Naples Area Real Estate News & Market Trends
by Robert Nardi

Robert L. Nardi, Broker/Owner of Nardi Realty provides his perspective on the real estate market, trends, and news for Naples, Florida and the surrounding area each month. To subscribe to Robert's Monthly e-Newsletter click this link.

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because, at Nardi Realty, we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

March 11, 2024

Market Watch March 2024

Inventory Growing Fast!

By Robert Nardi

Data in the January 2024 Market Report showed invigorated confidence in the Naples area housing market for sellers and buyers. Overall inventory continued to climb for six consecutive months, resulting in a 58.8 percent increase in homes for sale in January, or 4,639 properties from 2,921 in January 2023. Fueled by a 29.1 percent increase in new listings year over year, January showings doubled compared to showings reported in December 2023. The first month of the year also saw serious sellers taking action to capture increased buyer attention with 1,804 price decreases, a 122.7 percent increase compared to December’s 810 price decreases. The report showed 6.4 months of inventory for January compared to .9 months in January 2022, when frenzied pandemic buying began to simmer. While pending sales in January decreased 7.5 percent to 1,010 pending sales from 1,092 pending sales in January 2023, pending sales activity for January increased 73.2 percent compared to pending sales activity reported in December 2023.

The January 2024 Market Report also showed that average sales prices decreased 7.8 percent compared to January 2023, partially attributable to the slower pace of luxury sales. Values have increased approximately 60 percent over the last three and a half years in our market, so if there is a small price reduction, most sellers will still enjoy a very healthy profit at the time of the sale.

First-time homebuyers and those seeking homes under $500,000 will be pleased to know that inventory in this price range increased 58.6 percent in January. Inventory for condominiums priced under $300,000 increased 112 percent during the month. Notwithstanding, because Naples is paradise, inventory for condominiums over $5 million increased 182.6 percent in January.

NABOR® January 2024 Market Report compares single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are in chart format (CLICK HERE, for all the statistics.

What does this all mean?

A buyer’s intent has shifted from pandemic years of wanting a home in Naples to wanting “the right” home in Naples. With more inventory available, buyers are now considering affordability factors that may influence insurance coverage: the age of the home, the age of the roof, storm protection, claim history, and whether the home lies in a flood zone. If buyers are contemplating an older home, it is best to consider the insurance cost up-front. Ask the seller what they currently pay for insurance. If the home has a 15-year-old shingle roof, it can be insured at a higher rate. In addition, to continue to get insurance each year after that, the roof would need to be inspected and have a “pass.”  After 20 years, the shingle roof would need to be replaced. If it is 20 years old, it can be a challenge for clay tile roofs. Most buyers would need to seek a third-party insurance provider like “Lloyds of London” to insure it, but the insurance cost could increase significantly. Hence, insurance costs are a significant factor when purchasing a home.

If a buyer purchases new construction, it has all the up-to-date hurricane building codes, and insurance coverage is much less. However, most of our new construction is farther southeast and northeast. So, you will be farther from 5th Avenue South, Downtown Naples. 

On the seller side, additional factors influencing list price include mortgage rates, master fees, community fees, social membership obligations, current or future assessments, etc.

On the bright side, our inventory is increasing, and buyers now have many more properties that they could choose from. In addition, Southwest Florida is a fantastic place to live. The glimmering Gulf of Mexico, sunshine, and beaches are superb. Your quality of life is excellent here.

Lastly, to assist with offsetting some of the insurance costs I discussed earlier, if you are a full-time resident, you do not pay state income tax. In addition, Collier County has the lowest real estate taxes in the state. It is only 1.25% of the assessed value of a home. Lastly, with homesteading your property here (your primary domicile), your real estate taxes can only go up 3% of the assessed value for the rest of your life.


If you need assistance with purchasing, selling, and renting, please get in touch with me at 239-293-3592 or via e-mail at You can also perform your searches at BuyNaples.Net. I wish you and yours a fantastic spring!

Posted in Market Updates
Feb. 13, 2024

Market Watch February 2024

Property Inventory Increases

By Robert Nardi

According to the December 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory increased 45.9 percent to 3,949 properties from 2,706 properties in December 2022. The report showed consistent monthly increases in inventory during the year, which means more options for buyers in 2024, especially in the condominium market, which reported a 78.7 percent increase in inventory. However, according to broker analysts reviewing the December report, the housing market faced several challenges in 2023: rising interest rates, insurance rates, and inflation. Brokers also point to increased personal travel in 2023 as another reason home sales lagged. As a result, closed sales in 2023 decreased 13.6 percent to 8,816 from 10,206 closed sales in 2022. Despite the challenges, there were seven months in 2023 when new listings increased more than new listings reported in comparative months in 2022. New listings increased 12.1 percent for December to 892 new listings from 796 new listings in December 2022. Interestingly, unlike other industries that experience a price reduction when supply increases, the Naples area housing market enjoyed a 9.7 percent increase in overall median closed price in December to $631,000 from $575,000 in December 2022. In comparison, according to the National Association of Realtors, the median existing-home price in the U.S. increased 4.4 percent to $382,000 from $366,000 in December 2022. 


Migration in the eastern part of the Collier County is booming. The land values are lower since it is farther out, so pricing is attractive, giving consumers "a bigger bang for the buck." In 2023, the Immokalee/Ave Maria area was the only geographic area tracked by NABOR® that reported an increase in single-family home closed sales (+34.1 percent). Conversely, the report indicated a 24.8 percent decrease in closed sales for single-family homes near the beach. Nowadays, the cost of homeownership includes a lot more than the sales price of a home. Contributing costs to homeownership are property and flood insurance, association fees, and potential future assessments.


The NABOR® December 2023 Market Report compares single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format ( CLICK HERE ) for those who like to see all of the statistics.


What does this all mean?


We did not outperform last year's sales because buyers who had plans to relocate to Florida moved up their timeline. The pandemic convinced many people to buy sooner, so the high sales numbers we enjoyed in 2021 and 2022 were stolen sales from what would have happened in 2023. In 2021 and 2022, interest rates were low, Florida was an open state during COVID-19, we had no state tax, and our weather was a huge draw, which made it attractive to buy then. Now sellers realize that the market has changed, and those "glory days" of selling quickly are over. Hence, that's why a 29.6 percent increase in price decreases in 2023.


The good news is that mortgage interest rates have dropped a bit. Because of this rate reduction, the market is loosening, and now, people who have been waiting have decided to sell their property. However, instead of staying in Florida, some are migrating to other states where home prices are lower. 


If you need assistance with selling, buying, renting, or looking for a seasonal or annual rental, please feel free to contact me directly at 239-293-3592 or send an email to . I or one of my team members would be happy to help.


If you would like to see your property's potential list price or if you enjoy performing property searches, please go to



Happy Valentine's Day to all!

Posted in Market Updates
Jan. 14, 2024

Market Watch January 2024

Inventory is Going Up!

By Robert Nardi

Overall inventory of homes in Naples for November increased 38.8 percent to 3,795 properties from 2,734 properties in November 2022. Buyers have not enjoyed a level of choice since September 2020. The month also included 1,080 price decreases resulting in a 3.3 percent decrease in overall median closed price. According to the November 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), data showed the housing market is poised to enjoy healthy winter sales.

The November Report showed 1,080 price decreases, the highest in six months. Price deceleration may be happening in parts of Naples as the overall median closed price dropped to $580,000 from $600,000 in November 2022. As such, November was one of four months this year that reported a decrease in median closed prices. In fact, year-over-year price decreases have not been reported since 2019. Area builders have experienced a much slower fall sales market than what was budgeted for the fall months. Sales were lagging behind monthly budgets by approximately 25 percent, and cancellation rates on contracts have hovered around 20 percent due to the higher interest rates.  Therefore, pending sales (homes under contract) in November decreased 13.8 percent to 661 pending sales from 767 pending sales in November 2022. Closed sales also decreased by 6.1 percent to 537 closed sales from 572 closed sales.

The NABOR® November 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format (CLICK HERE ).

While monthly inventory levels for single family and condominiums typically increase and decrease in a similar manner, inventory in the condominium home market in November rose by 74.5 percent compared to a 17.4 percent increase in the single-family home market.

What does this all mean?

