Naples, Fla. (August 22, 2025) – Broker analysts reviewing the July 2025 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agreed that the desire to own property in paradise is a major factor in the Naples housing market’s continued stability. Pending sales (homes under contract) in July increased 19.9 percent to 807 pending sales from 673 pending sales in July 2024. And even with evidence that sellers are negotiating on price (94% of list price received) and adjusting list prices to stay competitive (1,296 price decreases recorded in July), home values remain stable.

Historic Perspectives

Looking at the July Market Report, Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC said, “If we were in the midst of a market correction, prices would be near $325,000, or where they were before the pandemic in 2019. The fact that our market was able to sustain prices over the last four years [after record-breaking demand during the pandemic drove prices up], tells me that our market is consistently doing well.”

Budge Huskey, CEO, Premier Sotheby’s International Realty, responded to Carroll’s remarks by stating, “I've never witnessed a time when there were decelerated sales over a two-and-a-half-year period and it did not materially influence prices.”

“This is new territory,” Carroll asserted. “Twenty years ago our eyes were fixed on activity happening west of U.S. 41, but there are so many submarkets throughout Naples now. The growth and diversity within the market is helping real estate in Naples stay desirable and stable.”

“Pending sales are at pre-pandemic levels,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices Florida Realty. “We have a lot of cash buyers [48 percent in July], so mortgage rates have a limited impact on our sales. With discussions about interest rates going down, that is helping sales because buyers realize that if/when rates go down, prices will likely go up. Even buyers who need financing know that locking into a rate today doesn’t prevent them from refinancing should rates drop in the future.”

Confidence Sparked

More evidence that Naples’ desirability and consumer confidence are positively influencing the Naples housing market can be witnessed in the number of homes sold resulting in the gradual decrease in inventory over the past few months. While up 11.4 percent to 5,224 properties from 4,691 properties in July 2024, overall inventory has been slowly decreasing since it peaked in March with 7,483 properties.

“The average days on market has been climbing since April, but months supply of inventory is going down,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc.

New listings in July decreased 7.2 percent to 804 new listings from 866 in July 2024. But closed sales, which are connected to pending sales, increased 2 percent in July to 624 closed sales from 612 closed sales in July 2024. Single-family closed sales in July increased 12.7 percent to 354 closed sales from 314 closed sales. Interestingly, and a trend is emerging, pending sales in the single-family home market have been increasing each month since the beginning of the year; for July, pending sales of single-family homes rose 30.4 percent! 

“I am seeing increased energy with listings,” said Ryan Bleggi, Managing Broker for John R. Wood Properties. “Sellers who are taking their REALTOR®’s advice and pricing according to the market are getting more showings and offers this summer.”

“If we can avoid a significant storm this year, sales in 2025 will easily outpace sales last year,” added Huskey.

The NABOR® July 2025 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 2025:

Equity Friendly Naples

The median closed price of condominiums fell 10.1 percent in July to $422,500 from $470,000 in July 2024. But this is a far cry from the median closed price of condominiums in July 2019, which was $240,000. The same holds true for the single-family home market: July’s median closed price, which decreased 6 percent to $670,000, still provides significant equity compared to a median closed price of $409,500 in July 2019.   

The July Market Report showed Naples desirability contributed to increased sales in all geographic regions tracked by NABOR®. But the standout was in closed sales of single-family homes in the Naples Beach area (34102, 34103, 34108), which increased 81.8 percent in July. Increased sales of single-family homes near the beach are reducing this geographic area’s months supply, which was 14.9 months in July 2024, but because of an increase in summer sales activity, dropped to 12.3 months supply in July 2025.

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

Naples, Fla. (July 25, 2025) – Even with predicted decreases in home inventory during the summer, buyers searching homes in Naples will enjoy more options this summer than any summer in the last 10 years. According to the June 2025 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory increased 18.2 percent to 5,885 homes from 4,978 homes in June 2024. Along with a healthy pool of options, a moderate softening of home prices sparked a 1.5 percent increase in both pending and closed sales during June. Broker analysts reviewing the report said the 1,282 sellers who removed their homes from the market during June will miss out on what may become a very good summer for sales in Naples.

A Sunny Start to Summer

“Traditionally, we tend to see more bargain hunters during the summer,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices Florida Realty. “Prices have relaxed slightly over the last few months, and this is bringing more buyers back to Naples who were previously priced out of our market.”

Stein was quick to clarify that the Naples real estate market is still relatively stable. The median closed price in June decreased 3.2 percent to $576,000 from $595,000 in June 2024. “Our price declines have been modest, so most sellers will still enjoy plenty of equity when they sell.”

