SWFL & NAPLES REAL ESTATE NEWSLETTER
September 2023 Real Estate Newsletter
As our extended summer season nears the end in mid-October, we welcome this time of year which brings exciting events and activities to our Southwest Florida community. Whether you’re a culinary connoisseur, an art enthusiast, or simply seeking some weekend fun, there’s something for everyone to savor.
Food and Dining: Are you a foodie? Don’t miss out on these upcoming events:
- Sizzle Dining: Treat your taste buds to a culinary adventure at local restaurants. This is a 3-week long, annual, community-driven event celebrates our culinary landscape. Head to Sizzle Dining to check out the list of participating area restaurants – running September 7, 2023, to September 27, 2023.
- Wine and Food Experience: Enjoy endless food and drink samples, attend demonstrations and interact with exhibitors at the Paradise Coast Sports Complex on September 30, 2023. Check out ticket information at the USA TODAY Wine & Food Experience.
- Stone Crab Festival: Calling all seafood lovers! The 13th annual Stone Crab Festival, a Naples tradition, is happening from October 27, 2023 to October 29, 2023. You’ll enjoy delicious seafood, live entertainment, arts and crafts vendors, discounted rentals at Pure Naples, and much more. More details at Crab Festival.
- Brew Fest: Beer lovers unite for the 12th Annual Brew-Ha-Ha Craft Beer Festival, it’s a must-attend event for beer enthusiasts and is happening on November 18, 2023. For other event details and tickets, stay tuned at Brew Fest.
Things to Do: For a full list of events check out SWFL’s Visitor Website and/or Gulfshore Life’s calendar.
- Naples International Film Festival: It is a place for film lovers to connect, exchange ideas and celebrate the art of film in a friendly, welcoming environment. The festival runs from October 26, 2023, through October 29, 2023, so stay tuned for more program details here.
- Cars and Coffee: Car enthusiasts, prepare to be amazed by a stunning display of classic and exotic cars. Stay tuned on event dates as it’s going to be announced soon.
- Evening on Fifth: Experience the charm of Naples as you stroll along Fifth Avenue South during the September Evening on Fifth and other scheduled evenings.
- Local Artists Exhibition: Explore the creativity of our local artists at the Naples Invitational. This exhibition showcases their talent and vision, and is live till October 15, 2023. The Naples Invitational is a testament to this commitment, serving as a celebration of Naples’ vibrant art scene. Learn more about this captivating event at Naples Invitational.
- Live Fest: Love live music? Don’t miss out on this annual live event on Saturday, December 9, 2023, from 5:00 PM – 10:00 PM, located outdoors on the driving range of the Ritz-Carlton Naples, Tiburón. For more details about this exciting event LiveFest
Farmers Markets: As fall gardens bloom, these markets will be hopping with merchants!
- Third Street South Farmers Market: Every Saturday from 7:30 AM to 11:30 AM, explore a treasure trove of fresh produce, artisanal goods, and more tucked behind Tommy Bahamas.
- St. Paul’s Farmers Market: Discover unique items at St. Paul’s Farmers Market, open from 8:00 AM to 1:00 PM on Saturdays at 3901 Davis Blvd., St. Paul’s Episcopal Church, Naples.
- Pine Ridge Road Farmers Market: Visit the Pine Ridge Road Farmers Market on Sundays from 9:00 AM to 2:00 PM at 3370 Pine Ridge Road, North Naples.
- Vanderbilt Shops Farmers Market: Every Saturday it is Open from 8:00 AM to 1:00 PM. It’s a delightful weekend ritual where you can explore fresh produce, artisanal goods, and more. Located at 2355 Vanderbilt Beach Rd, Naples, FL this market offers a wonderful opportunity to connect with local vendors and discover unique treasures.
- Bonita Springs Farmers Market: Discover the Bonita Springs Farmers Market every Saturday, from 8:00 AM to 12:00 PM featuring an array of fresh produce, handmade crafts, and local delights. Find it at Bonita Bay, 26795 South Bay Dr, Bonita Springs.