The current rise in condominium and the single-family inventory were most likely due to post Hurricane Ian repairs that were finally completed making them available for sale. To add fuel to the fire, interest rates and property insurance rates rose, making the cost of maintaining or keeping a home in Florida a challenge for some property owners. However, the tides are changing, and Buyers have more of an opportunity to purchase at a lower price. In addition, there are many positives to owning in Southwest Florida, especially in Collier County. Collier County has the lowest real estate tax rate in the state.  Your property will be taxed at 1.25% of the assessed value.  Plus, if you homestead your property, you’ll get an additional $25,000 (single) or $50,000 (married) deducted from the assessed value. If you do not live in the City of Naples, you will not have to pay city tax.  Lastly, you pay no state taxes. Those savings could and would outweigh some of the higher expenses owning in the state of Florida.  I know some states charge up to 3% of the assessed value for real estate taxes.  For example, if you owned a $500K home in a state that would charge 3%, your real estate taxes would be $15,000 per year.  In Collier County, your taxes would be $6,250. Lastly, the sales tax in Collier County is 6% which is lower than many other states.  My best advice to you is to work with an accountant or tax attorney and form a plan that could derive tax and savings benefits by purchasing in Southwest Florida. And of course, my firm and I are always willing to assist you in anyway we can.

I just want to wish everyone a very Healthy, Happy, & Prosperous New Year!   

Posted in Market Updates
Dec. 14, 2023

Market Watch December 2023

October 2023 Inventory is Up!

By Robert Nardi

Real estate brokers reviewing the October 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), were encouraged to see a 31.8 percent increase in new listings to 1,231 new listings from 934 new listings in October 2022. The report also showed the median closed price of homes in Naples during October increased 4.5 percent to $580,000 from $555,000 in October 2022. According to broker analysts, these two factors indicate rumors of an extreme market correction were false. They also illustrate renewed seller confidence, which will be good news for buyers seeking more options in the coming months.

October had the highest number of new listings added to the market compared to any October in the last two years. Historically, and according to NABOR®’s monthly market reports, October and January have the highest number of new listings. New listings in October for the condominium market shot up 61.9 percent to 612 new condominium listings from 378 new condominium listings in October 2022. Single-family home new listings in October also increased at a healthy rate of 11.3 percent to 619 new single-family home listings from 556 new single family homes listings in October 2022. Pent up consumer travel during the summer distracted attention away from home sales as the report showed both pending sales (homes under contract) and closed sales activity were lower than pre-pandemic levels reported for October. This can be traced to lower showing activity during the recent summer compared to summer 2022 levels. As such, overall pending sales in October decreased 1.2 percent to 665 pending sales from 673 pending sales; and overall closed sales in October decreased 12.8 percent to 594 closed sales from 681 closed sales in October 2022. Higher days on the market also contributed to lower sales in October.

Sales of luxury properties continue to drive the metrics for the real estate market in Naples. Looking at October’s market report the average closed price of all properties – year to date – in Naples is over $1 million. And compared to last October, there are now 275 homes for sale in the $5 million and above price category, a 55.4 percent increase.

The NABOR® October 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format (CLICK HERE) for those of you who like to see all the statistics.

What does this mean?

One factor contributing to a rise in new listings this October was the need for many homeowners to postpone listing their properties for sale last October until damage from Hurricane Ian could be repaired.  Surprisingly, interest rates are not as much an obstacle in Naples as cash sales continue to exceed 50 percent of all our sales, but they are for many northern home sellers who rely on buyers that require financing. There’s talk that some buyers are also sitting on the fence waiting for rates to drop.

I have a listing in Golden Gate Estates.  A beautiful home on 2.34 acres.  We have had the gambit of showings and some offers.  Several “low ball” offers were thrown into the mix.  I think these are investors who want to make a quick buck.  They are hoping there are some distressed sales out there.  So, they go “fishing” and hope to catch “the big one!”  Yet, with this home, we did have a buyer that fell in love with it, but he must sell his home up north before he can purchase in Naples.

The good news for buyers is that the percentage of list price received has decreased 2.7 percent and 3.5 percent in the single-family and condominium market over the past 12 months, respectively. There were also 1,004 price reductions in October, basically a third of all homes for sale. If inventory continues to rise at its current pace, there will likely be more opportunities for buyers to negotiate.

