Sales Increase
Good news for buyers and sellers in Naples! The market is on the rise, with closed sales increasing by 3.8% in April compared to last year. This marks the first time since June 2021 that monthly sales have surpassed previous years. A significant factor driving this surge is the 2,365 price reductions, making homes more affordable and stimulating sales.
Growing Inventory
Inventory continues to grow, with new listings up by 16.3%. This is great for buyers looking for more options. Although interest rates remain above 5%, there’s positive news in the insurance sector, with new companies entering the market and others lowering or stabilizing rates.
Luxury Property Demand
Luxury properties, particularly in the $500,000 to $1.5 million range, are in high demand. The average closed price in Naples has soared to over $1 million, with significant increases seen in areas like Naples Beach. However, sellers are adjusting prices to meet market demands, ensuring better deals for buyers.
Stable Prices Despite Increased Inventory
Inventory levels have returned to pre-pandemic norms, with a 68.1% increase in available properties. Despite this, prices remain stable, offering a solid investment opportunity. Home values have doubled since 2019, and while some areas may see slight decreases, the overall market is robust.
Expert Guidance
For those looking to buy or sell, now is an excellent time. Higher inventory and competitive pricing create favorable conditions. Partner with a knowledgeable Naples REALTOR® to navigate this dynamic market successfully.
It’s time.
Shawn Stuben
