SWFL Market Update: Prices Up in Naples, Inventory Up Everywhere!

Naples Real Estate Market Update: Record Prices & SO Much Inventory!
Thinking of buying or selling in Southwest Florida? This video breaks down the latest market data for Naples (Collier County) and Lee County (Fort Myers, Cape Coral) - and it's full of surprises!
Naples Market BOOM! We're seeing record-breaking median sales prices hitting a staggering $950,000 - a 17% increase year-over-year. But here's the twist: inventory is also way up (11.1 months' supply!). Does this create a buyer's market in Naples?
Lee County Update: Prices are down slightly (-7%) in Lee County, with a median sales price of $415,000. However, inventory is also on the rise here (7.1 months' supply).
We dig deeper into:
- Days on market trends in both counties.
- The impact of increased pending inventory (especially in Collier County).
- How the recent ranking of Naples as the #1 Place to Live in the US might be affecting the market.
- Potential market shifts due to the upcoming elections.
Bonus! We also cover the $100 million Hometown Heroes program for first-time homebuyers in Florida - free money to help with your down payment!
Leave a comment below! Are you surprised by this data? What are your thoughts on the current market conditions?
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If you are considering selling and want to get an idea of what your Florida home is worth, send an email to [e-mail]. If you're looking to purchase in the area, you can get a jumpstart by filling out your home wish list here: forms.gle/B91pjBStQbEnUCBPA
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Brad Dohack, Broker/Owner at Gulf Pointe Properties, Team Lead
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[@johnbomba4338]

Prices are going down in Collier County, the same as Lee County. The median sale price has gone up 17%, but the median listing price has gone down 11.5% year over year. That says the only reason the median sales price has gone up is the less expensive mortgage-dependent homes are sitting, and the big-ticket cash buyers are still buying. With 11 months of supply and the competition that brings, there is no way prices don't have significant downward pressure.

[@naplesflexplorer]

Naples is a different beast. Majority of buyers have been cash buyers . At one point I think 80% of buyers were cash buyers. That means that majority will likely not have to sell unless they get TOP DOLLAR. Which IMO is why you are seeing high inventory and high prices in the area. The others that purchased within the last 20,21 got low interest rates and would have to ask top dollars to make it worth moving to another house unless they want to degrade house and increase mortgage.

[@strongdougful]

What is % of homes on the market versus all the homes in the county?
In late 2006 it was 16%. I worked for a homebuilder during 2006 and it was a fascinating moment.
The permit process & construction takes so long down there that it is typically on sold homes it takes almost 1.5 years to build so the closing price throws the numbers off on actual pricing today. Those homes were all sold in late 2022 and early 2023. Most definitely will be lower in 6 months bc that will be more mid to late 2023 homes under contract.

[@user-iv9gn1hz4h]

I will never become a swamp person living Florida!