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.
For more information about buying a homein the Naples, Florida area contact David at David at David@DavidFlorida.com or 239-285-1086.