According to the report, the average sales price in Naples increased 12.4 percent to $1,200,472 from $1,085,605 in June 2024. Those who understand our unique market will not be surprised to learn the report showed closed sales of properties over $5 million increased 13.6 percent over the last 12 months.

“If or when interest rates come down again, the overall market will pick up,” said Stein. “But historically, when this happens home prices typically rise in response.”

Exit Stage Left

“There is a perception that inventory is climbing,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “But the reality is exactly the opposite. Inventory decreased 21 percent in the second quarter of 2025. The decline in inventory was due to successful closings as well as some sellers removing their listing from the MLS during the summer with the hope they will get their target price later in the year when they relist their property.”

Unlike traditional housing markets in the U.S., many homeowners in Naples are not pressed to sell due to changing life circumstances. And a majority do not have a mortgage either. If they did carry a mortgage or have a deep need to sell, local brokers say they might be more open to negotiations.

Jeff Jones, Broker at Keller Williams Naples, added, “We are in a nice steady market today. Sellers that pull their homes off the market during the summer are doing serious sellers a favor.”

The NABOR® June 2025 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 2025:

Uniquely Naples

“News stories that bundle Naples into the value erosion narrative are misleading,” said Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida. “Our report shows a market returning to normal. Furthermore, if you add in sales from new construction [not tracked by NABOR®], our market looks even better.”

“In December of 2021 there were 1,042 homes on the market,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC. “We have more today, but not an oversupply.”

As expected, prices adjust according to the laws of supply and demand. In June, the months supply of inventory was 9.2 months. Carroll said, “I consider a balanced market in Naples to be a 12-month supply. When this figure gets to 1.5 years, then we might have an oversupply. But this simple formula can’t be applied all across Naples because our market is so unique.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

Naples, Fla. (June 20, 2025) – Motivated sellers in Naples who took advantage of getting ahead of the market with prices that pleased buyers found success during May as overall pending sales (homes under contract) increased 10.9 percent to 951 pending sales from 919 pending sales in May 2024. According to the May 2025 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), 2,023 properties on the market in May reported a list price decrease, 31 percent of the overall inventory. The number of homes for sale increased 23.9 percent to 6,524 properties from 5,265 properties in May 2024. But economic uncertainty is creating challenges for today’s buyer and seller, even in paradise.

Economic Discomforts

Broker analysts reviewing the May Market Report said the Naples housing market is experiencing mixed consumer confidence from uncertainty caused by tariffs and rising military tensions in the Middle East. International buyers, especially Canadians, are finding the new American temperament toward immigration is creating discord and decreased interest in making a second home investment in Naples.

Terrilyn Van Gorder, NABOR® President and Broker Associate at John R. Wood Properties, commented, “Affordability is another reason international buyers aren’t rushing to our shores this year. The dollar was strong last summer; but now, the dollar doesn’t go far enough for them.”

“Buyers in general are hesitant to commit because they don’t know what direction the economy is going,” said Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida.

Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., added, “We saw the tariff situation impact the stock market in April, and we lost a lot of deals that month because of it. People are notably nervous today. With another war possible and the tariff situation at hand, it’s giving buyers more reason to sit on the fence, and the fence is getting heavy.”

Closed sales in May decreased 16.5 percent to 779 closed sales from 933 closed sales in May 2024, but the Naples market is still doing better than other areas in Florida according to Dr. Shelton Weeks, Lucas Professor of Real Estate and Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University.

“Collier has the lowest stock available in the region, just 3.5 percent of total homes. Compared to the rest of the state, values are holding in Naples much better. Historically, if the country does good, Naples does better.

Large markets like Miami and Tampa enjoy greater local economic diversity, but Naples depends on wealth generated elsewhere. The tariff situation is concerning because we were told it is a pathway to economic growth and prosperity although nothing in economics supports this theory. As time passes, we can only watch as to whether this tactic will get other countries back to the bargaining table. Currently, all eyes are fixed on the stock market and waiting for evidence that this is working. When the uncertainty dissipates the question becomes, will people feel confident enough to pull the trigger on a home purchase? In the short-term, it’s hard to be optimistic.

However, the value of the dollar has been declining relative to the Euro since the first of the year and is now at about the same level it was back in November 2021. If the current relative value holds, this should help to bring European investors back to our market.”

“Things that change a market are things you don’t see coming,” remarked Hughes, “What is certain is that markets rarely stay the same.”

Motivating Drivers

New listings in May decreased 22.9 percent to 952 new listings from 1,235 new listings in May 2024, and buyer hesitancy kept sales tepid.

“Motivated sellers are still coming out ahead as equity grew exponentially during the pandemic,” said Jillian Young, President, Premiere Plus Realty. “Buyers waiting for an interest rate drop are not considering the advantages of negotiating with today’s sellers. When we had an interest rate drop last September fewer buyers could enjoy it because two hurricanes disrupted our market. Ask your REALTOR® to explain your options during offers and negotiations. There may be more cost advantages available than what a drop in rates can provide.”

The overall median closed price in May decreased 9.1 percent to $590,000 from $649,000 in May 2024. Of all areas and home types reported, single-family home prices in South Naples (34112, 34113) reported the largest decrease, 23.1 percent, to $772,500 from $940,000 in May 2024. But the luxury market is still strong; single family home prices in the Naples Beach area (34102, 34103, 34108) during May increased 18.6 percent to $2,712,500 from $2,287,500 in May 2024. Though brokers are concerned oversaturation of spec homes in this area, resulting in 17.9 months of inventory, may loosen prices this year.

“Days on market is the enemy of home values,” said Jeff Jones, Broker at Keller Williams Naples. “The number of homes that have been on the market for over 90 days is concerning. One major reason for this is that these sellers are still trying to get more than the market is willing to give. Our message to these sellers is simple: If you have no motivation to sell, there’s no reason to be in the market today. Serious sellers are willing to adapt and be open to more aggressive pricing strategies.”

The NABOR® May 2025 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 2025:

Where the Pinch Hurts

According to Mike Bone, Area Sales Manager, D.R. Horton, many home builders in Florida are parking properties that were planned for development until economic conditions improve. “We are seeing a lot of downsizing too in terms of staffing, new investment, and planned product output.”

Hughes, Jones and Bone agree that a bright side to the current slower pace is that it provides an opportunity to offer skills training to our community of real estate professionals.

“We are asking our top agents to give presentations to our struggling agents to show best practices in these slower times,” said Bone.

“This is the kind of market where good brokers shine,” said Hughes. “You must become the head cheerleader and keep spirits up while telling agents the truth: that we may be facing some tough months ahead so having honest conversations about realistic pricing with your clients is absolutely necessary.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

Naples, Fla. (May 23, 2025) – April enjoyed the highest number of overall closed sales compared to data reported for all prior months in 2025. This activity made a nice dent in the overall inventory of homes for sale in the Naples area housing market, which has been on the rise since 2022. According to the April 2025 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales decreased 12.3 percent to 893 closed sales compared to 1,018 closed sales in April 2024, but increased 8.9 percent compared to 820 closed sales in March 2025.

Steady demand as witnessed in pending sales during April (1,004), also helped to temper supply, which decreased to 11.2 months of inventory, the lowest in 2025. New listings in April decreased 3.1 percent to 1,333 new listings from 1,375 new listings in April 2024 and failed to replenish inventory that went pending or closed during the month. With 2,572 price decreases reported during April, this significant shift in the market indicates that sellers are more willing to lower prices to meet buyer demand, a positive trend where both buyers and sellers benefit from mutually agreed-upon prices. 

Paradise is Anything but Average

“A significant metric for sellers to note is that the median closed price in Naples decreased 10 percent in April 2025 compared to April 2024, while the average closed price increased 25.8 percent. This contradiction is the result of two record-breaking, multi-million dollar transactions in Port Royal,” said Ryan Bleggi, 2022 NABOR® President and Managing Broker for John R. Wood Properties.

Bleggi was referencing the sale of an $85 million home and a $225 million three-parcel purchase. Because of anomalies like this – which happen often in Naples – NABOR® prefers to analyze changes to the overall median closed price, which is the point where half of the properties sold during the month for more, and half sold for less. As such, the overall median closed price is not as dramatically influenced by anomalies and is therefore a better way to gauge home price movement in our market.

Here is a breakdown of the trends: 

• Overall: The median closed price of all properties for sale in April decreased 10 percent to $585,000 from $650,000 in April 2024.
• Single-family: The median closed price for single-family homes in April decreased 6.1 percent to $745,000 from 793,750 in April 2024.
• Condominium: The median closed price for condominiums in April decreased 6.7 percent to $490,000 from $525,000 in April 2024.
• Naples Beach: The average sales price of single-family homes in the Naples Beach Area, where the two big transactions occurred, increased 72 percent. The overall median closed price for all properties in this area increased 35.7 percent.
• North Naples: The overall median closed price of all properties in North Naples decreased 8.3 percent.
• East Naples: The median closed price of all properties in East Naples decreased 13.5 percent.

By working with a REALTOR® who understands local trends, seasonal fluctuations, and specific neighborhood dynamics that influence pricing in the Naples housing market, buyers and sellers can obtain an accurate and informed assessment of a home’s value and appropriate asking price.

