January Market Report Shows Very Suitable Climate for Seasonal Sales
Naples, Fla. (March 1, 2024) – Data in the January 2024 Market Report showed invigorated confidence in the Naples area housing market for both sellers and buyers. Overall inventory continued to climb for the sixth straight month resulting in a 58.8 percent increase in homes for sale in January or 4,639 properties from 2,921 in January 2023. Fueled by a 29.1 percent increase in new listings year over year, January showings doubled compared to showings reported in December 2023. The first month of the year also saw serious sellers taking action to capture increased buyer attention with 1,804 price decreases, a 122.7 percent increase compared to December’s 810 price decreases.
“I’m getting more requests for pre-listing appraisals,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC. “This indicates to me that new sellers are taking their REALTOR®’s advice to heart and doing the work necessary to determine the value of their home in today’s market.”
The report showed 6.4 months of inventory for January compared to .9 months of inventory in January 2022, when frenzied pandemic buying began to simmer. Brokers reviewing the report said buyer intent has shifted from pandemic years of “I want a home in Naples,” to a more sensible climate today of “I want the right home in Naples.”
With more competition, brokers agree that REALTORS® who represent a buyer or seller must look at hyper-local factors such as location within a neighborhood, competition within each price range, and extenuating factors that may influence insurance coverage and affordability such as the age of the home or claim history. Additional factors that may influence list price include mortgage rates, association fees, potential or planned future assessments, ongoing maintenance and building repairs (common for condominiums) or repairs necessary to meet new building codes and flood/storm management requirements.
While pending sales in January decreased 7.5 percent to 1,010 pending sales from 1,092 pending sales in January 2023, pending sales activity for January increased 73.2 percent compared to pending sales activity reported in December 2023 (583).
“Days on market will continue to climb,” said a Broker. “There are buyers who purchased a home impulsively during the pandemic and now they are rethinking their decision. And because a lot of them are second-home buyers, they aren’t motivated in a way typical of other sellers, so they’ve been less likely to adjust their list prices or negotiate.”
The NABOR® January 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:
First-time homebuyers and those seeking homes under $500,000 will be pleased to hear that inventory in this price range increased 58.6 percent in January. In fact, inventory for condominiums priced under $300,000 increased 112 percent during the month. Notwithstanding, and because Naples is paradise, inventory for condominiums over $5 million increased 182.6 percent in January.
Find your home in southwest Florida! Contact David at David@DavidFlorida.com or 239-285-1086.
Kendall Little | Naples Daily News
In some areas of the United States, the rich are just getting richer ― including here in our backyard.
Naples was the only Florida city to make personal finance site GOBankingRates’ list of places where the rich are getting richer.
Let’s take a look at the findings and the rest of the list:
Naples ranked #14 on the list
GOBankingRates found that most growing wealth is found on the West Coast, but Naples ranked No. 14 out of the 25 cities on the list.
The study found that the average 2022 household income in Naples was $277,872, which was a 27.56% increase since 2019.
Naples also had a 20.21% increase in the number of high earning households.
California cities dominated the top 10. Here’s the breakdown.
- Los Altos, CA
$400,817 household income for 2022
22% increase in household income
- Wellesley, MA
$367,801 household income for 2022
27.80% increase in household income
- McLean, VA
$364,093 household income for 2022
22.76% increase in household income
See the list and read about the methodology on naplesnews.com.
Contact David to find your luxury lifestyle in southwest Florida – Email or call David@DavidFlorida.com or 239-285-1086.
Her top 3 Naples restaurants
Diana Biederman | Naples Daily News
What are JLB’s top three restaurants when friends and family visit?
It took a lengthy scroll through my phone’s gallery to figure it out.
Until 2021, one top destination (according to my photos) was Siam Thai, an affordable and convenient go-to with dated décor a la Mad Men. From my vegan pal Thomas Farley, aka Mister Manners, to “Iron Chef America” judge Karine Bakhoum, whose palate was once insured for $1,000,000 by Lloyds of London, this easy downtown joint was a crowd pleaser.
Alas, Siam Thai changed hands and then closed in 2022, making it ineligible for this story inspired by USA Today’s recent listing of America’s top 100 restaurants of the year based on where my Gannett colleagues go when friends and family land in town.
