By Robert Nardi

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.

The Naples housing market appears to be experiencing mixed consumer confidence due to uncertainty caused by tariffs and rising military tensions in the Middle East. International buyers, especially Canadians, are finding that the new American temperament toward immigration is creating discord and decreasing interest in making a second-home investment in Naples. Affordability is another reason international buyers aren’t rushing to our shores this year. The dollar was strong last summer, but now it doesn’t go far enough for them. Buyers in general are hesitant to commit because they are unsure of the direction the economy is taking. We observed the impact of the tariff situation on the stock market in April, resulting in numerous sales losses. 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 wall 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. 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 up much better in Naples. Historically, if the country performs well, Naples tends to do 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 to see 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.

The overall median closed price in May decreased 9.1 percent to $590,000 from $649,000 in May 2024. However, the luxury market remains strong; single-family home prices in the Naples Beach area (34102, 34103, 34108) increased 18.6 percent to $2,712,500 in May 2025, up from $2,287,500 in May 2024.

The NABOR May 2025 Market Report provides comparisons of single-family home and condominium sales (via Southwest Florida MLS), price ranges, and geographic segmentation, along with an overall market summary (CLICK HERE).

What does this all mean?

Unfortunately, the current economic uncertainty is creating challenges for both today’s buyers and sellers, even in paradise.  If you bought your home four to five years ago, it has likely appreciated by at least 100%. This is good news. However, the market has now experienced a downturn, with interest rates remaining at 6.85% for a 30-year fixed mortgage and uncertainty of economic conditions causing a glut of inventory (10-11 months). The best advice I can give a seller is to price the property right before it hits the market if you wish to sell.  Examine closed sales for the past month, not what was sold 6 months ago. I urge sellers not to start high, because what happens is you begin to chase the market, and “days on market” is the enemy of home values.

For buyers in this market, it is a good time to purchase, because you could negotiate an excellent price for a home with a motivated seller. You could cut thousands of dollars off the price, and it will make up for the 6.85% interest rate.  And don’t forget, you could always refinance once mortgage rates drop. Plus, you have a large amount of inventory to choose from. At this moment, there is no better time to find your dream property in paradise.

Lastly, we have some great seasonal rentals available in Southwest Florida.  January through April is a perfect time to “test drive” this beautiful area.

If you require personal guidance in this market, please get in touch with me at 239-293-3592 or email me at robertnardi@aol.com .

I hope you are having a fantastic summer! 

By Robert Nardi
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 increased 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. Still, they 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 by 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. In this positive trend, buyers and sellers benefit from mutually agreed-upon prices.

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. 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.
• 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.

Pending sales in April were slightly lower than in March but higher than in the previous 10 months. Compared to last year, pending sales decreased 10 percent to 1,004 from 1,115 in April 2024. Interestingly, April’s 84 days on the market are impressive, given that it was 98 days in April 2019, with fewer options.

The NABOR® April 2025 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 are in a chart format ( CLICK HERE )

What does this all mean?

It all comes down to the listing price.  If you price a home correctly, it will sell.  Also, I would not be concerned that home prices are falling.  If you bought your home five years ago, it most likely doubled in value. Therefore, if the price drops by 10%, you still have 90% more equity in your home than before.  Pricing a home incorrectly would cause the home to sit on the market longer, increasing costs significantly.  These carrying costs are the house payment, taxes, insurance, HOA/Condo Maintenance fees, etc., which can be hefty.

As for buyers, it is a good time to purchase, with a large amount of inventory to choose from. Sellers are willing to negotiate, and some are willing to negotiate a much lower price based on their current circumstances. Sellers may have to move due to financial issues, health concerns, aging, divorce, death, or marriage.

My best advice is to work with a REALTOR® with expert knowledge in your area.  A professional who can provide you with a Comparative Market Analysis (CMA), regardless of whether you are buying or selling.  Examine the comps and see what is selling in the “now” vs. “past.”  The “now” figures are most important in determining what a property can be listed for or should be sold for.

