Naples Housing Market Update – August 2024
(Data from June 2024)
Naples, Fla. – The Naples housing market is finding its new “sweet spot” as inventory levels rise and sellers adjust their pricing strategies to better align with market conditions. According to the latest report from the Naples Area Board of REALTORS® (NABOR®), inventory increased by 59% in June compared to last year, providing buyers with more options and opportunities.
While overall closed sales decreased by 17.3% to 710 transactions from 859 in June 2023, this adjustment is paving the way for a healthier market balance. The median closed price saw a slight decline of 0.8% to $595,000 from $600,000 in June 2023, reflecting a trend toward more realistic pricing by sellers.
Price reductions, totaling 1,351 in June, indicate that sellers are making adjustments to meet buyer expectations. With a 95% list-to-sale price ratio, the market shows signs of aligning prices with current market value, which opens doors for negotiations.
Market Dynamics
Summer buyers benefit from increased inventory, with 4,680 properties available in June, up from 2,943 in June 2023. New listings increased by 1.5% overall, with condominium listings rising by 9%, while single-family homes experienced a 3.9% decrease.
The condominium market faces challenges due to rising fees linked to new reserve requirements. Meanwhile, median prices for single-family homes decreased by 3% to $730,000, while condominium prices rose by 0.8% to $485,000.
The South Naples area saw an 80% increase in inventory and a 1.1% rise in median closed prices to $477,500. In contrast, North Naples experienced a 15.2% decrease in median closed prices to $627,500.
Additional Insights
Summer typically sees lower sales activity compared to the winter season. The average days on the market increased to 78 days from 50 days in June 2023, although still below the pre-pandemic average of 90-120 days.
Expert Guidance
For those looking to buy or sell, now is an excellent time. Higher inventory and competitive pricing create favorable conditions. Partner with a knowledgeable Naples REALTOR® to navigate this dynamic market successfully.
It’s time.
Shawn Stuben