Rental Opportunities

During COVID Florida was booming.  Many people stayed here all year round because they did not want to be in states that sanctioned tougher COVID restrictions.  Now that COVID restrictions have been lifted, not as many people are seasonal renting here. They have an opportunity to rent somewhere else.  For years, my rental department had a waiting list for seasonally rent properties, but that no longer is the case.  This now is having a direct effect on rental prices.  They care coming down for both annual and seasonal rentals.  Therefore, if you are thinking about coming down to Southwest Florida, you would have a nice selection of rentals to choose from.  If you have any interest, please feel free to contact Sheri Martin, my Rental Administrator at 239-571-6189 or send her an e-mail at


I wish you Happy Holidays and a very Healthy, Happy and Prosperous New Year!  2024, where has time gone?

Posted in Market Updates
Nov. 12, 2023

Market Watch November 2023

Inventory is Rising!

By Robert Nardi

New listings in Naples during September increased 27.3 percent to 937 new listings from 736 new listings in September 2022, making pre-season buyers very happy. According to the September 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory continues to increase. For September, inventory for the single-family home and condominium markets increased 13.2 percent to 2,793 properties from 2,468 properties in September 2022. The report also demonstrated that pre-season homebuying is starting earlier every year as pending sales (homes under contract) in September increased 18.7 percent to 735 pending sales from 619 in September 2022 and 687 in September 2019 (pre-pandemic). The median closed price in September increased 3 percent to $571,500 from $555,000 in September 2022. Interestingly, the September report indicated 723 price reductions compared to 80 monthly price increases. Therefore, September was a great month to purchase a home in Naples based on the price reductions and the increased inventory.


What does this mean?


The report showed that September's average closed price increased by over 13 percent (month over month). While appreciation rates decelerate across all markets, Naples continues to command top values for quality properties. The NABOR® September 2023 Market Report compares single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart form (CLICK HERE ) for those who would like to see all the numbers.


I looked at the current active inventory in November 2023, and we have just over 3,480 units. This inventory is up from last month's inventory of 2,900 units. In an even market, active listings should be around 6000. I believe the growing number of actives is because our "Days on Market" is increasing. Hence, the reason why in September 2023, there were 723 price reductions. The inventory is not moving as quickly as in the past. Buyers are hesitant to buy because there are a lot of uncertainties out there. They fear higher mortgage rates, whether we are starting a recession (which we are not), two major wars to contend with, and the fear of inflation (which has calmed down considerably). These fears are buyers of homes $1M and below who will most likely seek a mortgage. Higher-end properties are selling because most people pay cash at a higher level. They are not buying a $2M property and mortgaging $1.6 Million at a 7.5% to 8% interest rate. If it were 8% after thirty years, they would pay over $2,600,000 in interest.


My best advice is to speak to your local bank or mortgage lender. You may want to consider a 5/1 ARM, which is a type of 30-year mortgage loan that has a fixed interest rate for the first five years (generally a lower rate than a 30-year fixed mortgage) and then adjusts on an annual basis based on market conditions and an additional amount from the lender. It is a hybrid mortgage that combines the features of a fixed-rate loan and a variable-rate loan. The "5" means the number of years with a fixed rate, and the "1" indicates how often the rate adjusts after that.


Another thought would be to seek out new construction. Some builders would like to move their product and, in doing so, may offer mortgage rates as low as 5.65%. In addition, with new construction, you may be able to "negotiate" a better price if it is a "spec" home. A "spec" home is when the builder is "speculating" that a buyer will come along and purchase a finished property.


If you are interested in selling, buying, or renting, please feel free to contact me directly at 239-293-3592 or send an email to .



I wish everyone a Happy and Healthy Thanksgiving! My favorite holiday of the year!

Posted in Market Updates
Oct. 9, 2023

Market Watch October 2023

August 2023 Prices Holding Steady!

