Naples Real Estate February 2022 Update
Comparing housing statistics for the Naples area, February 2022 to February 2021, we find a decrease in inventory of 72%. New listings in February 2022 totaled 1,261 compared to a year ago, 1,467. Additionally, the average days on the market is down from 73 to 23. The Median closed Sale price is up 38% from $400,000 to $550,000 year-over-year. We believe prices are beginning to stabilize as we examine the price reductions in February; 276 listings reduced their price…170 listings had price increases. Plus, the median closed sale price in February as compared to January of this year only increased .2%. That is notable!
The price point hardest hit is the “under $300,000” range which had only 26 single family homes on the market in February. This is making it challenging for first-time home buyers. This price range has also seen the largest decrease in closed sales due to lack of inventory. Additionally, interest rates are rising, which will also have an effect on the lower price points.
Annual and seasonal rentals are also at a premium. Many renters are choosing to buy in order to spend winters in Naples because they are unable to find a seasonal rental for next year. Investors are seeking single family homes in highly popular residential neighborhoods that cater to families. Condos, for the 4th month in a row, closed at over 100% of the list price!
Another stat that is quite interesting is the fact that approximately 25% of the properties that went under contact in February “fell-thru”! More agents are using back-up contracts when making offers which gives buyers the opportunity to keep looking for a home while waiting to see if they get in first position. This also benefits the sellers who don’t need to put their homes back on the market to wait for another offer.
Demand for the Naples lifestyle continues to bring buyers in record numbers. Now more than ever you need the help of a full-time real estate professional. With multiple offers, in this fast-paced market, their market knowledge will be invaluable in helping you navigate your way through either a listing or a sale.
Call us today for more details about Naples Real Estate 1-239-404-4889
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The Naples Real Estate Blogger