Pelican Bay / Bay Colony Market Summary: Closed sales for the combined Pelican Bay and Bay Colony markets were down 4% in 2023 when compared to the prior year, a lesser decline than the overall Naples area market which posted a 13% decrease. New listings were up 20% for the Pelican Bay and Bay Colony market when compared to 2022. This 20% increase is not as unusual as it may sound considering that, going back eight years, the 415 new listings for 2023 was the second lowest number of annual new listings other than for 2022 when 346 were posted. Months of supply as of December 31, 2023 was 6.95. In Southwest Florida, six to twelve months is generally considered a balanced market. All product types in the community posted months of supply within this range, except single-family homes at Bay Colony, which includes The Strand at Bay Colony and Bay Colony Shores, which posted considerably longer months of supply. It’s important to remember, however, that with a relatively small number of homes existing in those neighborhoods, statistics can swing dramatically based on just a few listing or sales.
In a large and varying market like that of Pelican Bay and Bay Colony, market conditions often vary between product types, price segments, and from neighborhood to neighborhood. A successful strategy to achieve the best possible outcome, whether for a buyer or a seller, can also vary based on neighborhood-specific market conditions. These factors emphasize the importance of a skilled and knowledgeable local Realtor® to navigate the many complexities of the buying or selling process.
Click on either of the links below to view the Q4 2023 Market Report for Pelican Bay.
Q4 2023 Pelican Bay Market Report - flipbook
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