Naples, FL (April 22, 2022) – Demand for the Naples lifestyle remains strong as closed sales in March increased 49.9 percent compared to closed sales reported in February. Although closed sales decreased 36.5 percent to 1,205 in March 2022 from 1,899 in March 2021, the increase from February to March was a welcome result of a steady wave of new listings. According to the March 2022 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), new listings decreased only 4.3 percent to 1,637 new listings from 1,711 new listings in March 2021. If this wave of new listings remains steady during the coming months, it could mean more options for buyers navigating the area’s limited inventory.
“New listings are almost where they were a year ago,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Overall, the report showed new listings have risen since the end of last year, over a three-month period.”
The March report showed inventory decreased 23.5 percent to 1,392 properties from 1,819 properties in March 2021. However, the good news is that March inventory increased 20 percent compared to inventory levels NABOR® reported in February (1,176 homes). More homes for sale in March meant sellers enjoyed 43,206 showings that ultimately inspired 1,611 pending sales (homes under contract). The median closed price continued to increase in March, up 39.6 percent to $575,000 from $412,000 in March 2021, and 62.7 percent of the month’s closings were cash sales.
The NABOR® March 2022 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 2022:
The March report showed about a third of the homes for sale (417) decreased in price during the month. Broker analysts reviewing the report said the list price reduction reflects a typical scenario wherein sellers list their property with a high price at the beginning of the winter season and then reduce it as Easter approaches (historically considered to be the end of Southwest Florida’s high visitor season) with the hope of selling their property before the season ends.
Hughes shared, “In this rapidly fluid market, it’s very hard for homeowners to price a property without assistance from a REALTOR® with knowledge of the Naples market. For example, the March report showed days on market for condominiums dropped to 13 days. When properties sell and close that quickly it provides a good collection of comps for REALTORS® to access as they help a new seller set a good listing price. A qualified REALTOR® can help a seller price the home competitively to begin with so they can avoid a need to reduce the price or wait a long time for their property to sell.”
If you are looking to buy a home in Naples, Marco Island, or Bonita Springs, browse inventory and contact me to learn more.