Home Values Remain Strong and Inventory Expands in March
Naples, Fla. (April 26, 2024) – Positive shifts and trends in the Naples area housing market during March continued to attract buyers and sellers. The March 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported a 67.6 percent increase in inventory to 5,283 properties from 3,153 properties in March 2023. While home prices continue to appreciate steadily, up 6 percent in March to $649,000 from $612,000 in March 2023, there were also 2,667 price decreases during March, the highest number of decreases reported in over five years. According to broker analysts, these decreases are not placing downward pressure on prices; they are an indication that sellers are taking steps to stay competitive.
Closed sales in March decreased 14.2 percent to 893 from 1,041 closed sales in March 2023.
The enduring appeal of Naples to the affluent home buyer, coupled with lower luxury home prices in the Naples area compared to other luxury markets and the steady growth in Naples area property values is driving sales now more than ever. There were 32 homes sold in the $5 million and above price range and 126 homes sold in the $1.5 to $5 million price range in March 2024.
The NABOR® Marc 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 2023.
Market Report Standouts
Closed sales of single-family homes in East Naples (east of Collier Boulevard or 34114, 34117, 34120, 34137) continues to outpace single-family home closed sales reported in all other areas in Naples. There were 206 single-family home closed sales in this area during March, with another 249 single-family homes that came on the market (new listings) during the month.
The Naples Beach area (34102, 34103, 34108) reported the highest number of condominium new listings in March (188) and the highest inventory of condominiums (859); but the North Naples area (34109, 34110, 34119) reported the highest closed sales of condominiums in March (130).
If you are considering selling or buying a residential or commercial property in the Naples market, call me today 239-784-3283.
David R. Bartley, SR
Bartley Realty LLLP
Broker/General Partner