Stale Homes Need Reality Price Check

As sellers begin to heed recommendations from their REALTORS® and price their homes appropriately to adapt to current market conditions, overall sales are improving. Pending sales in April were slightly lower than March, but higher than the previous 10 months. Compared to last year, pending sales decreased 10 percent to 1,004 pending sales from 1,115 pending sales in April 2024. Interestingly, April’s 84 days on market is impressive given it was 98 days in April 2019, with fewer options.

“There are many listings that have been on the market cumulatively for over 200 days,” said Jeff Jones, Broker at Keller Williams Naples. “These sellers are trying to get as much equity as possible as they hold onto the idea that values are still what they were in 2022. But the market has changed. We have over 7,000 properties for sale today, not 2,000 like we had in 2022. If a home has been on the market longer than our average days on market, which was 84 days in April, then it’s unlikely to sell unless the price is reduced enough to attract a buyer in today’s market environment.”

Bleggi responded to Jones by stating, “It’s important for sellers to be mindful of the fact that Naples experienced unprecedented demand during COVID, which resulted in property values nearly doubling by the peak of the cycle, which was reached in the second quarter of 2022.”

According to the Federal Housing Finance Agency, long-term appreciation of homes in the United States is historically 4.25 percent annually. Further data from the National Association of REALTORS® shows appreciation increased 18 percent in 2021, and 11 percent in 2022. But for the first quarter of 2025, homes in the South had year-over-year price appreciation of only 1.3 percent.

The Summer Sweet Spot

The trend to pull homes off the market during the summer should be avoided as summer buying activity has improved in recent years. “Summer buyers are a different breed,” said Molly Lane, Senior Vice President at William Raveis Real Estate. “They tend to be a more motivated group of buyers.” The cost of keeping your home on the market during the summer may be more cost-effective and attract motivated buyers, rather than waiting for a potentially better offer later.

The NABOR® April 2025 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 2025:

Preserving Home Values

Brokers reviewing the April Market Report including Wes Kunkle, President and Managing Broker at Kunkle International Realty, are concerned appraisals by out-of-area professionals may hurt property values in Naples. “Buyers go under contract, and then the bank hires an appraisal company from another county and the appraisal comes in lower than the negotiated sales price. This is happening because the appraiser’s analysis is based on market conditions in another area where values are falling, like Cape Coral.”

According to veteran Naples property appraiser Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, “Overall values in Naples are declining at a .5 percent monthly rate currently. But that’s not the case with every home. It really depends on the condition and location.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

Naples, Fla. (April 25, 2025) – Brokers reviewing the March 2025 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that the Naples area housing market has become a buyer’s market – where the supply exceeds the demand – as reflected in a 36.1 percent increase in overall inventory to 7,483 properties from 5,500 properties in March 2024. Overall closed sales decreased 9.3 percent in March to 820 closed sales from 904 closed sales in March 2024, putting pressure on sellers to drop prices before season ends. Even with 3,305 price decreases reported during March – the highest on record – overall pending sales decreased 7.3 percent to 1,212 pending sales from 1,300 pending sales in March 2024.

“This is good news for buyers as there are more choices, less competition and better terms to be negotiated,” said Sherry Stein. “Sellers should expect a home to be on the market longer now and are being encouraged to entertain offers and contingencies.” 

Inventory levels finally exceeded pre-Covid levels in March – 7,483 properties vs. 6,829 properties in March 2019. With more options for buyers to consider, days on market for March increased 26.5 percent to 86 days from 68 days in March 2024. Plus, the 5.1 percent increase in new listings during March to 1,617 new listings from 1,538 new listings in March 2024 has pushed our market to 11.4 months of inventory compared to 7.7 months of inventory in March 2024.

As Mike Hughes, proclaimed upon reviewing the report, “For buyers, this is a rare opportunity to negotiate your way into paradise.”

It’s Paradise, Not Fantasyland

According to Cindy Carroll, “Sellers who purchased a property in Naples at the top of the market during the pandemic and did major home renovations may not get back all the money they put in.” But she admits that there are exceptions depending on where the home is located. “Some neighborhoods in Aqualane Shores, Old Naples, off Crayton, and in Lake Park are oversaturated with spec homes, which is hurting the resale market. If you’ve been waiting months to get your price thinking things will be better, that’s not a good strategy today.”

Several brokers reviewing the March report, including Ryan Bleggi, listened intently as Carroll announced that she is seeing a half percent decrease in home values each month in some market areas and predicts the market decline rate may be up to 1 percent a month by the end of summer.

Bleggi responded, “Sellers who are goal oriented should look at the sold price of the most recent closing in their neighborhood. With the supply of homes for sale on the rise, those chasing the market with small price decreases each month will be disappointed. But those willing to sell for fair market value are going to get ahead of the market, sell faster, and net a high return.”

