Naples Real Estate Market Report March 2023: A Resilient Market
March 2023 Closed Sales Exceed March 2019 Levels Despite Low Inventory
The Naples Area Board of REALTORS® (NABOR®) recently released their March 2023 Market Report, which showed that closed sales of homes in Naples during the first quarter of 2023 exceeded sales reported in the first quarter of 2019, despite the fact that inventory in 2019 was nearly three times higher.
Buyers Attracted to Living in Naples Despite Challenges
The report suggests that even though buyers face challenges like higher interest rates, low inventory levels, and rising property insurance costs, they are still attracted to living in Naples. These factors aren’t diminishing people’s desire to move here.
Market Shows Resilience Compared to Pre-COVID 2019 Market
Our area professionals are comforted by the fact that this market shows so much resilience when compared with the 2019 market, which was prior to COVID-19 and all of the repercussions it left in its wake. When comparing to 2019, we see that closed sales have increased by 2.6%, pending sales are up 22%, and the average sales price has risen dramatically from $597,081 to $1,018,469.
Market Heading Back to Stable and Logical State
Overall, the report indicates that the housing market in Naples is heading back to a stable and logical state, similar to that seen in 2019. History has shown us repeatedly that this area continues to see growth in property values, and we do not anticipate that changing.
Waiting for Interest Rates to Drop Could Cost You More in Sales Price
It can be difficult to decide to sell when your current interest rate is 3%, and it can be challenging to decide to buy when you may get a rate closer to 7%, but the numbers show us that waiting for that interest rate to go back down could cost you more in sales price than you are potentially saving in interest.
Don't Wait to Buy or Sell in the Naples Real Estate Market
If you're hesitant to buy or sell in the Naples real estate market, consider the resilience of the market despite challenges like low inventory and rising property insurance costs. Waiting for interest rates to drop could cost you more in sales price than you are potentially saving in interest. Contact us and one of our amazing and well-versed local real estate professionals will reach out to you to help you learn more about the current market and your options.
Frequently Asked Questions about the Naples Real Estate Market Report March 2023
What is the Naples Real Estate Market Report?
The Naples Real Estate Market Report is a monthly report released by the Naples Area Board of REALTORS® (NABOR®) that provides data and insights into the current state of the Naples real estate market.
How does the Naples Real Estate Market compare to pre-COVID times?
According to the March 2023 Market Report, the Naples Real Estate Market is showing resilience compared to the pre-COVID 2019 market. Closed sales have increased by 2.6%, pending sales are up 22%, and the average sales price has risen dramatically from $597,081 to $1,018,469.
What challenges do buyers face in the Naples Real Estate Market?
Buyers in the Naples Real Estate Market face challenges like higher interest rates, low inventory levels, and rising property insurance costs. Despite these challenges, buyers are still attracted to living in Naples, and the market is heading back to a stable and logical state, similar to that seen in 2019.
Should I wait for interest rates to drop before buying or selling in the Naples Real Estate Market?
According to the March 2023 Market Report, waiting for interest rates to drop could cost you more in sales price than you are potentially saving in interest. If you're hesitant to buy or sell in the Naples real estate market, contact a local real estate professional to learn more about the current market and your options.
Additionally, if you'd like to read the entire NABOR report you can visit their website!
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