First Quarter 2023

Closed sales of residential properties during the first quarter of 2023 exceeded closed sales in the first quarter of 2019 (pre-pandemic) when inventory levels were nearly three times the current level. According the the March 2023 report by the Naples Area Board of Realtors which includes Marco Island, overall inventory increased 92.4% to 2,900 properties from 1,507 in March 2022. While historically low at 3.6 months of inventory, Naples has continued to increase ever since it bottomed at 0.8 months in December 2021.

Speculators are of the impression that even though buyers today are facing headwinds like high interest rates, rising property and flood insurance rates, and low interest levels, these factors are not diminishing people’s desire to live in Naples.