May 2022 Naples Real Estate Newsletter

PINE RIDGE ESTATES SPOTLIGHT

May 2022 Newsletter

Well, another season has come to a close (and what a season it was!) as many residents have already departed for cooler climates up north and Southwest Florida’s summer pattern of afternoon thunderstorms has returned right on cue. The area is still busier than any previous May as more people stretch out their stay and as we add more annual residents. Southwest Florida International Airport reported the busiest March ever with over 1.5 million visitors and has had 4 consecutive months with 1M+ visitors. Lots going on needless to say!

For those looking for a market update, inventory is still super low and prices have roughly doubled in most neighborhoods in SWFL in the last 2 years… some areas have more than doubled and some a bit less than that. Although property values have increased somewhat quickly, I think we are working towards reaching a new equilibrium in our market with a larger number of buyers than ever before and a relatively stable number of properties – there just isn’t much land left to build on and builders are constrained by supply chain issues. We have been seeing an uptick in the number of price reductions in recent weeks as some sellers initially set their asking prices too far above the market and are adjusting at the end of season. I don’t think this means market values are dropping, it’s just that there were a larger number of overly optimistic sellers that were priced too far above the market and they are finding out that there is a limit to the prices buyers are willing to pay. Take a look at some of the data I have been tracking…

Additional Market Data

I thought it might be helpful to use a few charts to illustrate market trends so I included the entire MLS (Naples/Bonita Springs/Estero/Marco Island/Ft Myers/Sanibel/Captiva) for properties over $2,000,000:

Below you will find April’s Real Estate News Summary, March SWFL Market Reports, as well as this month’s Neighborhood Spotlight on Pine Ridge Estates, one of America’s top neighborhoods. Enjoy!

~Matt

Naples Neighborhood Spotlight: Pine Ridge Estates

Situated in central Naples between Pine Ridge Rd/Vanderbilt Beach Rd and US41/Goodlette-Frank Rd, Pine Ridge Estates blends non-gated large estate properties and homes with convenient shopping and dining and only a bike ride or walk to Vanderbilt Beach or Clam Pass Park, where you can ride the tram through the mangroves to the beach! Surrounded by mature oak trees and vegetation, Pine Ridge Estates is unspoiled by over-development, which is why residents flock to Pine Ridge Estates to enjoy their spacious one to 10 acres lots. It is perhaps no surprise then, that Pine Ridge Estates won “Best Neighborhood in the United States” in 2019 as assessed by real estate research firm ATTOM Data Solutions.

Pine Ridge Estates Market Stats

The Pine Ridge Estates neighborhood is approximately 1.75 square miles with roughly 532 single family homes. Single family lots are considerably larger than most areas of Naples with typical lots sizes of 1.2 acres. This area is about 2.7 miles North to South and 1 mile from East to West from US 41 to Goodlette-Frank Road.

SOLD: 32 homes over the last 12 months at an average sales price of $3,949,392 ($821 per square foot) and an average size of 4804 square feet. The most expensive home sold in the last year was $8,000,000 ($1,188/SF) a brand new home to be finished Q42022 on 1.05 acres with 6,735 SF of living space including 5 bedrooms + den, 6 full and one half baths and garage parking for 5 cars.

PENDING: There are currently 10 homes pending with an average asking price of $6,573,300 including a $10,300,000 estate on 1.67 acres with 7403 square feet of living, a separate guest house and a ½ acre private lake.

ACTIVE: There are 18 homes on the market ranging from $1,475,000 to $13,999,000.

LAND: There are 4 lots available ranging from $2,500,000 to $7,650,000. There is one lot pending and 13 sold in the last 12 months with prices ranging from $714,000 to $2,574,000 per acre.

For more information, check out my Pine Ridge Estates neighborhood page.

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).