According to the November 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 552 overall closed sales in November, which is a 41.4 percent decrease from 942 closed sales recorded in November 2021. The post-pandemic home buying surge that took place when mortgage rates were historically low has ended. Housing inventory in Naples is on the rise but remains low at just 2.8 months of inventory reported in November (a balanced market has a six-month supply of inventory). As expected, the limited inventory environment in Naples is restricting sales and increasing prices. Though broker analysts reviewing the report pointed out that cash sales accounted for 62.3 percent of closed sales in November; it is an indication that the Naples housing market remains a solid investment. The November report showed inventory rose in all price categories except the $300,000 and below category, which decreased 14.2 percent from 127 to 109 properties. Overall inventory in November rose 96.8 percent to 2,478 properties from 1,259 properties in November 2021. Comparatively, in November 2019 there were 5,563 properties in inventory, which was split between 2,771 single-family homes and 2,792 condominiums. Today, the inventory is single-family home heavy, which accounts for 63 percent of all homes for sale in Naples. New listings increased 2 percent compared to new listings reported in October, but decreased 5.7 percent to 926 new listings from 982 new listings in November 2021. There were also more pending sales in November compared to October, but pending sales decreased 32.6 percent in November 2022 to 767 pending sales from 1,138 pending sales in November 2021. November’s overall median closed price increased 20.4 percent to $600,000 from $498,500 in November 2021. The report also showed sellers are more willing to negotiate again as the overall percent of list price received decreased 3.3 percent compared to last November.
For more information from NABOR®, click here.