Naples Housing Market Update – November 2024
(Data from August 2024 compared to August 2023)
Inventory Growth Creates Opportunity for Early-Season Buyers
Naples, Fla. (November 1, 2024) – The housing market in Naples has seen an increase in inventory, up 37.3% in September, totaling 4,288 homes compared to 3,123 homes in September 2023. This expansion offers pre-season buyers a wider selection of properties. According to the Naples Area Board of REALTORS® (NABOR®), which monitors home listings and sales in Collier County (excluding Marco Island), the rise in available properties coincides with a slight uptick in pending sales, which reached 622 in September 2024 compared to 619 in September 2023. Local brokers believe that more homeowners may list their properties in anticipation of the winter season, providing early buyers with valuable opportunities before demand increases.
Inventory and Pricing Dynamics
The months’ supply of homes rose significantly this year, reaching 6.3 months, a level generally considered balanced in real estate, helping stabilize prices. However, Naples typically experiences market equilibrium at a higher supply level, given its unique housing dynamics. Closed sales in September 2024 decreased by 13.2% to 527 homes from 607 the previous year, and homes took longer to sell, with average days on the market increasing from 59 to 83 days. Despite the slowdown in closed sales, the uptick in pending sales suggests a positive outlook for the months ahead.
Price Movements and Market Resilience
The median closed price for September 2024 increased by 2.4% to $588,560 from $575,000 in September 2023, though it marked the lowest median price reported in 2024 thus far. Notably, this price is still considerably higher than the September 2019 median of $325,000. In the condominium sector, the median price declined by 4.3% to $450,000 from $470,000 a year ago. Factors like rising insurance costs and structural inspections are adding pressure to the prices of older condos.
External Influences and Market Perception
The Naples housing market has proven resilient, with most of the area avoiding significant hurricane damage this season. However, there is a perception among some out-of-state buyers that Florida faces high storm risks, which could impact the pace of new buyer interest. Nonetheless, Naples remains a desirable market, supported by increased inventory and a strengthening insurance landscape.
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