If I can help in any way, please call me at 239-293-3592 or send an e-mail to RobertNardi@aol.com .

Have a healthy and safe summer!

By Robert Nardi

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. Sellers should expect a home to be on the market longer and are 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, 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. Carroll & Carroll, an appraisal company, announced that they are 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. The median closed price of single-family homes reported no change in price year over year, $770,000. However, the median closed price of condominiums decreased 7.1 percent to $486,000 from $523,000 in March 2024.

The NABOR® March 2025 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 are presented in chart format (CLICK HERE).

What does this all mean?

It is evident that the top issues contributing to slow sales today are 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 will drop drastically. In addition, active Buyers are getting fatigued. No longer do they want to see a handful of homes; they now want to see everything, and even if Buyers see it all, they have a fear of moving forward because, in the back of their minds, what if another property comes onto the market that is picture perfect for them.  They will miss out on buying that one. On the bright side, Buyers have more choices, less competition, and better negotiating terms.

Even new home sales are being affected. 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 report shrinking profit margins.

Sellers also need to be realistic. They should only look at the most recent closed sales in their neighborhood and not what was sold six months ago (the inventory amount was half then).  Pricing a home six months ago would be very different from pricing a home today. On the bright side for Sellers is that if they purchased their home four to five years ago or later, the equity in their home most likely rose 50 to 100 percent.  Hence, even if they go down in price by 5-10%, they still profit.  Plus, the longer they carry home, the more money they lose paying taxes, insurance, maintenance, etc. If your property is currently listed or wish to list, you need to consult with a REALTOR® to figure out a pricing strategy to sell it.  You need to examine the most recent sales and go full steam ahead.

If you need any help navigating this real estate maze, please feel free to call me at 239-293-3592 or email me at robertnardi@aol.com.

Spring has sprung, and now we are heading toward the summer.  Where does the time fly?

By Robert Nardi
According to the February 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 35.8 percent to 7,320 properties from 5,389 properties in February 2024. Overall closed sales decreased 9.5 percent to 584 closed sales in February 2025 from 645 closed sales in February 2024, but it increased 6 percent compared to closed sales reported in January 2025 (511 closed sales). Although the overall median closed price in February increased 4 percent to $650,000 from $625,000 in February 2024, the report also showed sellers taking action to stay competitive, with 2,883 price decreases reported during the month to contend with the growing number of properties on the market. However, February’s inventory was far from the 12,000 properties we had during March 2007.

The lax lending standards that ultimately led to many foreclosures and short sales in 2007 are not occurring in 2025. Today’s seller is better positioned than a seller in 2007 because most have built substantial home equity.  If you bought a home before the pandemic, you’re in a perfect position if you decide to sell today. Prices are not rising at an alarming rate anymore, and sales in 2025 have slowed slightly.

The February report shows the overall median closed price for properties in Naples increased 4 percent, but the median closed price for single-family homes in Central Naples [34104, 34105, 34116] decreased 28.7 percent. Conversely, the median closed price of single-family homes in the Naples Beach zip codes (34102, 34103, 34108) increased 82.2 percent. This increase was more likely due to selling a few very high-priced properties that created statistical disparity than actual organic price expansion. Similarly, the median closed price of condominiums decreased by .4 percent in February; however, in Ave Maria, the median closed price of condominiums increased by 13.4 percent.

The NABOR® February 2025 Market Report compares single-family home and condominium sales (via Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are in a chart format; CLICK HERE.

In analyzing east and west coast Florida housing statistics, the Naples market is performing much better than other markets in Florida, like Sarasota and Palm Beach.  New listings in February barely decreased (.1 percent) to 1,710 new listings from 1,711 new ones in February 2024. The added competition means sellers must be ready to meet the demand by asking prices that fit today’s market. During February, sellers were getting an average of 94.8 percent of their asking price. Of those buyers in February, 76.9 percent paid for the purchase in cash.

