Naples & SWFL Real Estate
March 2023 Newsletter
Season is in full swing and the Naples market has been active, although tempered, compared to the buying frenzy of the last two winter seasons. Naples real estate continues to remain a sought-after asset for those looking to enjoy all the unique amenities the area has to offer which have helped rank Naples #1 in so many categories over the years such as well-being/happiest/healthiest and the #1 best place to live in the US 2023.
If you live within the City of Naples city limits or are considering building there, the City Council has been considering revising the zoning and setback standards which would decrease the size of homes that are allowed to be built. There were several community “listening sessions” last week regarding the potential changes and the attendees overwhelmingly opposed changing the existing standards that have been in place as Naples has become the #1 place to live in the US. I am staying up to date on the details as the discussions progress, please reach out if you’d like more information or if you are looking to get involved.
Enjoy this month’s newsletter!
~Matt
Market Update
Naples property pricing has stabilized over the last 10 months with a dip over the summer and then a rebound later in the year as values are supported by continued, but lower, demand and relatively low supply. It feels like a return towards a more normal market as we ease out of the pandemic-sparked surge in sales and I think that’s evident in the market trend charts below. Please reach out if you have additional questions.
– Average sales prices were up 14.7% compared to last February and up 76% from February 2020. The average sales price per square foot was up 12.4% from last year and 122% from February 2020.
– Inventory of properties on the market has been relatively stable since last May but is slightly increasing with 2835 properties on the market, still significantly less than the 6000+ properties for sale before the pandemic.
– There is currently 3.5 months of inventory on the market in Naples, less than 5 months is considered a seller’s market.
– 1303 new listings hit the market in Naples in February, just about the same as last February, and 1030 properties went pending, 12.2% less than in February 2022.
– 683 properties closed in February, down 17% from a year ago and about half of the closings in February 2021.
– Properties that sold stayed on the market for an average of 55 days, an indicator that is still half of what it was pre-pandemic but has been gradually increasing since the low point of 16 days on the market in April and March 2022.
– The average amount of negotiation from the last list price has settled back close to where it was pre-pandemic at an approximately 4%. During the height of the market, sales prices averaged 1% over asking for a couple of months March & April 2021.
Did You Catch Matt’s Viral Video?
This month we listed two spectacular properties, which have gained traction online. Our 7000 SF Tiburon listing has over 160,000 views on social media, check it out (Our videographer’s TikTok + our channels)!
4823 West Blvd, Park Shore, Naples
3 Bedroom, 3 Bathroom Villa
$2,895,000 | 2207 SF
2581 Escada Dr, Escada Estates/Tiburón, Ritz Carlton Golf Resort, Naples
4 Bedroom, 4.5 Bathroom Home
$7,900,000 | 6988 SF
Area Real Estate News Summary
Market Reports
Including previous months published market reports for Naples, Bonita/Estero and Marco Island.
Search Current Inventory
Filter, view and discover Southwest Florida’s current market inventory (includes Marco Island, Bonita Springs, Estero and Naples properties). Below I have focused on Golf Communities.
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