Thursday, April 27, 2023 / by Mike Shoaff
Naples Real Estate Market Report - March 2023
Positive Trends for Real Estate Buyers
The March 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®) suggests positive trends for real estate buyers in Naples, Florida. Despite challenges such as high interest rates, rising property and flood insurance rates, and low inventory levels, the report highlights the resilience of the market. Closed sales in the first quarter of 2023 exceeded those of the first quarter of 2019 (pre-COVID), even though inventory levels are significantly lower than in 2019. Overall inventory has been gradually increasing since hitting a low point in December 2021.
While closed sales decreased compared to March 2022, they increased when compared to March 2019. Pending sales followed a similar pattern. New listings in March 2023 decreased compared to the previous year, possibly due to sellers being cautious about a potential recession or waiting for interest rates to drop. However, price decreases reported in March were primarily due to sellers who initially priced their homes too high, with few falling below current market comparisons. The median closed price in March 2023 increased by 7.3% compared to March 2022, driven by the condominium market. Interestingly, the median closed price for single-family homes remained unchanged.
Market Dynamics and Expert Advice
Real estate experts reviewing the market report caution against categorizing the Naples area housing market as strictly favoring buyers or sellers. Each neighborhood has unique market dynamics, and it is essential to consult an experienced Naples REALTOR® who can provide accurate market comparisons and expert advice based on current conditions.
Some factors influencing the market include mortgage interest rates, with some homeowners hesitant to sell due to lower rates when they originally obtained their mortgages. However, historical data suggests that current rates are still relatively favorable. It's worth noting that the average sales price in Naples has significantly increased since March 2019.
If you're considering buying or selling a home in the Naples area, it is highly recommended to consult Mike Shoaff, a trusted Naples REALTOR® from REMAX. With his expertise and in-depth knowledge of the local market conditions, Mike can provide valuable guidance and ensure a successful transaction tailored to your needs.
Contact Mike at http://mshoaff.remax.com or call (239) 298-9903 for expert advice.