Priced to Sell with a Profit

While the median closed price barely changed compared to last March, a .1 percent increase to $650,000 from $649,450 in March 2024, it decreased 2.4 percent compared to February’s median closed price of $666,250. The median closed price of single-family homes reported no change in price year over year, $770,000. But the median closed price of condominiums decreased 7.1 percent to $486,000 from $523,000 in March 2024.

“Holding out for months to get a price that is aspirational is not a good profit-making strategy in today’s market,” said Bleggi. “Consider the cost to maintain a home that doesn’t sell for months versus accepting a reasonable offer that provides a nice profit and avoids months of frustration.”

Brokers identified the top issues contributing to slow sales today: economic uncertainty, sellers who aren’t willing to lower the price, homeowners unwilling to let go of a low mortgage rate, and buyers on the fence because they believe prices are going to drop drastically.

The NABOR® March 2025 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 2025:

Pulling Back the Curtain

“The MLS does not capture all the information,” said Jeff Jones. “For example, the percent of list price received was reported as 94.7 percent in March, but that’s the last list price to sale, not the first price the home went on the market for when it was originally listed. There may have been multiple price drops between those dates, and it might have been pulled off the market during the summer too. The MLS also does not capture pertinent data on homes that will be financed, which may include a seller credit or buydown on closing costs.”

An MLS does not capture 100 percent of new home sales from developers either. According to Mike Bone, “Builders are seeing a 25 percent cancellation rate due to credit issues after the buyer pre-qualifies. Even with interest rate buydowns, major developers in some parts of Florida are reporting shrinking profit margins.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

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.

“During the 10 years prior to the pandemic, the days on market averaged 90 to 120 days,” said Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida. “We are also at 8.6 months of inventory in December, and on the path toward a more traditional and balanced market.” (“Months of inventory” is calculated by dividing the inventory by the number of closed sales in one month.)

The Cool Breeze of Change

To provide equitable comparisons during 2024, broker analysts at NABOR® used market report data from 2019 as it was the last year when activity was not influenced by a pandemic or hurricane. But one factor will make it difficult to continue this practice: the balance of inventory has shifted. In 2019, the majority of the area’s inventory was in the $300,000 and below price category (1,535 properties in December 2019 compared to 427 properties in December 2024). But today, most of the inventory available is in the $500,000 to $1.5 million price category (1,216 properties in December 2019 compared to 2,609 properties in December 2024).

“When interest in homeownership in Naples spiked following the pandemic, properties on the low end sold fast,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “The demand resulted in an increase in overall home values for our area. Where we sit today, there are now fewer single family homes for sale priced below $300,000 than single family homes for sale priced above $5 million.”

Selling the Dream

“The number of home sales in December could have been higher for our area, but many homeowners are not willing to surrender mortgages they obtained when interest rates were very low,” said Jillian Young, President, Premiere Plus Realty.

Dr. Shelton Weeks, Lucas Professor of Real Estate and Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University responded by stating, “Historically, a 7 percent interest rate is very good. If we look at the data today, the job market is strong, but inflation is not under control yet so there is some probability of rate increases this year.”

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

According to the December report, the $500,000 to $1.5 million price category reported the highest number of closed sales (3,862) during 2024. The East Naples area (34114, 34117, 34120, 34137) reported the highest number of single family home closed sales (1,542), for the year with a median closed price of $650,000. The North Naples area (34109, 34110, 34119) reported the highest number of condominium closed sales (1,073) for the year, with a median closed price of $489,000.

The December report also showed 1,076 price decreases for the month, which could make properties more attractive for buyers during season. In fact, median closed prices for condominiums in the Naples Beach area (34102, 34103, 34108) decreased 29.6 percent in December to $950,000 from $1,350,000 in December 2023.

A relatively new standout that may continue to impact the cost of condo ownership in Naples is the new law requiring residential condominium associations to complete structural integrity reserve studies for buildings that are three or more stories tall. It also requires associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade. Depending on the age of the property, the findings of these reports could result in condominium associations assessing higher fees on owners to fund the reserves and repair costs. Assessment increases may be a factor in the median closed price decrease for condominiums in the Naples Beach area during December.

“Make sure you work with a REALTOR® who understands these new laws and can obtain projected assessment costs from an association before you view a property,” said Terrilyn Van Gorder, President of NABOR®, and Broker Associate at John R. Wood Properties. “I make it a habit to also check with a development’s clubhouse operator to find out what’s included in monthly fees and whether there are any major renovations planned in the near future that could result in a member dues increase.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

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 to 5,368 properties from 4,052 properties in November 2023. 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 pandemic and multiple hurricanes cast a shadow over the Naples housing market making it difficult to examine and compare data to activity within the last five years. To provide historic perspective void of these market disruptions, NABOR® began comparing monthly data to data from corresponding months in 2019 (pre-COVID). But this long shadow is finally fading as November’s market report shows improvement and stability in several significant areas.