By Robert Nardi

Inventory is selling quickly, and prices are stable in the Naples housing market. According to the August 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales of homes in Naples during August increased 17 percent compared to July closed sales, and 1.9 percent to 702 closed sales from 689 closed sales in August 2022. Brokers who reviewed the Market Report are confident sales during the second half of 2023 could outperform sales during the second half of 2022 unless we experience another major disaster like a hurricane. Another promising factor that supports this expectation is the steady rate of new listings, which increased 2.6 percent in August and contributed to the 7.2 percent increase in inventory for the month. Prices are holding, and we will be near the historical 8% yearly appreciation.

The median closed price in August increased 5.2 percent to $605,000 from $575,000 in August 2022. However, according to the August report, activity in the condominium market fueled many of the increases reported. As such, there was a 7.7 percent increase in the median closed price in the condominium market compared to a 2.2 percent decrease in median closed sales price for the single-family home market; a 10.1 percent increase in new condominium listings compared to a 3 percent decrease in new single-family home listings; and a 25.5 percent increase in condominium inventory compared to a 3.7 percent decrease in single-family home inventory. The report showed 54 days on the market compared to 31 days in August 2022.

The NABOR® August 2023 Market Report compares single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics in chart format (CLICK HERE) for those who want to see all the data.  

What does this all mean?

It means that Naples, FL, continues to be resilient even after having a major hurricane last year and with mortgage rates climbing. The real reason prices are holding steady is because of our lower inventory. Naples' housing inventory currently has 2880 properties for sale. An even market would be hovering around 6000 properties for sale. Demand continues to occur here, just at a lesser pace. Less demand and inventory equate to prices holding steady. Why is there less inventory? People are "stuck" in their current properties because they have a low mortgage interest rate. Most interest rates for years were between 2.75% and 3.25%. Their mortgage payment would double if someone wanted to move for an extra bedroom or a third-car garage. Most people can't afford that. Plus, since the hurricane, it has been a challenge to find insurance, and if you did find insurance for a new property, it would be higher than what you are currently paying. Let's face it: the only people who are moving are the ones that have to based on life changes. Some of those life changes are newborns, divorce, death, and the elderly who can no longer live alone. Older adults have the best advantage because they have owned their homes for years and most likely have accumulated much equity. In addition, there certainly are plenty of 55-plus communities here. There is a wide variety they could choose from. These communities are all different and allow an array of living packages. There could be a "buy-in" and rent like an apartment. Another could be a much larger "buy-in," they build the property to suit, but it reverts to the community upon death. The last one is you buy a fee simple property. If death occurs or you decide to move, you can sell the property.

Seasonal Rentals

Summer and seasonal rentals have been slower than in the past. For years, with COVID-19 rearing its ugly head, many people chose Florida as a destination. For the most part, we were an open state with many outdoor dining opportunities, and people could be social and not wear masks like the rest of the country. We had an increasing number of bookings for both seasonal and summer rentals. No one wanted to be in their home state due to COVID-19 restrictions. COVID-19 mandates started disappearing at the beginning of 2023. When the summer of 2023 approached, we realized that bookings for both summer of 2023 and seasonal rentals for 2024 were down significantly. Why? No more COVID-19 mandates preventing people from traveling. They wanted to venture out and do something different. I am sure you noticed everyone went to Europe this summer; Italy was the most prevalent vacation destination. Since potential tenants now have other options to travel, along with the hike in seasonal rental costs, the demand for seasonal rentals has lessened. 

If you are considering buying, selling, or renting, don't hesitate to contact me with any questions. You can call me directly at 239-293-3592 or send an e-mail to

Happy Fall! 

Posted in Market Updates
Sept. 15, 2023

Market Watch September 2023

SW Florida - Slow & Steady Market

By Robert Nardi

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 percent in January to 53.5 percent 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.


The July Market Report's total sales data showed 81 fewer homes sold in July than in July 2022, an 11.9 percent 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 percent to 798 pending listings from 751 pending listings in July 2022, which illustrates our market's steadiness. Also, the percentage of list price received this July is steady at 96.1 percent compared to 97.9 percent in July 2022. In July, days on market increased 115.4 percent 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).


