Naples Condo Market Summary YTD 2023
In Naples overall, the median price of Condos sold in the first 5 months of 2023 increased 15% on a 21% decrease in sales, with variations from area to area.
In July I will publish reports showing the breakdown by Quarters and also showing a longer-term view as in my Q1 statistics.
And read these articles:
Florida News
5 things people don’t know about Naples
How to protect your house from title fraud
News from District 2
Q1 Market Stats (more…)
Naples grabs No. 1 spot on this ‘Best Places to Live’ list
People who live in Naples already know it. But every now and then it’s good to get a reminder that the popular Southwest Florida city, known for everything from great golf to great health care, is a fantastic place to live.
According to Schoolaroo, a nonprofit educational research company and scholarship website engine, Naples is the No. 1 place to live in the United States.
This study compared 151 cities across 47 metrics distributed in 9 key relevant categories: Crime & Safety, Affordability, Economy, Quality of life, Leisure and entertainment, Health care, Education, Employment, and Infrastructure.
Naples scored top overall rankings in health care (number of hospitals) and leisure and entertainment. Also in the Top 10 were education (3) for highest number of public schools, crime and safety (4) and economy (9). (Naples Daily News).
And read these articles:
Naples a top city for corporate headquarters post-pandemic
What drives Mortgage Rates in one chart
Lies, Damned Lies and Inflation “Statistics”*
HOW AND WHEN WILL HOUSING REBOUND? (more…)
Florida July Market Update in 4 minutes
This short video is an excellent summary of what is happening to the market overall in Florida.
And this is my recent overview of the market in Naples: Market returning to normal – well, mostly
And read these recent articles: (more…)
Naples mid-year Market Report
The trends evident in 2021 – persistent demand meeting lower inventory leading to fewer sales at higher prices – continued into the early months of 2022, but there was a notable cooling of the market towards the end of the second quarter, as rising mortgage rates and fears of recession, along with a sharp drop in the stock market, contributed to a hesitation amongst buyers. As always, caution should be exercised when looking at small numbers of transactions.
And read these recent articles: (more…)
Naples First Quarter Housing Market Summary
The trends evident as 2021 progressed – persistent demand meeting lower inventory leading to fewer sales at higher prices – continued into Q1 2022. As always, caution should be exercised when looking at small numbers of transactions. Also note that the percentage changes are from Q1 2021 – in most cases the change since Q4 2021 is less dramatic. Following the table, which shows numbers for each of the 5 areas of Naples, are definitions of the different property types in Southwest Florida.
Travelers are returning to Southwest Florida to find low inventory
Travelers are returning to Southwest Florida after the pandemic grounded flights and restricted some from coming, and RSW has announced new international flights from Frankfurt and Montreal, along with Midwestern and Northeast Destinations.
One recent arrival, Mark Keegans of Toronto, said: “I think the weather is the biggest thing, and my wife and I are looking at buying a place down here to spend the winters down here.” (NBC-2)
Really, really low Inventory (more…)
Naples Overall Market Summary in June
The 3-month median price for Single Family Homes in the whole Naples area continued to rise sharply reaching $605,000 for the April-June quarter, some 35% higher than a year ago:
Meanwhile sales, which have been in the 1,000-1,500 range per quarter in recent years, have seen a similar trend, reaching well over 2,000 in the most recent quarter: (more…)
Real Estate: It’s Not a Bubble Unless it Pops
A bubble, by definition, pops and prices plummet.
“Look at buyer demand. Look at homeowner equity. Prices could stop going up for a bit – but it’s not a bubble.” (more…)
Naples Beach May Housing Market report
Naples Beach covers the area mostly to the East of 41 from Port Royal to Pelican Bay ( see map below). As such it includes the most expensive real estate in the Naples area, as demonstrated by the charts below.
For the first 5 months of 2021 the median price of the 597 Single Family sales was $2.25 million, while that of the 1,096 Condo sales was $799,000.
