October Inventory Expands in Anticipation of Winter Buyers
Naples, Fla. (November 27, 2023) – Real estate brokers reviewing the October 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), were encouraged to see a 31.8 percent increase in new listings to 1,231 new listings from 934 new listings in October 2022. The report also showed the median closed price of homes in Naples during October increased 4.5 percent to $580,000 from $555,000 in October 2022. According to broker analysts, these two factors indicate rumors of an extreme market correction were false. They also illustrate renewed seller confidence, which will be good news for buyers seeking more options in the coming months.
Historically, and according to NABOR®’s monthly market reports, October and January have the highest number of new listings. New listings in October for the condominium market shot up 61.9 percent to 612 new condominium listings from 378 new condominium listings in October 2022. Single-family home new listings in October also increased at a healthy rate of 11.3 percent to 619 new single-family home listings from 556 new single- family homes listings in October 2022. Obviously though, one factor contributing to a rise in new listings this October was the need for many homeowners to postpone listing their properties for sale last October until damage from Hurricane Ian could be repaired.
Pent up consumer travel during the summer distracted attention away from home sales as the report showed both pending sales (homes under contract) and closed sales activity were lower than pre- pandemic levels reported for an October. This can be traced to lower showing activity during the recent summer compared to summer 2022 levels. As such, overall pending sales in October decreased 1.2 percent to 665 pending sales from 673 pending sales; and overall closed sales in October decreased 12.8 percent to 594 closed sales from 681 closed sales in October 2022.
Higher days on the market also contributed to lower sales in October. For example, in the summer of 2022, days on market were below 20 days. Whereas, this past summer, days on market were over 50 days. For October, days on market increased 36.6 percent in October to 56 days from 41 days. Given this data, brokers anticipate healthy pending and closed sales activity in the coming months as showings during October increased 14 percent to 21,180 showings from 18,654 in October 2022.
The NABOR® October 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023.
If you are considering selling or buying a home or commercial property in the Naples market, call me today 239-784-3283.
David R. Bartley, SR
Bartley Realty LLLP
Broker/General Partner