What does this all mean?

We have 11+ months of sales inventory. Therefore, buyers have more to choose from.  I have one buyer and have shown over 30 condominiums, too.  My buyer is looking for the “perfect condo.”  In the past, buyers did not have the luxury or the time to be so selective.  If one met 95% of their needs, they would put an offer on it.  However, with the amount of inventory and the pace at which new inventory is coming on the market, some buyers wait to see “what else may come their way.”  They hope to get a bullseye, 100% of what they seek.

Some reasons inventory is increasing are economic disruptions with the stock market, the amount of inventory there is no urgency to buy, and the exodus of our friends and neighbors, the Canadians. Many of them have decided to live full-time in Canada. Fortunately for them, it is a great time to sell their homes. Currently, 1.00 U.S. Dollar is worth 1.40 Canadian Dollar. By selling, they are increasing their net by 40%.

Our “Season” is almost over …

We had fewer renters this year, which equates to fewer people and less demand for purchasing property.  People have swarmed Southwest Florida for years for its beautiful beaches, warmth, and beauty.  It was truly a haven during COVID.  No one wanted to leave.  Now, people have choices, and this “season,” some have chosen different areas like Arizona, Hawaii, or Palm Springs to winter. We are getting an uptick in calls for rentals for 2026.  Maybe vacationing in other areas made them realize there is “no place like home.” If you are thinking of Southwest Florida again, please call our office at 239-213-1616, and we will have one of our rental administrators assist you.

If you are considering buying or selling, please call me at 239-293-3592. I am here to help.

I am wishing everyone a very Happy & Healthy Spring!

By Robert Nardi
The housing market in Naples during October was remarkably resilient despite 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 by 3.6 percent (year over year), fueled by an 8.1 percent decrease in the condominium market. The 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. Home buyers were distracted by two storms, and buyers were also distracted by the election and what it could mean for the economy. Sales were down 21.6 percent for the month. However, 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 remained stable in the single-family market in October, but we saw some downward pressure on condo prices during the month.

The median closed price in October was $568,500, a 3.6 percent decrease from $590,000 in October 2023. The median closed price in the single-family home market increased 3.2 percent to $727,500 from $705,000 in October 2023. And condominiums' median closed price decreased 8.1 percent to $413,750 from $450,000 in October 2023. A small interest rate drop made 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.

Sellers are chasing the market. Every month, a home doesn't sell, which 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 still require completion by December 31st, but associations won't have to budget the money for reserves until they adopt their budgets for 2025.

The NABOR® October 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 are in chart format.  Please (CLICK HERE) to see the full report.

What does this mean?

The market is starting to shift to a Buyers' market. However, prices are still stable. Sellers generally reduce their asking price by 5 to 10% when negotiating contracts. However, the Sellers' gains over the past 4 years far offset these price reductions. Therefore, both the Sellers and Buyers are winners.

Seasonal Rentals

Are you thinking about getting out of the snow and cold? We have some great seasonal rentals available in all price ranges. To see what is available in our inventory, call our office at 239-213-1616 and ask for a rental representative, or e-mail me at RobertNardi@aol.com. 

Happy Holidays from sunny Naples, Florida! If you wish to get out of the snow and cold, you can start your search at www.BuyNaples.net.

I wish you a very Healthy and Happy New Year!  

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! 

By Robert Nardi

Fall weather and cooler temperatures are on their way!  I wish you a great fall. 

By Robert Nardi
Despite a 59 percent increase in overall inventory during June (compared to June 2023), overall closed sales 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, and more realistic prices set by sellers will help the Naples market find its new “sweet spot” for home buying. Price reductions occur for many reasons: nearby comparative homes are priced lower, there are no recent showings or offers, the house has received a low appraisal, or it has 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 in adjusting their initial asking prices to reflect today’s market better and, to some degree, are entertaining negotiations to secure a buyer. 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 increasing 1.5 percent to 896 new listings from 882 new listings in June 2023. The number of new listings in the condominium market drove this influx of inventory, which increased 9 percent compared to a 3.9 percent decrease in new listings for the single-family home market.

