Upon reviewing the report, Dominic Pallini, Broker at Vanderbilt Realty, Inc., remarked that he believes “a change in consumer sentiment is coming as people get more comfortable with higher interest rates. I think they went up too fast and it frightened a large segment of home buyers. But we’re starting to see more price negotiations and realistic list prices.”
The percent of list price received during June decreased 2.9 percent to 96.2 percent from 99.1 percent in June 2022. “Last year, sellers were immobile on prices,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty. “But I haven’t heard of any bidding wars this year, and the drop in list price received indicates more price negotiations.”
“Buyer hesitation today is fueled by the three horsemen of the homebuying apocalypse: insurance, property taxes and interest rates,” said Jillian Young, President, Premiere Plus Realty. “Despite these challenges, the Naples area remains a highly desirable lifestyle destination for high-net worth individuals. In the last year, there have been 193 home sales over $5 million.”
Overall inventory continues to rise compared to 2022 levels. June had an 8.2 percent increase in overall inventory to 2,659 homes from 2,457 homes. But according to the area’s top brokers, this increase was due to low sales for the month and not because of new listings, which decreased 28.2 percent to 860 new listings from 1,198 new listings in June 2022.
The NABOR® June 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023: