Closed Sales Down in Naples from Year Ago

Broker analysts reviewing the June 2023 Market Report by the  Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe a surge in summer travel contributed to the reduction in home sales in Naples during June.

The report showed a 13.6 percent decrease in overall closed sales for the month to 837 closed sales from 969 closed sales in June 2022.

Though the dip in closed sales appears temporary and may not linger into July’s closed sales data as overall pending sales (homes under contract) in June increased 0.8 percent to 800 pending sales from 794 pending sales, and June’s showings increased slightly from showings reported in June 2022.

Fortunately, slow sales in June did not impact home prices as the median closed price reported in June increased 0.4 percent to $602,494 from $600,000 in June 2022.

The percent of list price received during June decreased 2.9 percent to 96.2 percent from 99.1 percent in June 2022. Brokers say this indicates more price negotiations are taking place.
Overall inventory continues to rise compared to 2022 levels.

June had an 8.2 percent increase in overall inventory to 2,659 homes from 2,457 homes. But according to the area’s top brokers, this increase was due to low sales for the month and not because of new listings, which decreased 28.2 percent to 860 new listings from 1,198 new listings in June 2022. Experts also point out that we’ve been through a pandemic and hurricane and still the monthly reports fail to indicate a market correction will happen anytime soon as median and average closed prices continue to hold steady.