March Housing Market Report Has a Silver Lining

Thursday, April 27, 2023   /   by Mike Shoaff

March Housing Market Report Has a Silver Lining

Naples Real Estate Market Report - March 2023

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.

Market Statistics

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.

Contact Mike Shoaff, a Trusted Naples REALTOR®

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.

RE/MAX Hallmark Realty
Mike Shoaff
821 5th Ave South Suite 105
Naples, FL 34102

The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
2024 Royal Palm Coast REALTORĀ® Association. All rights reserved. Information has not been verified, is not guaranteed, and is subject to change. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) of the Florida Gulf Coast Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Mike Shoaff - RE/MAX Blue Skies IDX logo and detailed information about them includes the name of the listing brokers. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Last Updated: 4/21/2024 3:04 PM CST
The data relating to real estate for sale on this limited electronic display comes in part from the Southwest Florida Multiple Listing Services. Properties listed with brokerage firms other than Mike Shoaff - RE/MAX Blue Skies are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. The source of this real property information is the copyrighted and proprietary database compilation of the participating Southwest Florida MLS organizations and is Copyright 2017 Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Some properties that appear for sale on this limited electronic display may no longer be available. For the most current information, contact Mike Shoaff - RE/MAX Blue Skies Data last updated 4/21/2024 3:04 PM CST.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
This site powered by CINC: www.cincpro.com