“Inventory is finally up to where it was in April 2020!” exclaimed Molly Lane, Senior Vice President at William Raveis Real Estate. “More new listings are expected in December too, which will provide many great, new options for buyers who visit during the 2025 winter season.”

Overall median closed price decreased 1.7 percent to $575,000 from $585,000 in November 2023. This decrease was fueled by the condominium market, which reported a median closed price decrease of 10.8 percent. Alternately, the single-family home market’s median closed price in November increased 2.8 percent.

Months supply of homes in November was 8.1 months compared to 5.5 months in November 2023. This figure illustrates the number of months it would take for all active homes in the inventory to sell. It is calculated by dividing the number of homes for sale by the number of homes sold in the given month. According to real estate experts, 12 months of inventory is historically considered a balanced market for Naples.

“There were 1,288 price reductions in November,” said Jeff Jones, Broker at Keller Williams Naples. “The practice of aspirational pricing by sellers to 2020-2021 levels is quickly fading as those sellers continue to reduce their prices down to realistic market levels.”

“If the Naples market continues on this path, we should expect to see more unit growth in 2025,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “And home prices will likely return to the mean and pace inflation.”

Pre-Season Boost

Overall pending sales increased 10.7 percent in November to 732 pending sales from 661 pending sales in November 2023. Overall closed sales decreased 18.4 percent in November to 448 closed sales from 549 closed sales in November 2023. Days on market increased 40.7 percent to 83 days from 59 days in November 2023. Incidentally, days on market during November 2019 was 92 days.

“We know many homes were pulled off the market during late spring through early fall,” said Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida. “I anticipate we will start to see many of them return to the market in the next month or so, which will likely cause the days on market to increase because people will need more time to view all the new options.”

According to Dr. Shelton Weeks, Lucas Professor of Real Estate and Director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University, “I don’t think we will see interest rates go below 6.25 percent. If we end up at 6.5 percent in 2025, many buyers will be very happy. Rates are historically very good, and if the stock market continues to perform well, then we should expect more people will feel confident in investing in a second home in 2025.”

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 and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2024:

Condominium Market Outlook

“Mandatory milestone structural inspections on most condominiums in Naples have been completed and they have done very well,” said Jones. “We are not facing the same challenges as the east coast of Florida where many condos built before 1992 did not adequately fund reserves to pay for necessary structural repairs.”

In November, the Naples condominium market enjoyed a 27.9 percent increase in new listings, which thereby boosted its inventory 41.7 percent to 2,709 condominiums from 1,909 condominiums in November 2023. According to Jones, “the cost of living in an older condominium may increase as associations begin to replenish their reserves.”

Vellano added, “It’s important for sellers to look at the age and condition of active listings when pricing a property for sale. Though, with more new listings expected in the coming months, this data will change. Working with a REALTOR® who can dig into the data will help you keep your property priced competitively.”

The Insurance Obstacle

Weeks remarked, “A home with an old roof may cause insurance coverage issues for the buyer. In some of these cases, instead of delaying a sale until a roof is replaced, sellers are reducing prices.”

Brokers recommend 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 contributing factors influencing the cost of homeownership like home and flood insurance, building codes, new condo/HOA codes, and changing FEMA guidelines.

“Oftentimes, small independent insurance brokers can offer coverage options that the large insurers don’t offer,” said Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties. “Working with a professional REALTOR® who can navigate the Naples market and who has relationships with auxiliary professionals in areas like inspections, financing, and insurance will make a big difference for both sellers and buyers in 2025.”

Jones agreed and added, “There are many new companies offering coverage options in Florida now and the added competition will eventually help to reduce price spikes.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

Naples, Fla. (November 29, 2024) – The housing market in Naples during October was remarkably resilient even as it faced interruptions from two major hurricanes. There were 1,179 new listings in October, a 13.9 percent increase compared to September. More inventory means more competition. As such, the overall median closed price in October decreased 3.6 percent (year over year), which was fueled by an 8.1 percent decrease in the condominium market. Broker analysts reviewing the October 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that storm-ready homes and storm-familiar residents help the Naples housing market rebound quickly after a storm and these safeguards strengthen its reputation as a desirable homeownership destination.

A Month of Distractions

“October was an outlier month this year for home buyers because of the election too,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “So, in addition to being distracted by the two storms, buyers were also distracted by the election and what it could mean for the economy. In the end, sales were down 21.6 percent for the month, but there were some positives too.”

Overall inventory continues to rise, and we are almost back to pre-pandemic (2019) levels. For October, inventory increased 30.9 percent to 4,746 properties from 3,627 properties in October 2023. And while new listings were down 6.6 percent compared to October 2023; they rose 13.9 percent compared to September 2024.

