Naples, Fla. (August 25, 2023) – While much of America grapples with unfamiliarly high interest rates that have stalemated the resale home market, broker analysts reviewing the July 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), point to data that shows home sales activity in Naples has remained steady for the past year despite several interest rate increases. Yet, even as cash sales for homes in Naples decreased from 66.7% in January to 53.5% in July, the overall median closed price of homes in the first seven months of 2023 has continued to increase compared to most months in the first seven months of 2022.

“Activity for our area has flatlined compared to last year, but it is still trending higher than before the pandemic,” said Molly Lane, Senior Vice President at William Raveis Real Estate. “While there might be fewer homes to show buyers right now, a significant number of sales are still occurring, and there’s nothing to indicate that home prices will drop suddenly.” 

The July Market Report’s total sales data showed 81 fewer homes sold in July compared to July 2022, an 11.9% decrease to 600 closed sales from 681 closed sales. On the other side of the spectrum, pending listings (homes under contract) in July increased 6.3% to 798 pending listings from 751 pending listings in July 2022, which illustrates our market’s steadiness. Also, the percent of list price received this July is steady at 96.1% compared to 97.9% in July 2022. In July, days on market increased 115.4% to 56 days from 26 days in July 2022, the lowest reported in the history of NABOR®’s Market Reports. Incidentally, before the pandemic, days on market averaged over 100 days (104 days in July 2019).

London Bay Homes, a well-known luxury builder in SW Florida, finalized the purchase of former Outrigger Beach Resort on Fort Myers Beach for $38.2M.

The deal also includes the purchase of the former Charley's Boathouse Grill. Hurricane Ian destroyed both in September 2022.
London Bay Homes is the developer of Mediterra, the Ritz-Carlton Residences in Estero, and Grandview at Bay Beach on Fort Myers Beach.

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The Bonita Springs & Estero Board of Realtors has just released the real estate market report for June 2023.

New listings and closed sales were down 23% and 19%, respectively.
The average days on the market was 45 days and the median closed price of $536,000.

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A new mixed-use development at the corner of US 41 and Pelican Sound Dr in Estero, the proposal has been submitted to the Estero Planning, Zoning & Design Board.
The new development would have 219 multifamily units on an 11-acre parce. The Meadows of Estero and Pelican Sound Golf & River Club are the nearest communities.

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A development order was approved on July 11 by the Estero Planning, Zoning, and Design board for a 20-acre mixed-use planned development on the southwest corner of Via Coconut Point and Corkscrew Road. 

The development called Via Coconut will consist of 330 multifamily units, 27,310 square feet of commercial uses and a 1-acre public park on Via Coconut Point across from the Genova community. There will be two access points on Via Coconut, with future pedestrian and vehicular access to the west. 

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Naples, Fla. (June 23, 2023) – A slight reduction in overall median closed price and fewer new listings during May indicates a window of opportunity for buyers and sellers this summer. 

According to the May 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the overall median closed price decreased 1.2% to $600,000 from $607,500 in May 2022. There were also 1,045 price decreases and a 31.2% decrease in new listings reported during the month.

“More and more sellers in Naples are starting to adopt a mindset that they need to be open to negotiate on price,” said Jillian Young, President of Premiere Plus Realty, whose comment is supported by data in the May report showing a 3.8% decrease in the percentage of list price received to 96.3% compared to 100.1% reported in May 2022.

Though broker analysts reviewing the report pointed out that an increase in negotiations does not mean home prices in Naples are dropping. In fact, according to Molly Lane, Senior Vice President at William Raveis Real Estate, “Many people thought home prices were going to decrease after Hurricane Ian. But the fact is, prices are holding steady.”
The report showed no month-over-month median closed price decrease for condominiums in May; only a 6.5% decrease (month over month) was reported in the single-family home market.

An infrastructure and residential development order for 34 acres east of U.S. 41 in Estero, north of Broadway Avenue East and west of the railroad tracks, was approved by the village’s planning, zoning and design board Tuesday night. 

The Downtown Estero project from Indiana-based developer Buckingham Co. will consist of three multistory buildings at 100 units each. The site is entitled to 310 units, 200,000 square feet of nonresidential and 125 hotel rooms through Lee County-approved zoning several years ago.  

The developer plans on using just 30,000 square feet of the nonresidential land-use entitlement. Two buildings will be mixed-use with 5,000 square feet of nonresidential uses on the ground level while the third building will house community amenities, including a public pocket park, two pickleball courts, a pool area and a public passive park at Broadway Avenue. 

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Naples, Fla. (March 24, 2023) – Buyers looking for homes in Naples during February were met with more choices as overall inventory increased 131.4% to 2,835 properties from 1,225 properties in February 2022 (5% increase compared to January 2023). Broker analysts reviewing the February 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), attribute some of the rise in inventory to Hurricane Ian as many sellers were forced to address and remedy damage caused by the storm before the property was ready to welcome buyers. February’s overall median closed price is the same as January’s median close price of $600,000.

The gap in sales activity year over year continues to close thanks to continued confidence in the Naples real estate market. Overall pending sales in February decreased 16.8% to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2% to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15% in February to 36,574 showings from 43,032 showings in February 2022.

Naples, FL. (February 24, 2023) – Evidence of growing confidence in the Naples real estate market revealed itself in January as a wave of new sellers entered the market during the month. New listings in January rose 74.5% compared to December 2022, and 3.2% to 1,338 new listings from 1,297 new listings a year ago according to the January 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®).

“The good news is that the new listings coming onto the market are evenly split between single family and condos,” said Mike Hughes, Vice President and General Manager for DNFR “Inventory in both these areas have doubled since last January so buyers looking to purchase in either sector this year will have many more options.”

Closed sales in January decreased 33.8% to 555 homes from 839 homes in January 2022. But the spike in new listings is a promising turn of events as they pushed inventory in January up 122.7% to 2,699 properties from 1,212 properties in January 2022. Broker analysts reviewing the report are optimistic and say it potentially could result in a better-than-expected winter home buying season.
“Inventory between December and January grew nearly 10%,” said NABOR® President Nick Bobzien. “With the number of showings nearly doubling in January 2023 compared to December 2022, buyers were excited to see new listings come on the market and took advantage of the opportunity as seen by the huge increase in pending sales over the same period.”

A 45.6-acre development is proposed at the northwest corner of U.S. 41 and Coconut Road in Estero. The mixed-use development called Woodfield Estero is planned for 596 residential dwelling units, office, retail, restaurants and related uses. 

Estero hosted a public information meeting for the applicant, Woodfield Acquisitions LLC, for its requested rezoning from Mixed-Use Planned Development to Estero Planned Development, which allows for a mix of residential and nonresidential uses in a compact urban form. 

Previous owner Lee Health sold the land to South Carolina-based Woodfield Development. Prior to the sale, Lee Health was working with town planning firm Dover, Kohl and Partners on plans for the site. Woodfield will carry on the partnership with modifications to some of the original plans.  

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