For the first time in months, we are seeing days where the “new listings” outnumber the “pending” listings…Not every day, and not by much, but it is step in the direction of having a higher overall inventory…Time will tell. Year-over-year, in last month’s report, we saw a decrease in inventory of 72 %. In this market report we see overall inventory down 24 % year-over-year. In my last monthly report, 1,261 new listings were taken, compared to this report, 1,637 new listings taken. Another observation is we are also seeing more price reductions, and the price reductions are outnumbering price increases daily.
On average, homes in Naples, FL sell after 22 days on the market. The trend for median days on market in Naples, FL is flat since last month, but down 67% year-over-year.
Affordable housing continues to be a challenge, and with the increase in interest rates, and the hesitancy for sellers to even look at offers with finance contingencies, we are pricing our entry level buyers right out of Naples. This will have a significant effect on our workforce. It’s a good opportunity for investors to purchase “low-end” housing, as the demand for housing in this segment is strong and limited inventory is making it more difficult to find rentals.
It’s no secret that in the last few years, Florida’s real estate market has been booming! Many experts predict this trend isn’t likely to change anytime soon. The low inventory all across the state compared to the number of motivated buyers has driven prices to an all-time high and the center of this boom can be found in no other than our very own Naples!
In a recent article on Money.com, Sarah Hansen writes, “The Sunshine State has seen a huge surge in housing demand during the pandemic, and that momentum is expected to continue…” The same article cites a recent list of the top 20 emerging housing markets in the country, compiled by Realtor.com and the Wall Street Journal. The ranking includes no less than five cities in Florida, with Naples at the top of the list.
For additional details about the Naples real estate market, and an update in any particular neighborhood of interest in the greater Naples area, please call one of the members of The NaplesRealEstate.com Team today. 1-239-250-4370
Thank you, and make it a great day!
The Naples Real Estate Blogger
