With a shifting market, the guidance and expertise that Luxe Naples Real estate imparts is never more valuable.
OFFICIAL MARKET TYPE: STILL A SELLER’S MARKET.
INVENTORY IN NAPLES: 4 MONTH SUPPLY STILL UNDER 6 MONTHS WHICH IS CONSIDERED A BALANCED MARKET.
AVERAGE HOME PRICE ( CONDO & SINGLE FAMILY ) INCREASE: UP 8% OVER THIS TIME LAST YEAR
CONDO MEDIAN HOME PRICE: INCREASED BY .2% OVER THIS TIME LAST YEAR.
The Naples Economic Summit for Real Estate was held this past week. A trio of economists shared their outlooks and predictions on the region’s shifting real estate market and the economy in general during the Naples Area Board of Realtors’ 10th annual Economic Summit. The general consensus is that prices are going to hold, as we still have a supply problem. Builders can not build homes fast enough or as cost efficient compared to purchasing a re-sale home.
Yes, inventory levels are rising, but even with recent increases, it’s still way below the normal conditions.”
Price growth has moderated slightly, but it remains above historical levels, thanks to a low inventory of available properties for sale. Naples is still at the top of the list for places to buy, and the demand is still far out pacing the supply. Keep in mind Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes, not just by one month. We are seeing the summer return to a more normal cycle but still way above pre pandemic levels. According to Lawerence Yun, Chief Economist and Senior Vice President of Research at the National Association of Realtors “Despite the rise in mortgage rates, a lack of housing inventory will keep home prices from significantly falling in the local market, Yun said. “Today, with such a tight inventory, don’t expect prices to decline,” he said. “In the Naples region, I doubt that you will even see a decline. Price growth has moderated slightly, but it remains above historical levels, thanks to a low inventory of available properties for sale.
According to Forbes:
TOP FIVE STATES FOR YEARLY HOME PRICE APPRECIATION
- Florida 29.8 percent
- Arizona 27.5 percent
- Utah 26.8 percent
- Tennessee 25.8 percent
- Idaho 25.5 percent
According to Luxury Institute Real Estate , two of the top four markets are in Collier County for highest median sales price for July.
- Markets with the Highest Median Sales Price: Aspen ($7,495,000), Naples ($5,700,000), Paradise Valley ($4,347,500), and Marco Island ($4,300,000).