.
Click NAPLES 2023 MARKET REPORT and 5_YEAR REVIEW to download a copy of this report.

The numbers have been dramatic over the last few years, for all the well-known reasons. With the market returning to more normal conditions, pricing and condition are again important. If you are thinking of selling, please contact me for a current market analysis for your property.
Median Price and Sales
The median price of the Single Family homes sold in Naples increased almost 90% from $425,000 in 2019 to $800,000 in 2023. Sales surged until around Q3 2021, thereafter returning to pre-pandemic levels in 2022 and to a much lower level in 2023.

The median price of Villas (attached and detached) sold increased 80% from $305,000 in 2019 to $550,000 in 2023. Sales followed a similar pattern to that for SFs until 2023, when they saw only a slight decline from 2022.

The median price of Condos (and Townhouses) almost doubled from $250,000 in 2019 to $494,000 in 2023, driven by the sharply increased share of sales over $500,000. Sales in 2023 also dropped to below the pre-pandemic number.

Single Family Sales by Price
Another way to look at sales is the distribution by price. In 2019, 62% of Single Family sales were under $500,000 and by 2023 that had dropped to just 14%. Conversely, the share of sales over $1 million went from 15% to 38% in the same period.

Villa Sales by Price
In 2019 50% of Villa sales were under $250,000 – and just 5% of sales in 2023. Conversely, the share over $500,000 more than doubled from 21% in 2019 to 49% in 2023.

Condo Sales by Price
The share of Condo sales under $250,000 dropped from 21% in 2019 to virtually zero in 2023. Meanwhile, the share of sales over $500,000 went from 15% in 2019 to 59% in 2023.

Price per Sq Ft (PSF) and Speed of Sales (Days to Offer Accepted – DTO)

PSF is another way to look at sales. For SFs the increase was 83% from $212 in 2019 to $388 in 2023; for Villas, 74% from $193 to $335, and for Condos 96% from $166 to $325.

There was also a dramatic increase in the speed of sales, with the median DTO plummeting from 67 in 2019 down to just 12 in 2022 for SFs, from 62 to 6 for Villas, and from 69 to 7 for Condos.
Sales have been taking longer since Q3 2022, but they are still taking place more quickly than in the pre-pandemic years

INVENTORY
The following charts show that, while inventory (green line) has recovered from the extremely low levels of late 2021, it remains well below pre-pandemic levels. The number of months of inventory (how many months it would take to sell the current inventory – blue line) has followed a similar pattern.

LONGER TERM VIEW
This chart (with the actual numbers in the table below) shows median prices since 2000.The median price did not exceed the 2005/06 peaks until 2020 for SFs and until 2022 for Villas and Condos. While the market conditions are vastly different from the earlier period, the slope of the increases from 2001-2005 and 2019-2022 is eerily similar. Over the whole of this century, the compound growth rate has been 6.5% for SFs, 5.1% for Villas and 5.6% for Condos. Unfortunately, the price appreciation has come in violent bursts rather than steady annual increases.


COMMENT
The numbers have been dramatic over the last few years, for all the well-known reasons. With the market returning to more normal conditions, pricing and condition are again important. If you are thinking of selling, please contact me for a current market analysis for your property.