New listings in July decreased 15.4 percent to 810 new listings from 957 new listings in July 2022. Before the pandemic, new listings supplemented an already very healthy inventory level. Data showed 5,200 properties for sale in Naples in July 2019 compared to 2,583 properties listed for sale in July 2023. But while new listings, closed sales, and pending sales activity have almost returned to 2019 levels, overall inventory has not. As inventory faded away during the homebuying frenzy of the pandemic years, median closed prices rose by over 50 percent. In July 2019, the median closed price in Naples was $325,000. But in July 2023, the median closed price increased 9.2 percent to $595,000 from $545,000 in July 2022.


The NABOR® July 2023 Market Report compares single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics chart ( CLICK HERE ) presents all data.


What does this mean?


The July report shows we are in a steady market with lower inventory. Prices are stable, and the market is not on "shaky ground." To add to the steadiness, Hurricane Idalia was a non-event for Southwest Florida. Whew!


Back-on-market properties


An interesting finding in the July statistics is that 199 pending listings returned to the market in July. So potential Buyers should look at this as an additional opportunity. Why did these properties come back on the market? Some Buyers, even though pre-approved for a mortgage, are denied after their paperwork is submitted/processed by their lender's underwriting division. If the sales contract has a mortgage contingency, the lender issues a denial letter to the Buyer to present to the Seller, and the Buyer's escrow funds are refunded. Another way for a property to come back on the market is when a Buyer and Seller cannot come to terms with fixing non-working items discovered in the inspection period. In Naples, you have the NABOR® sales contract and the NABOR® AS-IS sales contract. In the NABOR® contract, you inspect the property and present all non-working items to the Sellers to fix. As a Buyer, you can ask for remedial action or get estimates and request a credit at closing for fixing non-working items. If the Seller refuses to fix anything or give a credit at closing, the Buyer can cancel the contract and receive their escrow monies back.


With the NABOR® AS-IS contract, you have a specific time frame for inspections, generally a 15-day period, and you have the right to cancel for any reason. Maybe the Buyer found another property that met their needs better. Maybe the Buyer got cold feet. With an AS-IS contract, you can walk away for any reason, cancel the contract, and receive your escrow monies back.


If you have any questions or need assistance with buying, selling, contracts, etc., please call me directly at 239-293-3592 or email me at I would be happy to help.


Please feel free to use  for your property searches. We allow users to "drill down," providing many criteria you can search on compared to other real estate websites.


Have a wonderful "beginning to fall!"

Posted in Market Updates
Aug. 15, 2023

Market Watch August 2023

Prices Holding Steady!

By Robert Nardi
Broker analysts reviewing the June 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), believe a surge in summer travel contributed to the reduction in home sales in Naples during June. The report showed a 13.6 percent decrease in overall closed sales for the month to 837 closed sales from 969 closed sales in June 2022. Though the dip in closed sales appears temporary and may not linger into July’s closed sales data, overall pending sales (homes under contract) in June increased 0.8 percent to 800 pending sales from 794 pending sales. June’s showings increased slightly from showings reported in June 2022. Fortunately, slow sales in June did not impact home prices as the median closed price reported in June increased 0.4 percent to $602,494 from $600,000 in June 2022.

Overall inventory continues to rise compared to 2022 levels. June had an 8.2 percent increase in comprehensive inventory to 2,659 homes from 2,457 homes. This increase was due to low monthly sales and not because of new listings, which decreased 28.2 percent to 860 new listings from 1,198 new listings in June 2022.


For those of you who like to look at data, please click on the  June 2023 Statistical Data  link to read the entire marketing report.


What does this mean?


Interest rates going up so quickly has made some buyers skittish about entering the market. In addition, they are worried about increasing property taxes and insurance costs. Lastly, they were concerned about inflation and the possibility of a recession. Therefore, the need to purchase ASAP is on the back burner for now. Some good news is that inflation is at a 3% low, and no recession exists. Other good news is that property values are not crashing and burning. The median and average closed prices continue to hold steady.


Some buyers who are watching the market insist that values are decreasing, but the only values that are going down are overpriced properties; usually, they start with an exaggerated price. Sellers were trying to get as much as they could. However, with all the accessible data, buyers have become much more sophisticated. They see the nos. Also, potential buyers are using REALTORS® in a consulting compacity to dig deeper into more comps not readily available to the public.


How about renting for next season?


If you are considering renting for next season, we have some charming rentals available. 