Single Family
A rolling 12-month calculation represents the current month and the 11 months prior in a single data point
Overall Naples Housing Market in May
A tight inventory and buyer demand continued to push prices upward in May, resulting in an overall median closed price increase of 29.4 percent to $433,500 from $335,000 in May 2020. Note that May 2020 was the early stage of the COVID slump, so the size of the increase Year-over-Year is exaggerated.
Cash sales in May accounted for 58.4 percent of the closed sales transactions. Cash buyers continue to create challenges for competing buyers who require financing. It took an average of 90 days for a home to go from list to contract in May 2020, but in May 2021, the average days on the market was reduced to 43 days. Again, the YOY comparison is skewed because of COVID.
The May Market Report showed that overall closed sales increased 164.4 percent to 1,618 from 612 in May 2020 (a month when all the world was in COVID-19 lockdown). For perspective, closed sales increased 36 percent in May 2021 compared to May 2019 (a non-pandemic lockdown month). Nevertheless, closed sales
activity in May 2021 outperformed any other May in the history of NABOR®’s market statistics reports. (At the end of this article are market reports for the different geographic areas of Naples).
Overall inventory fell 79.1 percent in May to 1,290 homes from 6,177 homes in May 2020, but monthly new listings activity continues. May welcomed 1,274 new listings, a 7.6 percent increase from 1,184 in May 2020. New listings that come on the market each month help to temper the drop in overall inventory and provide more opportunities to eager buyers.
The monthly report from the Naples Area Board of REALTORS® (NABOR®) noted “monthly showing and sales activity is beginning to show signs of deceleration from the remarkable market experienced during the first quarter of 2021.”
Historically, the Naples housing market’s activity in the first half of the year is not sustained during the second half of the year. However, since tourism to Florida is expected to increase this summer and buyers from foreign countries may also begin to arrive in the coming months, a return to more normalized buying behavior in the second half of the year remains uncertain.
The following charts give a visual summary of market activity: (more…)
Naples market: preliminary May numbers
The market remained at or close to record levels in May as these charts show:
Single Family/Attached Villas
The preliminary median price was just under $600,000 in May, a tad below the April number:
Condos/Townhouses/Attached Villas
The median price continued upwards to $329,000 in May
Comment
Monthly figures, especially at the end of the traditionally strong winter market, can fluctuate and be less reliable a guide than those over a longer period.
Regardless of the actual numbers, the message is that the market continues to be strong with properties selling quickly. I have also noticed that some properties are under-priced while others are over-priced, hoping for an out-of-town buyer with less access to detailed statistics. You need a Realtor who is working actively for you. If you are ready to look seriously at properties please contact me for an analysis of properties meeting your requirements..
Naples rated No. 1 beach town to live in
Hello sub 3% mortgages – again
How to Win a Naples Smart Home plus Mercedes plus $100k Cash
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
——————–
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Naples Market Summary in April
This graphic shows how strong the market was in April, but remember that the numbers compare with April 2020 when the pandemic was starting to affect the market:
For a more detailed look at the market read Naples housing market in April
How to Win a Naples Smart Home plus Mercedes plus $100k Cash
Naples rated No. 1 beach town to live in
Hello sub 3% mortgages – again
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Naples Market boomed in March
Here is the summary of activity in March: sales up 57%, inventory down 73%. Median price (overall) up 12%.
The full report will be published on April 23 and I will post commentary on April 24.
Andrew Oliver
Sales Associate | Market Analyst | DomainRealty.com
REALTOR®
Naples, Bonita Springs and Fort Myers
Andrew.Oliver@DomainRealtySales.com
m. 617.834.8205
www.AndrewOliverRealtor.com
www.OliverReportsFL.com
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
www.OliverReportsMA.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of OliverReports.com. He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Salem, Beverly, Lynn and Swampscott.”
Naples market continues strongly upwards in February
Here are the highlights from the Report for the Naples Area for the month of February, showing the same story of a continued increase in sales and median prices, and a continued decrease in inventory.
I will write in more detail when the full report is published on March 24.
Read:
“Party on, dude” says the Federal Reserve
Buyers are overpaying, but are there signs of a bubble (more…)