“Prices are beginning to reflect the added competition,” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “Although prices remained stable in the single family market in October, we did see some downward pressure on condo prices during the month.”

The overall median closed price in October was $568,500, a 3.6 percent decrease from $590,000 in October 2023. In the single-family home market, the median closed price increased 3.2 percent to $727,500 from $705,000 in October 2023. And for condominiums, the median closed price decreased 8.1 percent to $413,750 from $450,000 in October 2023.

“I was expecting a rush of sales in October because interest rates dropped in September,” said Jillian Young, President, Premiere Plus Realty. “Unfortunately, the overall pending and closed sales statistics didn’t meet my expectations. But the interest rate drop did make a difference as cash sales were only 48.6 percent of all sales reported in October. For many years, cash sales have been above 50 percent.”

The Impediments That Remain

As identified by Molly Lane, Senior Vice President at William Raveis Real Estate, there has been an increase recently of home sales being contingent upon the buyer selling their home. “Power is beginning to shift to the buyer, but we are still only at 7.1 months of inventory, so we are not quite there yet.”

“A seller is chasing the market if they are not working with a REALTOR® to review prices of comparable new listings each month,” said Jeff Jones, Broker at Keller Williams Naples. “Every month a home doesn’t sell means the seller must carry the cost of homeownership. There were 1,003 price reductions on existing homes for sale in October too. Sellers need to stay competitive especially with our rising inventory.”

Sellers and buyers of condominiums may find some relief in the new year as state legislators may explore the possibility of delaying the deadline for mandated reserves. Structural studies are still required to be completed by December 31st, but associations won’t have to budget the money for reserves until they adopt their budgets for 2025. One option that may be explored during the 2025 Legislative Session is low or zero-interest loans for associations or condominium owners to help pay for special assessments.

The NABOR® October 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:

Hurricane Ready Homes Abound

It’s been over 30 years since Hurricane Andrew tore through South Florida necessitating new building standards and regulations. Since then, Florida and Naples have continued to make storm water and infrastructure improvements a priority. As such, most homes today that are on or near the water in Naples can endure tidal surges and hurricane force winds.

“Storm hardiness projects, like the installation of new storm water pipes that were recently approved for the City of Naples to reduce street flooding, are a positive sign that we are continuing to move in the right direction, so our neighborhoods are safer and more resilient,” said PJ Smith, President of NABOR®, and the Broker/Owner of Naples Golf to Gulf Real Estate Services. 

Jones pointed out that most homes in the Naples Beach area, which include a majority of the area’s luxury properties, are already 12 feet above sea level. These homeowners also tend to invest in added storm protections. Also, NABOR® increased its member education in 2024 to include resources and classes that provide REALTOR® members with information on several factors influencing the cost of homeownership like home and flood insurance, building codes, new condo/HOA codes, and changing FEMA guidelines.

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

Naples, Fla. (September 27, 2024) – The median closed price for homes in Naples during August was $600,000; the same price reported in July 2024 and August 2023. According to the August 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 1,096 price decreases during August. While this is the lowest number of price decreases reported for a month so far in 2024, it does indicate that sellers are continuing to adjust their prices to better reflect today’s housing market. And even though monthly inventory levels have risen compared to 2023 statistics (40.3 percent in August), they have been decreasing over the last five months; but broker analysts speculate this trend is short lived.

The Fallacy of Timing the Market

“There have been 1,861 units withdrawn from the MLS in the past 120 days,” said Adam Vellano, Managing Director of South and Southwest Florida at Compass Florida. “This is a common trend annually as some sellers pull down their listings because they don’t think they’ll get the highest price during off season months. Unfortunately, if inventory begins to rise in the coming months, in anticipation of our winter season visitors, the added competition will likely put pressure on sellers to lower their initial list prices or entertain below list offers.”

In March, Naples enjoyed 5,283 properties in inventory. Yet by the end of August, inventory had decreased 28 percent to 4,127 properties. Though compared to August 2023, inventory has increased 40.3 percent from 2,942 properties. As expected, new listings, which fuel overall inventory, have also been decreasing since March. But, while down 5.4 percent compared to last August, new listings increased 6.5 percent compared to July 2024. Overall closed sales in August decreased 27.8 percent to 524 closed sales from 726 closed sales in August 2023.

Setting the Cruise Control

According to Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, “Similar to the Naples housing market’s performance from 1992 through 1996, the current housing market is taking a much needed intermission from the harrowing ups and downs it experienced during the last few years.”

Carroll contends that it takes a long time for market participants to reset their minds after coming out of a series of crazy appreciation years. “The median closed price is holding steady, with no declines in the last year. This is the proof we finally need to see that people are gradually accepting today’s market reality.”