- Estero Farmers Market at Miromar Outlets: Enjoy the Estero Farmers Market every Saturday from 9 a.m. to 1 p.m. near the Corkscrew Road entrance at 10801 Corkscrew Road, Estero.
- Golden Gate Community Farmers Market: This year-round market is open on Saturday from 9:00 AM to 2:00 PM at 4701 Golden Gate Parkway, Golden Gate, and on Sunday from 9:00 AM to 2:00 PM at 11725 Collier Blvd, Golden Gate.
Each of these experiences adds a unique flavour to the upcoming fall season, and we hope you have an opportunity to enjoy some of them! Check out September’s real estate newsletter below, and as always, reach out to discuss anything specific.
~Matt
August 2023 Market Graphs & Commentary
In this month’s market review I have focused on market trends for properties (homes and condos) in Naples priced above $2,000,000, which equates to roughly the top 20% of the market. There are 2644 properties on the market in Naples and 557 of them are over $2,000,000.
AVERAGE SALES PRICE
This chart shows the 6-month moving average sales price for properties over $2M in Naples, which was just under $4M in August. The peak was $4.6M in March and April 2022.
AVERAGE PRICE PER SQFT
This chart shows the 6-month moving average sales price per square foot for properties over $2M in Naples, which was $1,119/SF in August. The peak was $1,260/SF in February 2022.
MONTHS SUPPLY
This is one of the most revealing statistics to track since it combines the pace of sales with the number of properties available on the market. The months of supply of properties over $2M in Naples continued it’s 4 month trend and decreased to 7.1 months in August, down from the peak of 9.6 months in April 2023. You can see from the charts below, the month’s supply is not decreasing because of increased sales activity but more so from the reduced number of properties on the market.
The months of supply indicator measures how long it would take for all the properties on the market to be absorbed/sold if sales continued at the past month’s pace and no new listings came on the market. 7.1 months is considered a slight buyer’s market, around 6 months is a balanced market, and above 6 months, is a buyer’s market.
HOMES FOR SALE
At the end of August there were 557 properties on the market in Naples over $2M, down from a peak of 782 in March of 2023 and up 21% from 458 properties on the market in August of last year. Of course this is up dramatically from the low point of 221 properties in August 2021 but not very different from pre-pandemic times when there were approximately 500 to 700 properties were on the market over $2M.
NEW LISTINGS
There were 99 new listings added to the Naples market in August over $2M, up slightly from July’s 89 new listings. We can expect to see more listings coming to market now that we are getting closer to season and our busier fall market. Last year’s peak month for new listings was January with 255 new listings over $2M.
PENDING SALES
There were 56 pending sales over $2M in Naples in August, slightly better than the 53 pending sales in the same month last year. The lowest level in the past year was September 2022 when there were 48 pending sales and the busiest month for pending sales was February with 133 and March with 120. The all-time peak was March 2021 with 187 pending sales.
TOTAL SALES
There were 69 closings over $2M in Naples in August 2023, up 25% over the 55 sales we had in August 2022. May 2023 was the peak month for closings over $2M with 125 sales and the all-time peak was 166 in May 2022.
AVERAGE DAYS ON MARKET
Naples properties that closed over $2M in August spent an average of 84 days on the market, up significantly from an average of 38 days on the market in August 2022 but still well below historic norms for the Naples market. It’s interesting to note that prior to the pandemic, it typical for properties to spend an average of 110 to 175 days on the market. SWFL is a 2nd/3rd home destination so it often takes time for the buyers to visit, explore all their options, revisit and eventually decide which home/community is the right fit for them.
AVERAGE PERCENT OF LAST SALES PRICE
The average amount of negotiation for Naples properties closed over $2M in August was 5.9% below the last asking price (which is not necessarily the first asking price). This is up from an average negotiation of 7.4% seen in July and down from an all-time peak of only 0.2% negotiation in April 2022.
Southwest Florida & Naples Real Estate Market Reports
Each month our real estate newsletter includes previous months published market reports for Naples, Bonita/Estero and Marco Island.
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Filter, view and discover Southwest Florida’s current market inventory (includes Marco Island, Bonita Springs, Estero and Naples properties). Below I have focused on Luxury Homes in this month’s real estate newsletter.
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