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

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 the market in June increased 56 percent to 78 days from 50 days in June 2023

The NABOR® June 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. The NABOR® sales statistics are presented in chart format ( CLICK HERE ).

What does this mean?

Our inventory is increasing, days on the market are growing, and prices are decreasing. However, the southwest Florida market is unique because prices are declining slightly. Based on the amount of inventory entering the market, it should be a more significant decrease.

Inventory is increasing because the damage from Hurricane Ian has been repaired, and sellers either want to “cash out” because of the significant increases made in the past four years or those who are full-time and have recently retired have decided to go to other parts of the United States to be with family and friends. Over the past several weeks, I have gone on numerous listing appointments, and potential sellers want to be back “home.”  With their gains in real estate, they could go to other parts of the country and pay significantly less for property while still retaining a portion of their money and investing it accordingly.

If you should have any questions or need assistance with real estate sales or rentals, please call me at 239-293-3592 or via email robertnardi@aol.com.

Stay safe, and enjoy the rest of your summer.

By Robert Nardi
As competition grows  in the Naples housing market – overall inventory increased 67.1 percent in May to 5,019 properties from 3,004 properties in May 2023 – and monthly closed sales decreased 12.2 percent to 907 closed sales from 1,033 closed sales in May 2023. Broker analysts reviewing the May 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), are closely monitoring the number of monthly price decreases to see whether it could turn the tide and improve sales this summer. One thing was sure in the May Market Report: summer buyers will have many more options than winter buyers

New listings in May increased 18.4 percent to 1,201 new listings from 1,014 in May 2023.  Sellers understand that the market today won't support aspirational pricing.  In addition to 1,710 price decreases reported in May, the median closed price was $650,000, the same as the median closed price reported in April, which enjoyed 2,365 price decreases. Comparatively, the median closed price increased 8.3 percent to $650,000 from $600,000 in May 2023.

Another benefit of rising inventory and list price decreases has been the rise in the number of properties for sale in the lower end of the market. For May, properties in the $300,000 and below price category increased 104 percent to 308 from 151 in May 2023. Similarly, properties in the $300,000 to $500,000 price category increased 90.1 percent to 1,032 from 543 in May 2023.  Since 2019, home prices have risen 83% and mortgage rates have increased to over 7%, making it a challenge for some buyers to qualify for a mortgage.  The demand is out there; it's just that many people are either unable to come up with the down payment or realize the burden of additional high-item expenses like homeowner's insurance and association fees prohibit them from purchasing a home.

The NABOR® May 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 are in a chart format ( CLICK HERE ) for viewing.

What does this all mean?

A different seller/buyer dynamic Unlike other cities in the U.S., where home sales are driven by people relocating for work, Naples has always been a lifestyle destination. The bottom line is that people live here because they want to.  People are not moving here for jobs.  Most of our sales are second homes.  These sellers don't have an urgency to sell or won't risk someone stealing it. On the other hand, second-home buyers don't have an urgency to buy because they have the time and cash to wait until they find the "picture-perfect" property.

If you analyze the May statistics, the median closed price for a single-family home in the Naples Beach area (34102, 34103, 34108) decreased 26.1 percent to $2,262,500 from $3,062,500. Conversely, the median closed price for a single-family home in the South Naples area (34112, 34113) increased 43.6 percent to $930,000 from $647,500. The lowest median closed price reported during May was in the Central Naples (34104, 34105, 34116) condominium market, which increased only 1.4 percent to $355,000 from $350,000 in May 2023.

These statistics speak for themselves.  The cost of maintaining a single-family near the beach has risen simply because of home and flood insurance.  In addition, the public is hearing about a very active hurricane season this season, and buyers are cautious in purchasing.  Buyers are waiting until hurricane season ends to see where Southwest Florida fares.