The NABOR® August 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:

A Few Market Standouts

Upon reviewing the August report, Jillian Young, President of Premiere Plus Realty, said, “Sales of properties over $5 million are performing better than other price categories NABOR® tracks. Though it’s taking longer for them to sell.”

Condominium sales in this top price category increased 28.1 percent to 41 condominiums over $5 million in August compared to 32 condominiums over $5 million in August 2023. Single family home sales in this price category for August increased 3.2 percent to 161 single family homes over $5 million from 156 single family homes over $5 million in August 2023. Incidentally, the median closed price in this price category decreased 13.5 percent in August to $6,095,000 from $7,050,000 in August 2023.

Jeff Jones, Broker at Keller Williams Naples, agreed with Young’s statement adding, “Days on market for properties over $1 million have risen to 97 days compared to our market average of 82 days. And while the report shows that we have six months of inventory; in the $1 million and above market, there is eight months of inventory.”

Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., responded by stating that, “Days on market may be up 51.9 percent, but historically, this is still low. The norm for our area is 90 to 110 days.”

Jones concluded by stating, “Buyers of condominiums should work closely with a REALTOR® to determine the full cost of ownership. Especially for condos three stories and higher that are 25 years or older, the costs of ownership may rise significantly due to flood disclosures and insurance costs, and the results of milestone structural inspections, which may require associations increase reserves or reveal some imminent and costly repair needs.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370

Naples, Fla. (July 26, 2024) – Despite a 59 percent increase in overall inventory during June (compared to June 2023), overall closed sales during the month decreased 17.3 percent to 710 closed sales from 859 closed sales in June 2023. Data reflected in the June 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed the overall median closed price decreased .8 percent to $595,000 from $600,000 in June 2023. Broker analysts say a steady number of list price reductions each month coupled with more realistic prices set by sellers will help the Naples market find its new “sweet spot” for home buying.

“I consider price reductions to be new listings because these homes become a new option for a larger pool of buyers,” said Jeff Jones, Broker at Keller Williams Naples. “This is helpful to buyers because June was the first month in 2024 where new listings were not above 1,200.”

Price reductions occur for many reasons: nearby comparative homes are priced lower, there have been no recent showings or offers on the home, the home has received a low appraisal, or to attract more buyers.

The June report showed 1,351 price reductions compared to 94 price increases. Coupled with a 95 percent list to sale price ratio, the data appears to indicate that sellers are making headway to adjust their initial asking prices to better reflect today’s market and, to some degree, are entertaining negotiations to secure a buyer.

A Bounty of Options

Summer buyers will enjoy more home options as the inventory of properties continues to rise compared to the last three years. In June, the 59 percent increase in inventory resulted in an available pool of 4,680 properties compared to only 2,943 properties during June 2023. Plus, confidence in the market remains steady with overall new listings in June increasing 1.5 percent to 896 new listings from 882 new listings in June 2023. Driving this influx of inventory was the number of new listings in the condominium market, which increased 9 percent compared to a 3.9 percent decrease in new listings for the single-family home market.

“The condominium market is challenging right now because fees are increasing to meet structural integrity reserve law requirements,” said Molly Lane, Senior Vice President at William Raveis Real Estate. “Condominium sellers and buyers should work with an experienced REALTOR® because they can help figure out pricing, given the future financial impact of these new reserve requirements to condominium values. On the other hand, this knowledge can also help during negotiations.”

Lane went on to note that the report showed closed and pending sales were at a five-year low for the month. Jones responded that “there are still a lot of homes lingering on the market with aspirational pricing, which is a disconnect between asking prices and market value.”

While inventory is nearly split between single-family homes and condominiums, the median close price in the single family home market decreased 3 percent in June to $730,000 from $752,500 in June 2023, while the median closed price in the condominium market increased .8 percent to $485,000 from $481,250.

The NABOR® June 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:

Geographic Standouts

The South Naples area (34112, 34113) reported the highest percentage of inventory increase in June (+80 percent) compared to other geographic areas tracked by NABOR®. The median closed price in South Naples increased 1.1 percent in June to $477,500 from $472,500 in June 2023. Alternately, the North Naples area (34109, 34110, 34119) showed the highest decrease in median closed price in June (-15.2 percent) to $627,500 from $740,000 in June 2023.

Sales activity in the Naples area housing market during the off-season summer months is historically lower than sales activity reported during its high-visitor winter season. The days on market in June increased 56 percent to 78 days from 50 days in June 2023. According to Adam Vellano, managing director of South and Southwest Florida at Compass Florida, “Before the pandemic, we were between 90 and 120 days on the market so we are still well below our traditional average.”

If you're in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com or call Susan Sanderson at 239-821-2370