Naples FL April 2022 Real Estate Market Report
The April 2022 Naples Area Market Report has been published and there is some interesting data to share. According to the Naples Area Board of Realtors, the broker analysts which track home listings and sales in Collier County [excluding Marco Island], believe our market has reached a “crossroads” and is making a turn towards a more balanced housing market. A major factor in establishing this opinion is the fact that the Naples Area saw 33% of its inventory in April have price reductions. That is a significant number of price corrections. Overall inventory in Naples increased 17% year over year, yet overall pendings are down 32% year over year. The median closed sale price was up 36% to $599,000. when comparing April 2021 to April 2022; however much of that can be attributed to the lack of inventory in the “under $300,000.” price range. There were less than 100 listings in the Naples MLS in April priced below $300,000.
Median closed sale price in the condominium market decreased 1.1% in April from March. The first decrease in quite some time. Interestingly enough, the strongest sales were condo sales, down only 11% year over year. The price category with the strongest sales was the $501,000-$1,000,000 range. Overall “days on the market” was at a record 16, a reduction of 71% over last April…and less than the 22 days on the market last month. The number of price reductions, listings going under contract, and days on the market are three of the most accurate ways to determine the direction the market is heading.
The rise in mortgage interest rates will reduce the number of buyers getting pre-qualified for a home purchase, but cash still dominates, with 67% of closed sales in April being cash sales.
As always, each community within Naples and Collier County has its own distinct market trends, and it is always the best idea to work directly with a full-time, experienced and knowledgeable real estate agent. The NaplesRealEstate.com Team is here to assist you in making your SW Florida home sale or purchase as stress-free as possible.
Thanks for following along! Make it a GREAT day!
The Naples Real Estate Blogger
