Naples, Fla. (March 24, 2023) – Those seeking to buy their dream homes in Naples this February had a lot to choose from as the overall inventory surged to 2,835 from 1,225 in February 2022, a whopping 131.4% increase! The surge can be attributed to the post Hurricane Ian scenario, where many sellers were compelled to repair the damage caused by the storm to make their properties ready for buyers. The latest Market Report by the Naples Area Board of REALTORS® (NABOR®) is indicative of the buyers’ confidence in the Naples real estate market, despite the negative impact of the storm. Despite the inventory surge, the median closed price in February remained unchanged at $600,000.
The Market Report analyses home listings and sales data in Collier County (excluding Marco Island) and also offers a broad summary of the overall real estate market. As of February 2023, there was a decline in year-over-year sales activity. Pending sales declined by 16.8% to 1,241 compared to 1,480 in February 2022. Closed sales in February also decreased by 17.2% to 682 compared to 824 in February 2022. However, the length of time properties remained in the market increased by a significant 129.2% to 55 days from 24 days.
Despite plummeting sales activity, REALTORS® are assuring home buyers that there are plenty of sellers still listing their properties with damage that requires repair. These sellers face many challenges from buyers, who are becoming more aware and unwilling to pay full prices for homes with significant defects.
“There are no more ‘as is’ contracts like what we saw last year. Contract-cancellation rates increased in February, indicating that sellers either need to fix the problems uncovered during inspections or be more amenable to negotiate the price,” says Wes Kunkle, President and Managing Broker at Kunkle International Realty.
The widespread uncertainty surrounding the financial markets, interest rates, banking stability and fear of a potential economic downturn are other factors that could be hampering potential buyers. Nevertheless, the Naples real estate market provides a solid investment alternative for many buyers in the current economic climate.
If you plan to buy or sell your home in Naples, consult a Naples-based REALTOR® who can offer valuable market insights and give you the right advice to leverage today’s market conditions. With over 62.1% of real estate transactions being cash sales, high-net-worth individuals may see this as a more secure option to invest their wealth. Search for your Naples dream home with a REALTOR® on https://dans.realestate.
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