Naples Housing Market October 2023: Rising Opportunities Amidst Growing Listings
Encouraging Growth in New Listings
In Naples, Florida, the real estate market is showing signs of vitality and confidence. According to the October 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), there's been a significant 31.8% increase in new listings, jumping to 1,231 from 934 in October 2022. This surge is a positive indicator, dispelling fears of a drastic market correction and signaling a boost in seller confidence.
Median Closed Price Rises
The median closed price of homes in Naples also saw an uptick, rising 4.5% to $580,000 compared to $555,000 in the same month last year. This increase is another sign of a robust and strong market.
Seasonal Trends and Market Dynamics
October historically sees a high number of new listings, a trend that continued this year. The condominium market, in particular, experienced a remarkable 61.9% increase in new listings. Single-family home listings also rose by 11.3%. This increase could partly be attributed to delayed listings from last October due to Hurricane Ian's impact on the area.
The Value of a REALTOR®
It’s truly in your best interest to work with a REALTOR® whether you are buying or selling. Understanding
the nuances of the local market is crucial for correctly pricing homes, ensuring they don't linger on the market, and for buyers, it’s important you have your own representation and not rely on the seller's agent having your best interest in mind (they work for the seller after all).
Market Activity and Predictions
While summer travel slightly diverted attention from home sales, leading to a decrease in pending and closed sales compared to pre-pandemic levels, October showed promising signs. Showings increased by 14%, and with days on the market also increasing, brokers anticipate healthier sales activity in the coming months.
Market Summary: October 2023
Total Showings: Increased by 14%.
Closed Sales: Decreased by 12.8%.
Pending Sales: Slightly down by 1.2%.
Median Closed Price: Increased by 4.5%.
New Listings: Rose significantly by 31.8%.
Average Days on Market: Increased by 36.6%.
Luxury Market and Price Adjustments
The luxury market continues to influence Naples' real estate dynamics, with an increase in homes listed above $5 million. Price adjustments are also becoming more common, offering more negotiation opportunities for buyers.
Expert Advice for Buyers and Sellers
With the current market trends and ever-changing real estate landscape, working with a knowledgeable local REALTOR® is more important than ever. They can provide accurate market/ home comparisons and expert advice, Not to mention their extensive knowledge and familiarity with the area. Often this hyper-local area information, where to go, what to do, and things to be mindful of in terms of location is of even more value and insight than their market advice. If you'd like to read more about Naples here's a great article!
The Naples real estate market in October 2023 shows a healthy mix of rising inventory and prices, alongside increased opportunities for buyers. Whether you're buying or selling, partnering with a skilled local REALTOR® is key to navigating this dynamic market.