In South Naples, there is an abundance of new construction along Collier Blvd. and Tamiami Trail South. New construction tends to produce larger homes, 2000+ sq. feet, and sell for higher price points. In addition, many developers are offering financing incentives by reducing mortgage rates.

Central Naples is built out, and land is scarce. Therefore, price points stay pretty much the same, with only a slight increase in the median price.

To navigate the Southwest Florida landscape, an experienced REALTOR® is essential.  If you have any questions, please feel free to contact me directly at 239-293-3592 or via email at robertnardi@aol.com .

Lastly, our rental department has an excellent selection of seasonal and annual rentals. If you or someone you know wants to rent or purchase in Southwest Florida, please use www.BuyNaples.net or www.SellingNaples.com .

Happy Summer!

By Robert Nardi
I am pleased to report that Nardi Realty has franchised with Weichert Realtors® and has become Weichert Realtors® - Paradise Homes.  We are still the same real estate company with the same core values and high level of service; all we did was change the name. Weichert Realtors® has over 500 offices worldwide and is a well-known and respected brand. It is a privately held company and a giant "Mom & Pop" real estate firm. It offers tremendous technology and support, which will help my company grow and prosper. I am very excited about this alliance and look forward to the future. If you have any questions, please contact me at 239-293-3592 or by e-mail RobertNardi@aol.com . Now, let's talk about the southwest Florida real estate market.

Because of our rising inventory, April 2024's closed sales increased by 3.8 percent to 999 closed sales from 962 closed sales in April 2023. This appreciation is the first month closed sales have exceeded past years' monthly comparable sales since June 2021. According to the April 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the 2,365 price reductions in April stimulated sales in the right direction. Growth in inventory does not appear to be slowing down either, as new listings in April increased 16.3 percent to 1,335 new listings from 1,148 new listings in April 2023.

Demand for luxury properties has soared, especially in the $500,000 to $1.5 million price category, which increased 68.1 percent compared to April 2023 and occupies the highest number of properties available (2,410) in the current inventory. That said, this area was also where a large majority of properties sold for less than the original list price, as the percentage of list price received decreased to 93.3 percent for single-family homes and 94.8 percent for condominiums. The lower percentage indicates sellers are reducing prices to meet the market.

The average monthly inventory in Naples is back to its familiar pre-pandemic level. April's inventory increased 68.1 percent to 5,240 properties from 3,118 in April 2023. The months of supply of homes are up to 7.3 months. Generally, we begin to see prices slide once the month's supply exceeds six months, but we're not seeing this in our market today. Inventory is growing, and prices remain stable. The median closed price for April increased 4 percent to $450,000 from $425,000 in April 2023. However, price adjustments are moving the needle in specific markets. April reported 2,365 price decreases, which decreased the median closed price by 3.2 percent in the single-family home market to $793,750 from $820,000 in April 2023.

The NABOR® April 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 ( CLICK HERE )

Today's average entry-level price of new construction is around $450,000 in Southwest Florida. The heightened cost to repair or rebuild is a primary factor in rising insurance rates. Yet, with more buyers in Naples paying cash—65.4 percent of all transactions recorded in April—insurance and interest rates may not be as great an obstacle as some assume.

What does this mean?

Naples appears to be in a little bubble unaffected by rising inventory. Add that to the fact that there is high demand for the luxury market here, and with a large number of cash sales, it continues to move along without much disruption in pricing. Therefore, Naples is a strong and thriving market.

If you are considering buying or selling in southwest Florida, please know that your needs are our top priority. In addition, if you wish to move out of state, in-state, or relocate to another Florida city, our new partnership with Weichert Realtors® can connect you with a Weichert office and a top-notch REALTOR®.

Your satisfaction is our goal, and we are here to guide you every step of the way.

Please have a safe and enjoyable summer!