Naples - March 2022 Market Update
Demand for the Naples lifestyle remains strong as closed sales in March increased 49.9% compared to closed sales reported in February. Although closes sales decreased 36.5% to 1,205 in March. 2022 from 1,899 in March 2021, the increase from February to March is a result of a steady wave of new listings. According to the March 2022 market reported 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% to 1,637 from 1,711 in March 2021. If the amount of new listings remains steady during the coming months, it would provide more options for buyers navigating the area’s limited inventory.
The March 2022 report showed inventory decreased 23.5% to 1,392 properties from 1,819 properties in March 2021. The good news is that March inventory increase 20% compared to levels reported in February of 1,176 homes. More homes for sale resulted in 1,611 homes under contract. The median closed price continued to increase in March, up 39.6% to $575,000 from $412,000 in March 2021. 62.7% of the month’s closings were cash sales.
The NABOR® March 2022 Market Report provides comparisons of single-family home and condominium sales, price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart forman, 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 stated the price reductions reflect a typical scenario where the seller list the property with a high price at the beginning of the sinter season and then will reduce the price as Easter approaches (historically considered to be the end of Southwest Florida’s high visitor season) with the hope of selling before the season ends.
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