By Robert Nardi
The median closed price for homes in Naples during August was $600,000, the same price 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 in 2024, sellers are adjusting their prices to reflect today’s housing market better. And even though monthly inventory levels have risen compared to 2023 statistics (40.3 percent in August), they have decreased over the last five months. Still, broker analysts speculate this trend is short-lived. In March, Naples enjoyed 5,283 properties in inventory. Yet by the end of August, inventory had decreased 28 percent to 4,127 properties. Overall closed sales decreased 27.8 percent to 524 closed sales from 726 closed sales in August 2023. The median closed price is steady, with no decline in the last year. The NABOR® August 2024 Market Report compares 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 in chart format ( Click Here ) are provided for a look-see.
What does this mean?
When examining the report, many Sellers withdrew their properties from the market, hoping to relist in the winter with more potential buyers. Hence, this action lowered the amount of inventory we had in August. Interestingly, sales of properties over $5 million are performing better than other price categories in the NABOR® tracks. However, 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 category decreased 13.5 percent in August to $6,095,000 from $7,050,000 in August 2023. For properties over $1 million, days on market have risen to 97 days compared to our market average of 82 days.
As time passes, we are moving towards a balanced market with even supply and demand. This shift presents a promising outlook for both buyers and sellers. I believe demand is holding tight, even with the rate decreases. The mortgage rate is averaging 6.09% now, down from 7.2% a year ago. Consumers are still waiting for the mortgage rate to go down in the 5 % range. The recent mortgage rate drop “shook the trees,” but not much. Therefore, we will not see the dramatic value increases that we have seen in the past.
Are you looking for a seasonal rental?
We still have some great seasonal rentals available in all price ranges for 2025. If you are considering renting in season, please call 239-213-1616 and ask for one of our rental agents to assist you.
I hope your fall has been amazing!