Naples October Inventory Expands in Anticipation of Winter Buyers

As reported in the October 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which monitors home sales and listings in Collier County (excluding Marco Island), the number of new listings increased by 31.8 percent from 934 in October 2022 to 1,231 in October 2023. Additionally, the report indicated that the median concluded price of residential properties in Naples rose by 4.5 percent to $580,000 in October, from $555,000 in October 2022.These two indicators, according to broker analysts, disprove murmurs of an extreme market correction. which will bode well for purchasers in search of additional choices in the near future. They also show increasing seller confidence, which bodes well for buyers looking for additional options in the coming months.

The amount of new listings put to the market in October was the greatest in the prior two years. According to NABOR®’s monthly market statistics, October and January have historically had the biggest amount of new listings. The number of new condominium listings in October increased by 61.9 percent, from 378 in October 2022 to 612 in October 2022. Single-family house new listings climbed at a solid 11.3 percent rate in October to 619 new single-family home listings, up from 556 new single-family home listings in October 2022. Clearly, one reason contributing to an increase in new listings this October was the need for many homeowners to delay offering their properties for sale last October until Hurricane Ian damage could be repaired.

Pent-up consumer travel during the summer diverted attention away from home purchases, as both pending sales (homes under contract) and closed sales activity were lower than prepandemic levels reported for October, according to the report. This can be attributed to lesser displaying activity this summer compared to summer 2022 levels. As a result, overall pending sales declined 1.2 percent in October to 665 pending sales from 673 pending sales, while overall closed sales decreased 12.8 percent in October to 594 closed sales from 681 closed sales in October 2022.

Additionally, increased days on the market contributed to October’s declining sales. In the summer of 2022, for instance, days on market were less than twenty. This past summer, however, the number of days on market exceeded fifty.October saw an increase of 36.6% in days on market, from 41 days to 56 days. In light of this information, brokers forecast robust pending and closed sales activity in the months to come, as October showings increased by 14 percent from 18,654 in October 2022 to 21,180.

Information by Naples Area Board Of Realtors

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