If you wish to rent for next season, January through April 2024, please contact my Rental Administrator, Sheri Martin, at 239-571-6189 or email her at


Are you thinking about selling or buying?


Please remember that Nardi Realty is a concierge real estate firm where “we treat every customer like our only customer.” We could perform a free Comparative Market Analysis (CMA) and provide a listing price if you are considering selling. We could even put together a “Sellers’ Net.” This Sellers’ Net will allow you to see your bottom line after all expenses.


If you are thinking about buying, please contact me directly at 239-293-3592, via email or perform your own search at In this market, you need a firm with years of experience and vast knowledge of the area. A firm like mine knows and can recommend a mortgage company/bank, insurance agent/broker, home inspectors, and contractors.


Well, enjoy the rest of this hot and “sticky” summer! Hopefully, I will see you in the fall!

Posted in Market Updates
July 10, 2023

Market Watch July 2023

Inventory is Still Tight!

By Robert Nardi

A slight reduction in overall median closed price and fewer new listings during May indicate a window of opportunity for buyers and sellers in the next few months. 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 percent to $600,000 from $607,500 in May 2022. There were also 1,045 price decreases and a 31.2 percent decrease in new listings reported during the month.


The May report shows a 3.8 percent decrease in the percent of list price received to 96.3 percent compared to 100.1 percent reported in May 2022. The report showed no month-over-month median closed price decrease for condominiums in May, only a 6.5 percent decrease (month-over-month) in the single-family home market. New listings decreased 31.2 percent to 990 from 1,438 new listings in May 2022. Fewer new listings are putting a strain on the overall inventory of homes, which is still recovering from frenzied buying during the pandemic.


Inventory has increased slowly over the last year, averaging 100 new homes monthly. Overall inventory increased 27.6 percent for May to 2,749 homes from 2,155 homes in May 2022. Pending and closed sales during May decreased 4.4 percent and 20 percent, respectively, compared to last year. The report also showed that we were 150 closed sales short of what sold in May 2019 but with half the inventory.


The NABOR® May 2023 Market Report compares single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are in a chart format ( CLICK HERE ) for an in-depth analysis of all the statistics.


What does this all mean?


Demand for homes in Naples has remained strong; however, we are still in a very tight market. Our inventory is increasing but at a prolonged rate. Potential Buyers are waiting for prices to drop, but they are not falling. Sometimes we see a big price drop in properties by $50,000 to $100,000, but that is because the properties were priced too high. Some owners were reaching for the sky, but the market dictates where that price should be. For example, the development Park Shore in Naples, FL, currently has single-family homes that are active on the market and are priced from $2.1M to $25M and have had nine closed sales from April 8th to July 8th, 2023. Those sales ranged from $1.85M to $4.90. Six sales were below $2.275M, and four were between $2.89M and $4.9M. Many homes priced out of these ranges have a high “Days on Market,” which indicates that they are still priced higher than they should be. So, you will see prices dropping, but that is because they were priced higher than the market is dictating.


I currently have buyers that want to be near the water and are ready to pounce on new listings once they appear on the Multi-Listing Service (MLS). I look for new daily listings that fit their criteria and set up automated MLS searches. As you know, “The early bird catches the worm.” Since our inventory is still tight, you want to act quickly on new listings that appear. Most of these buyers are not here, so I, as their real estate agent, must do a “face time” with them and tour the home. If they like what they see, we could put an offer in. Yes, “just from a face time,” but the market still dictates this approach.


Interestingly, homes priced at $500,000 to $800,000 are moving slower than higher-end homes. Why? Because of the higher mortgage rates. The higher interest rates are preventing potential Buyers from moving. Why give up a 2.75% to 3.25% interest rate for a 6.8% interest rate? Their mortgage payment would increase 100% to %150 percent. It just knocks potential Buyers out of the market.


On the other hand, higher-end homes are moving because Buyers who can afford to pay cash are doing so. Moreover, the only people moving are those going through a life event; death, marriage, divorce, new job, and the need to move to a senior facility. Seniors are in the best position to move. Many have owned their homes for years and have built up a large amount of equity. They can now put that equity in a bank/financial institution and earn 5% interest on their monies with no risk. The new senior facilities offer different programs, from a small deposit and rent to a large investment and a monthly maintenance fee. The transition for seniors can be seamless.


