According to the Census Bureau, sales of new residential homes in the United States fell 5.6% from the previous month to 679,000 seasonally adjusted annual rates. Although sales were down 17.7% year-over-year, the lack of existing-home inventory continues to benefit the new-home market. The median sales price of new homes declined for the seventh consecutive month, falling 3.1% to $409,300, as homebuilders build smaller homes to offset rising costs and improve affordability for homebuyers.

Overall, Pending Sales in Bonita Springs-Estero were down 12.4% from December 2022 to November 2023. There was a 19.9 percent increase in sales in the $1,000,000 to $2,000,000 price range. There was an increase of 5.7 percent in the Median Sales Price to $555,000. When it comes to condo’s prices increased by 5.6 percent to $450,000, which was the largest price increase.

In 41 days, the $300,001 to $500,000 price range sold the quickest; in 63 days, the $2,000,000 or More price range sold the slowest. There was an increase of 72.8 percent in inventory levels on a market-wide basis. Condos had the greatest increase in inventory, increasing 95.0 percent. In terms of single-family homes, the supply is 4.1 months, while in terms of condominiums, it is 4.4 months.

Naples Market Update

According to the Naples Area Board of Realtors, inventory and new listings in the Naples area residential real estate market experienced year-over-year increases in November of 39% and 23%, respectively, in comparison to November of last year. In November, there were 3,795 pieces of inventory and 1,174 new listings on the market, with overall pending sales down 14% and overall closed sales down 6% in comparison to November 2022. There was a median closed price of $580,000 for the homes that actually closed on the market, with an average time on market of 59 days. 

 

 

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*November 2023 Compared with November 2022 (percent reporting using rounded figures)

If you’d like to learn more about what community is right for you or anything about what’s happening the the Naples real estate market, contact Kevin at Office @knowledgebasefl.com or give him a call/text at 239.977-5642.

Photo Credit: Bonita Springs & Estero & Naples Board of Realtors