THE MARCH-APRIL 2022 NAPLES HOUSING MARKET REVIEW: SHOULD YOU INVEST IN NAPLES REAL ESTATE?

There is no doubt that the Florida housing market is becoming more and more competitive, with property experts predicting that this trend might last a while. Compared to the number of homebuyers, the general lack of inventoryis still driving prices to new heights throughout the Sunshine State.

In January 2022, the Florida housing market saw a massive surge in real estate demand similar to the one seen during the pandemic, and experts predicted the momentum to continue this year. Realtor.com,in conjunction with the Wall Street Journal, compiled a list of the top 20 emerging housing markets in the country, ranking Naples top among four other cities in Florida.

The March-April Overview

The Naples housing market currently features351 new homes for sale and3,831 active home listings.In March, properties in Naples soldat a median price of $700,000.On average, these homes typically sold after 42 days on the market relative to 36 days in 2021. The total number of homes sold in March 2022 throughout Naples was 3,531, up from 1,330 last year.

Naples forms part of the Collier County R-1 School District, and it includes 28 High Schools, 40 Middle Schools, and 62 Elementary Schools. It often boasts of an average school rating of 8 out of 10, according to GreatSchools.

Naples Housing Market Trends & Statistics

In March this year, homes in Naplessold for a median price of $700,000 with an average stay period of 42 days. With a stock of 3,531 properties measuring about 1,922 Sqft, this is an up from an average median list price of $599,900. This brings the median $ per Sqft for an average property in Naples to about $369.

In other words, the Naples real estate market was a seller’s market last month, meaning that the number of people looking to buy exceeds that of availableunits in the market.

Naples Market Trends for Single Family Homes

The median list price of single-family homes in Naples ranged around $803,900 last month andup from $776,995 in the previous year.The median price per square foot for similar-sized properties in Napleswas $383 last month, compared to $332 last year.

The total number of units for sale in Naples last month was 2,091homes, compared to 685 a year ago. On average, the median home size for single-family houses in Naples was 2,185 Sqft in March, which slightly dropped from 2,398 Sqftlast year.

Naples Market Trends for Condos

The median list price of Townhouses (otherwise known as Condos) in Naples last month was $510,000compared to around $387,000 a year ago.The averagemedian price per square foot for such properties ranged around $333 in the same period, compared to $248 in the previous year.

The number of condos for sale in Naples last month was 1,440, a steep increase from 645 in 2021.

Furthermore, the median home size in Naples last month was 1,558 Sqft, compared to 1,530 Sqft in the previous year. On the other hand, the average stay periodfor condos in the Naples marketwas 37 in March 2022. That for 2021 was 36 days.

Naples Housing Market April Insights

Naples’ current median list priceranges around $730,000, marking a clear 4% up from March statistics. Home resale inventories throughout the Naples housing marketare about 3,748, increasing by a 6 percent margin from last month. This April, the median list price per square foot is about $380, which is an apparent increase from the average $369 Sqft price in March.

Distressed unitswith foreclosures or short salesremain the same this April, but it would be best for you to seek professional help when dealing with such. Aim to find a qualified real estate agent who’s up-to-date with trends in the Naples housing market.

Should You Invest in the Naples Real Estate Market?

Absolutely, yes. Despite the increasingly high property prices in Naples today, it is the top emerging housing market in Florida,and you should invest in it while it’s still hot. From an investor’s perspective, a lot is going on in the city, and here are some more reasons why you should invest in the Naples housing market in 2022:

• Naples remains a popular tourist destinationand vacation spot this year, making rental properties one of the best investment options for investors.
• Naples is a haven for retirees, especially withthecountry’s great resignation statistics andincreasing aging population,pointing toward more retirees potentially settling down in thecity. It is an emerging trend that might help grow your real estate portfolio.

Overall, the Naples housing market predictions and investment forecast for 2022 suggest that it will be another good year.

In Summary

The March-April Naples housing market review highlights key trends in the Naples real estate market,intending to give you a clear picture. It outlines and explains various market statistics to shed light on important things to keep in mind before jumping in.

Overall, the Naples housing market is strong and poised for another great year. All indicators currently point towards a very competitive year but one that is full of great returns. That is, if you choose to invest in it.

But since not many are likely to have an easier time navigating the market, you must seek professional assistance. Then, look no further because Woodruff Real Estate & Property Management is here to help.

We are a professional property management firm with a fully-dedicated team ready to take on any of your property management needs heads on. We primarily deal with all types of rental and residential property investments.

We are locally based in Naples, and all our agents are equally versed in local real estate market trends. If you are ready to invest or have any questions about the Naples housing market, feel free to call (786) 507-5397 or email info@woodruffpropertymgmt.com and we’ll be happy to help.