Naples, Fla. (January 24, 2025) – The Naples area housing market ended the year strong, dispelling whispers of falling values and reluctant buyers. The overall median closed price during December decreased 4 percent to $600,000 from $625,000 in December 2023. This decrease was driven largely by a 13.9 percent decrease in the median closed price for the condominium market to $447,750 from $520,000 in December 2023. The median closed price in the single family home market increased 2.3 percent to $767,500 from $750,000 in December 2023. Both sellers, whose confidence in the Naples housing market was demonstrated in a 26 percent increase in new listings for December; and buyers, whose appreciation of the increased inventory resulted in a 7.4 percent increase in pending sales during December, reaped the benefits of a housing market that is delivering on its reputation.
According to the December 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), 15,459 new listings were added to the market (a 15.7% increase) in 2024. Also a significant year-end achievement, 10,090 properties went under contract (pending) and 7,966 homes transferred ownership (closed).
For December, overall closed sales increased 4.6 percent to 594 closed sales from 568 closed sales in December 2023. Of all sales recorded during December, 57.9 percent were cash sales. Overall inventory increased 35.7 percent to 5,695 properties from 4,198 properties in December 2023. With more options for buyers, days on the market increased 42.4 percent to 84 days compared to 59 days in December 2023.
The Cool Breeze of Change
To enable fair comparisons for 2024, broker analysts at NABOR® relied on market data from 2019, as it was the last year not impacted by a pandemic or hurricane. However, one key factor will complicate this approach: the inventory balance has shifted. In 2019, the majority of available inventory was priced at $300,000 or below, with 1,535 properties listed in December 2019 compared to just 427 properties in December 2024. In contrast, much of the current inventory falls within the $500,000 to $1.5 million range, with 1,216 properties listed in December 2019 compared to 2,609 properties in December 2024.
Selling the Dream
The NABOR® December 2024 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, including these overall (single-family and condominium) findings for 2024:
Demographic Standouts
The December report indicated that the $500,000 to $1.5 million price range saw the highest number of closed sales in 2024, with 3,862 transactions. The East Naples area (34114, 34117, 34120, 34137) led the region in single-family home sales, with 1,542 closed sales and a median price of $650,000. Meanwhile, North Naples (34109, 34110, 34119) had the highest number of condominium sales, totaling 1,073 with a median closed price of $489,000.
The report also highlighted 1,076 price reductions in December, potentially making properties more appealing to buyers during the season. Notably, median closed prices for condominiums in the Naples Beach area (34102, 34103, 34108) dropped by 29.6% to $950,000 in December, down from $1,350,000 in December 2023.
A recent factor that could continue affecting condominium ownership costs in Naples is a new law requiring residential condominium associations to conduct structural integrity reserve studies for buildings three or more stories tall. The law also mandates that associations maintain adequate reserves for major repairs and conduct reserve surveys every ten years. Depending on the property’s age, the findings of these reports may lead to higher fees for owners to fund repairs and reserves. These assessment increases could be influencing the decline in median condominium prices in the Naples Beach area in December.
Begin your search for your dream investment today. Whether you’re buying or selling residential or commercial property in the Naples market, ensure a successful transaction by contacting Bartley Realty LLLP for expert guidance and personalized service.
David R. Bartley, SR
Bartley Realty LLLP
Broker/General Partner