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May 2023 Market Statistics
A slight reduction in overall median closed price along with fewer new
listings during May indicates a window of opportunity for both buyers
and sellers this summer. According to the May 2023 Market Report by
the Naples Area Board of REALTORS® (NABOR®), which tracks home
listings and sales within Collier County (excluding Marco Island), overall
median closed price decreased 1.2 percent to $600,000 from $607,500 in
May 2022. There were also 1,045 price decreases and a 31.2 percent
decrease in new listings reported during the month.
Data in the May report showed a 3.8 percent decrease in the percent of
list price received to 96.3 percent compared to 100.1 percent reported in
May 2022. Though broker analysts reviewing the report pointed out that
an increase in negotiations does not mean home prices in Naples are
dropping.
New listings decreased 31.2 percent in May to 990 new listings from
1,438 new listings in May 2022. Inventory has been increasing at a snail’s
pace over the last year, averaging 100 new homes a month. For May,
overall inventory increased 27.6 percent to 2,749 homes from 2,155
homes in May 2022. Broker analysts reviewing the May report said listing
a home for sale this summer has numerous advantages including the
fact that there are historically fewer homes on the market compared to
winter season so there is less competition. Most homeowners who
purchased a home in Naples in the last five years have seen a
remarkable increase in equity so the profit they enjoy from a sale will
likely offset any increase they may pay for a new mortgage on a higher
priced home with a higher interest rate.
Pending and closed sales during May decreased 4.4 percent and 20
percent, respectively, compared to last year. The report also showed that
we were 150 closed sales short of what sold in May 2019, but with half
the inventory. Based on market conditions reflected in the May report,
brokers recommend sellers keep their listings active during the summer.
Since 2021, closed sales of high-end properties have increased during
summer months. As such, during May, the median closed price of single
family homes in close proximity to the beach (34102, 34103, 34108)
increased 20.2 percent to $3,125,000 from $2,600,000 in May 2022.
*This report covers Collier County, excluding San Marco Island. Percent changes are
calculated using rounded figures.