…below are JLB’s three most frequent restaurant haunts from May 2015 to now.
What they have in common? Each is independently owned, decidedly fuss-free and family-friendly. They also won’t break the bank unless you go bananas ordering multiple fun cocktails because you might want to try several.
JLB’s Top 3
If there’s a downside to JLB’s job, it’s only that I don’t get to visit my favorites as often as before. But when friends and family are in town, these are my must-visits, listed in alphabetical order.
Island Gypsy
292 Capri Blvd., Naples; 239-394-1111; theislandgypsy.com
Jane’s Cafe
1209 Third St. S., Naples; 239-261-2253; janesgardencafe.com
Seventh South Craft Food + Drink
849 Seventh Ave. S., Naples; 239-231-4553; seventhsouth.com
Don’t miss JLB’s photos and descriptions on naplesnews.com.
Find a home convenient to delicious dining spots in Naples, Florida. Contact David at David@DavidFlorida.com or 239-285-1086.
J. Kyle Foster | Naples Daily News
The Bonita Estero Rail to Trail will include construction of a 12-foot-wide asphalt path for almost 15 miles, looking similar to paths in Baker Park in Naples.
After four years of negotiations, Seminole Gulf Railway has agreed to sell its 14.9-mile Bonita-Estero rail corridor for a public pedestrian and biking trail.
Lee County and its municipalities, and Collier County if it chooses, have until March 2026 to come up with the $82 million agreed upon price brokered by the Trust for Public Land, a national nonprofit that works to connect people to outdoor spaces, said Deborah Orton, president of Friends of Bonita Estero Rail to Trail.
The Bonita Estero Rail to Trail – called BERT – would run from just south of the Lee Collier County border to Alico Road through downtown Bonita Springs and Estero ending just north of San Carlos Park at Alico Road. The trail will connect to Lee County’s John Yarborough Trail to the north and the planned Paradise Coast Trail to the south in Collier County.
Seminole Gulf Railway has agreed to sell its 14.9-mile Bonita-Estero Rail Corridor for a public trail in Lee County.
“This isn’t an isolated 15-mile piece of land,” said Doug Hattaway, Southeast Region conservation director at Trust for Public Land. “It’s going to connect to a statewide trail network.”
Read the full article on naplesnews.com.
Contact David at David@DavidFlorida.com or 239-285-1086 to find your home in healthy southwest Florida.
Laura Layden | Naples Daily News
There’s a long way to go, but plans to rebuild the Naples Pier continue to move forward.
City Council heard an update on the multimillion-dollar project Tuesday, with the design plans now virtually 100% complete.
The pier, destroyed by Hurricane Ian, will be built stronger and taller, with new features, including more shaded areas and more seating to take in the Gulf views.
Here’s more to know from the brief update, shared at a workshop:
What’s the next step?
The city is developing the bid documents to meet the guidelines set by the Federal Emergency Management Agency, to ensure the project qualifies for reimbursement. The reimbursement could be as high as 90% for the eligible parts of construction tied to Ian.
Based on the latest estimates from the engineers, the project could cost up to $22.5 million, with contingencies.
More information can be found here: naplesgov.com/parksrec/page/naples-pier-approved-design
Read the full post on naplesnews.com.
Contact David at David@DavidFlorida.com or 239-285-1086 to find your home in Naples, southwest Florida.
Laura Layden | Naples Daily News
A posh Port Royal compound in Naples has made national headlines as the most expensive home for sale in America.
A story about the listing first appeared in the Wall Street Journal, offered up as an exclusive to the publication by the seller’s agents. News – and marketing – has spread since then to other national and local media.
The price tag for the property: $295 million.
What’s for sale?
Known as Gordon Pointe, the gated compound stretches a little over 9 acres. It includes about 708 feet of beachfront and Gulf of Mexico views, 952 feet of bay views, an “exclusive and extremely rare” yacht basin, measuring 231 feet, and a T-shaped dock for up to six boats.
What else does it offer?
There is not just one, but three houses on the property, built over time. There is also the potential to redevelop the site, …according to the selling agents.
Read the full story with photos on naplesnews.com.
