PELICAN BAY 2023 MARKET REPORT and 5-YEAR REVIEW
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Median Price and Sales
The median price of the Single Family homes sold in Pelican Bay more than doubled from just $1.8 million in 2019 to $3.9 million in 2023.
Sales increased from 2019 to 2021 and have since dropped back below pre-pandemic levels. The last SF sale in Pelican Bay was in September 2023.
The median price of the Villas sold in Pelican Bay almost doubled from $1.1 million in 2019 to $2.1 million in 2023.
The number of sales increased in 2020/21, but has since dropped back to pre-pandemic numbers.
The median price of the Condos sold in Pelican increased 45% from $860,000 in 2019 to $1.25 million in 2023. Sales doubled from 2019 to 2021, and have since returned to 2019 levels.
Single Family Sales by Price
Another way to look at sales is the distribution by price. In 2019, 73% of Single Family sales were under $3 million and by 2023 that had dropped to just 11%. Conversely, the share of sales over $3 million went from 27% to 89% in the same period.
Villa Sales by Price
In 2019, 75% of Villa sales were under $1.5 million, dropping to just 23% in 2023. Sales over $1.5 million went from 24% to 77% in the same period.
Condo Sales by Price
In 2019, 17% of all Condo sales were under $500,000 and that dropped to zero in 2022/23. Sales over $1 million went from 42% of the total in 2019 to 73% in 2023.
PSF is another way to look at sales.
The PSF:
More than doubled for SFs, from $549 in 2019 to $1,187 in 2023;
for Villas increased 90% from $497 in 2019 to $959 in 2022;
for Condos increased 58% from $445 in 2019 to $703 in 2023
Sales quickened dramatically from 2019 to 2022, before slowing in 2023, especially for SF sales.
Inventory
A market is deemed to be in equilibrium between buyers and sellers with 6 months of supply.
SF supply is high, reflecting the absence of sales since September 2023.
The chart below shows the number of active listings (green line) and the months of supply (blue line) over the last 5 years
LONGER-TERM VIEW
John Donne wrote:
“No man is an island,
Entire of itself,
Every man is a piece of the continent,
A part of the main.”
In like vein, Pelican Bay is part of the “main” – Naples.
The chart and table below are, therefore, for Naples and show 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.
