Naples, Fla. (December 27, 2024) – A 23 percent increase in new listings during November was a welcome addition to the Naples housing market’s overall inventory, which rose 32.4 percent, from 4,052 properties in November 2023 to 5,368 properties. Sellers entering the market in November were met with eager buyers, as overall pending sales for the month increased for the first time in five years. Broker analysts reviewing the November 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), are optimistic that this shift demonstrates not only the resiliency of the Naples housing market but also its renowned desirability.
A Fading Shadow
The COVID-19 pandemic and multiple hurricanes cast a shadow over the Naples housing market, making it difficult to examine and compare data with activity from the past five years. To provide a historical perspective free from these market disruptions, NABOR® began comparing monthly data to figures from corresponding months in 2019 (pre-COVID). However, this long shadow is finally fading, as November’s market report shows improvement and stability in several key areas.
The overall median closed price decreased by 1.7 percent, dropping to $575,000 from $585,000 in November 2023. This decline was primarily driven by the condominium market, which saw a median closed price drop of 10.8 percent. In contrast, the median closed price for single-family homes in November increased by 2.8 percent.
The months of supply of homes in November rose to 8.1 months, compared to 5.5 months in November 2023. This figure indicates how many months it would take for all active homes in
inventory to sell, calculated by dividing the number of homes for sale by the number of homes sold during the month.
According to real estate experts, a 12-month supply of inventory is historically considered a balanced market for Naples.
Pre-Season Boost
Overall pending sales increased by 10.7 percent in November, rising to 732 pending sales from 661 in November 2023. Overall closed sales decreased by 18.4 percent in November, falling to 448 closed sales from 549 in November 2023. Days on market increased by 40.7 percent, rising to 83 days from 59 days in November 2023. For reference, the average days on market in November 2019 was 92 days.
The NABOR® November 2024 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation, along with an overall market summary. NABOR® sales statistics are presented in chart format, highlighting key findings for 2024, including both single-family home and condominium data.
Condominium Market Outlook
In November, the Naples condominium market saw a 27.9 percent increase in new listings, which boosted its inventory by 41.7 percent, rising from 1,909 condominiums in November 2023 to 2,709 condominiums.
The Insurance Obstacle
Brokers recommend that sellers and buyers work with a REALTOR® to identify any characteristics that could impact insurability. REALTOR® members can access NABOR® classes that provide information on factors influencing the cost of homeownership, such as home and flood insurance, building codes, new condo/HOA regulations, and changing FEMA guidelines.
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