Naples Housing Market Update – October 2024
(Data from August 2024 compared to August 2023)
Naples, Fla. – The August 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®) has just dropped, showing that the median closed price for homes in Naples remained at $600,000 in August, consistent with July and the same time last year. While prices have held steady, sellers continue to make adjustments, with 1,096 price reductions last month—the lowest this year so far. This indicates a shift in seller expectations to better match the current market conditions.
Inventory Trends: A Temporary Decline?
While inventory levels in August were up 40.3% compared to last year, we’ve actually seen a decline in available listings over the past five months. Currently, there are 4,127 properties on the market, down from 5,283 in March. If inventory continues to rise in the coming months, sellers may feel pressure to lower their prices to compete for buyers, especially as more winter season visitors arrive.
Withdrawn Listings and Buyer Opportunities
Over the past 120 days, 1,861 listings were withdrawn from the MLS. This is a typical seasonal trend as some sellers wait for higher prices during the winter months. However, as inventory builds, those re-entering the market may face tougher competition, creating more opportunities for buyers to negotiate better deals.
Luxury Market Shows Strength
Despite overall market cooling, high-end properties continue to perform well. Sales of homes over $5 million increased in August compared to last year, with condominium sales in this category up 28% and single-family home sales up 3%. Though it’s taking a bit longer for these luxury properties to sell—averaging 97 days on the market—they remain in demand, making this a favorable time for both sellers and buyers in the high-end market.
Looking Ahead
As we move into the winter season, expect increased competition in the market. If you’re considering buying or selling, now is the time to evaluate your options and develop a strategy to succeed in this shifting landscape. Whether you’re looking to find your dream home or maximize the sale of your property, I’m here to guide you through every step.
Work With a Realtor Who Knows the Naples Market
Whether you’re looking to buy or sell, navigating today’s market requires insight and expertise. The Naples market has evolved, and working with a REALTOR® who understands these changes is crucial for maximizing your real estate investment. With the right strategy, buyers can secure their dream homes, and sellers can still achieve strong sales. If you’re ready to explore your options in the Naples real estate market, now is a great time to make your move.
It’s time.
Shawn Stuben