Any questions? Please feel free to contact me at 239-293-3592 or via email, .

Posted in Market Updates
June 19, 2023

Market Watch June 2023

Location and Inventory

By Robert Nardi

The Naples real estate market enjoyed another month of increased home values driven mainly by another month of below-typical inventory levels. According to the area's top real estate brokers, resale home inventory in Naples this year will unlikely spike to levels we enjoyed before the pandemic. However, since 2019, the number of new listings has remained consistent, with most months enjoying an average of between 1,100 and 1,300 new listings. According to the April 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), some findings are:

  • Overall inventory increased 64.4 percent to 2,868 homes for sale from 1,745 homes for sale in April 2022.
  • The median closed price for single-family homes increased 3.1 percent to $825,000 from $800,000 in April 2022.
  • Within the condominium market, the median closed price increased 14.3 percent to $526,000 from $460,000 in April 2022.
  • New listings decreased 25 percent to 1,116 new listings from 1,488 new listings in April 2022.

If you wish to see all the statistics, the NABOR® April 2023 Market Report provides price ranges and geographic segmentation and includes an overall market summary in a chart format ( CLICK HERE).

What does this all mean?

Higher mortgage interest rates are slowing property sales in Naples because:

  • Home buyers are forced out of the market because they cannot qualify for the loan because of the added expense of a larger monthly payment.
  • Buyers who wish to purchase Naples’ properties have their homes up for sale in other states but face challenges of selling quickly because of fewer qualified buyers.
  • On the selling side in Naples, higher interest rates prevent prospective sellers with a lower interest rate from selling. Sitting on the fence slows the replenishment of inventory and lessons purchasing simultaneously.

In contrast, if you own in Naples, the good news is that your property has typically doubled in value since 2019, providing sellers with a nice profit for their next home purchase. With a hefty down payment, these sellers can minimize their next home's mortgage obligation to make monthly payments affordable, even at a higher interest rate.

Location and Inventory

I moved to Naples 21 years ago, and at the time, all my REALTOR® would tell me is, "You want to be West of 41, nearest to the beach." Apparently, at the time, it was very much in demand. Then in 2004, we had Hurricane Charlie, then in 2005 Wilma, then in 2017 Irma, and then in 2022, finally Ian! When reviewing Naples's inventory, properties off the water and east of 75 are in demand. Of course, after Ian, people are concerned about the storm surge. In addition, a majority of property West of 41 is in a flood zone which would require you to purchase flood insurance if you have a mortgage.

A great example was in January 2019, the neighborhood of Port Royal had 1.3 years of inventory; today, it has 1.3 years. But in January 2019, the Vineyards had ten months of inventory; today, it has less than a month. Even in areas east of Collier Boulevard (SR 951), there are less than four months of inventory.

Some Advice for Buyers

When purchasing a single-family home in Naples, please do your homework. Know the areas you wish to live in and then research a home's insurance and utility costs. In addition, if the property is part of a Homeowners' Association (HOA), verify all paid assessments for Hurricane Ian and, if any, are still coming from the HOA. Lastly, try to get the listed home's Sellers Disclosure which tells you the age of items like the cooling and heating systems, water heater, and roof. Roof age is most important. Many insurance carriers will not insure if a roof is 20 years or older. In the past, an insurance carrier would not issue a homeowner's policy if a roof inspection revealed structural or age issues. However, the new homeowner could sign an affidavit stating they would put on a new roof within a designated time post-closing. Insurance carriers would then insure the property. However, this is no longer an option. As the purchaser, you would have to look for a third-party insurance carrier, i.e., Lloyds of London, to insure your home. Generally, when this occurs, your home insurance would typically double in price.

With a condominium purchase, you would follow the same type of investigation for a single-family home. However, the most significant difference is roof age. Generally, the condominium's structure is managed/maintained by the association. So having a roof over 20 years old would not affect the purchase. However, I would review the association's budget and make sure they have a line item for roof replacement with sufficient balance.

Now more than ever, do your due diligence before purchasing property!

Questions? Please feel free to call me at 239-293-3592 or via e-mail

Posted in Market Updates