In this October 2023 market update, Renee Hahn of William Ravis Real Estate introduces a new digital magazine format called Tide Talk, which includes an embedded video of the update and a short survey offering a chance to win an in‑home chef dinner (or a gift certificate for non‑local respondents). She then presents September’s Naples real‑estate statistics: total inventory rose to 3,367 listings (+30% YoY, +21% MoM); 665 properties went under contract, down 10% MoM and roughly flat YoY; the median closed price was about $580,000, a modest decline of 5% YoY and 2% MoM; new listings surged to 1,231 (+32% YoY, +31% MoM); closed sales fell to 594, down 15% YoY and 12% MoM; and the average days on market increased 37% YoY to 56 days but fell slightly MoM. She emphasizes that these figures represent the overall Naples market and that individual neighborhoods may deviate, noting some areas with very low inventory and rapid sales. Hahn cautions that the upcoming high season could pressure prices if supply outpaces buyer demand, and she advises viewers to consider community‑specific data and to work with a knowledgeable agent. She closes by inviting questions about timing for buying or selling, noting that personal circumstances often dictate the best strategy, and encourages viewers to reach out for personalized guidance.
Chapters
Hello, this is Renee Han with William Ravis Real Estate bringing you the monthly Naples real estate market update. We're doing a little bit different this month. Instead of having everything embedded in a single email, I actually wanted to introduce you to Tide Talk. I have changed the format, and in changing the format, we've added some things, some, some nice expandable options for you. So hopefully trying to continue to make it more valuable to you. I always welcome feedback because of course I want to make sure that this is meeting your needs because this is for you. So before we jump into the market update, which we will do shortly, I want to just highlight a couple things. I'm going to show you the— a quick flip through. As you go through the Tide Talk, there's lots of areas where I have a short blurb and then you can click on it for more information, which is super helpful. You're going to have this video embedded right in the magazine for you to listen to the market update. And then the one main thing I want to call your attention to at the very end of it, the last page, I have an opportunity for, uh, two lucky winners to enjoy a home-cooked in-house Chef dining experience. That's a lot to swallow, but I am going to— anyone that takes the time to completes the brief survey at the end is going to be automatically registered to win a dinner for two in their home. So I'm really excited about that. It's just 5 quick short questions, so it won't take long. Not terribly grueling, not like you remember in high school from your, your survey or quiz days. This is an easy one. I just really value your feedback and wanted to be able to get some feedback in particular around the construct of this market update, but also in publication, really, also more broadly. So again, thank you so much for your consideration in entering that, and in return, I'd love to be able to award you a great dinner-in-home dining experience. Real quick, if you are responding to this and you do not have a home in the area, um, I'd still love your feedback. And if somebody from outside the area wins then I would be more than happy to get a gift certificate for you in place of the in-home dining experience. I think that might be a long commute. I don't think my chefs are willing to go outside of the area, but we can still make sure it's a nice winning for you. So whether you're local or far away, I value your feedback and would very much like you to take a moment to complete it. Now let's talk about the market update. Um, it has continued to be, as I share every month, a very fluid environment, which means it's constantly changing. And always remember that the data is the congregate for the whole Naples area. You will find examples of homes and communities that behave somewhat different than the trend. You know, for the most part, as an example, the market settled down. It's been slower, um, this second half of the year, but yet there are some communities that have had little to no inventory. And when something pops up, if a great property at a reasonable price, those may still go quickly. So always know that we're talking generalities and there could be great examples where it doesn't fit. But let's start with inventory. So in the month of September, we sat at 3,367 listings, properties available for sale. That's a mix of single-family and condo. Um, that represented a 30% year-over-year increase and a 21% month-over-month. So not only is it high compared to last year at this time, but it is also high compared to the previous month. That's inventory. That's how many listings are available. Moving over to what went under contract. So when we talk about pending sales, what went under contract, we had 665 properties go under contract in the month of September. That on the flip side represented a 13%, uh, excuse me, my eyes are playing tricks on me, a 10% month-over-month reduction and a 1% year-over-year. So we're down just slightly year over year, a little bit more month over month from the previous month. If you look at median closed price, we're sitting at about $580,000. Now you're going to look at me and say, what can I buy for $580,000 in Naples? There are things. You're probably going to find more condos and whatnot in a few few single-family homes out in Golden Gate Estates, but that represented a decrease 5% year over year and a 2% decrease month over month. Again, not huge changes, so I wouldn't, um, concern yourself too much about that. I think values are certainly settling down but still staying very strong. If you look at new listings that came on the market during the month, we had 1,231 new listings. So we already talked about 3,367 listings in total. You had some going under contract, but you had 1,231 coming on. That represented a 32% year-over-year increase and a 31% month-over-month increase. Moving to closed sales— so we talked about pending sales has slowed down, closed sales have also slowed down. So we had 594 properties that closed during the month. That represented a 15% decrease year-over-year to the same time last year and a 12% month-over-month decrease. So inventory is going up, pending sales came down, closed sales came down, new listings went up. We just need to make sure those don't get too far out of whack. And the big, you know, thing we're all waiting on bated breath for is to see what happens during the high season, because we all know there's a lot of owners and agents that are sitting on listings waiting to list them during the high season in September. So if that continues to outpace the buyer pool, then we could potentially have some price deterioration. It's just the law of supply and demand. Days on market was up year over year by 37%, but it's still only 56 days on market, and it was down month over month. So it's sitting pretty tight at any, you know, around 60 days on market. Now again, depending on the type of home in the area and the price point, we have many things that I'm seeing, um, on the market past 120 days, um, and then some that come on and a day later are going under contract. So don't let that give you a false sense of comfort in one direction or the other. You need to take individual communities and properties into consideration to decide what your strategy is going to be on the selling or buying side and take that into consideration as That's why it's so important in a market like this to make sure that you're partnered with a great real estate agent who knows their stuff. So that's the market update. As always, I hope that you will reach out if you have any questions or want to discuss anything in particular. I often get asked, you know, when's the best time to sell, and I, and I tell my owners it depends. It depends on what kind of home it is, where it's at, and what your circumstances are, because there is such thing as aligning into the market trends, but there are also things in life that may not wait for you to find the perfect time. So if you've got questions like that, don't hesitate to reach out. Um, again, I think relative to a lot of other markets, Naples continues to be a great place to own property. Um, it has slowed down. We're hoping for a strong season. Tourism was reported to be up last month, so that's a good indicator. Some of the timing will depend on what the weather does up north. If increment weather up north, we tend to see people down here earlier, but most people will wait till January to really show up and start to enjoy the Naples area because they might want to spend their holidays with family. So if you've got any questions, don't hesitate to reach out. Again, Renee Hahn, and I look forward to serving you in the future.
