Summer Buyers Enjoy More Options as Inventory Picks Up in June

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.

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.

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.

Price Climb Slows as Inventory Heats Up for Summer

Naples, Fla. (June 28, 2024) – 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 – monthly closed sales for the month 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 certain in the May Market Report: summer buyers will have many more options than winter buyers.

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 for sale in the $300,000 to $500,000 price category increased 90.1 percent to 1,032 from 543 in May 2023.

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. “People live here because they want to. People are not moving here for jobs,” said Kunkle. In response, Mike Hughes, Vice President and General Manager for Downing Frye Realty, Inc., added, “That means we have a different mix of sellers and buyer here. A majority of our sales are second homes. That said, 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 exactly what they want.” Another challenge for buyers and sellers in Naples during 2024, and across Florida, will be condominium sales. As Jillian Young, President, Premiere Plus Realty, explained, “By December 31st, the structural integrity reserve law requires all Florida condominiums three stories and higher and 25 to 30 years old have a milestone inspection and use the results to guide them to maintain financial reserves that will pay for future maintenance, inspections and repairs. The burden to raise these funds will require mandatory assessments on current and future owners. Sellers will need to take into account the additional cost to maintain the reserves.”

Geographic Standouts

In May, 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.

Phil Fernandez | Naples Daily News

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