November Sees Boost in Naples Housing Inventory

A 23 percent increase in new listings during November was a welcome addition to the Naples housing market’s overall inventory, which rose 32.4 percent to 5,368 properties from 4,052 properties in November 2023. Sellers entering the market in November were met with eager buyers as overall pending sales for the month increased for the first time in five years. Broker analysts reviewing the November 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), are optimistic that this shift demonstrates not only the resiliency of the Naples housing market, but also its renowned desirability.

A Fading Shadow

The COVID pandemic and multiple hurricanes cast a shadow over the Naples housing market making it difficult to examine and compare data to activity within the last five years. To provide historic perspective void of these market disruptions, NABOR® began comparing monthly data to data from corresponding months in 2019 (pre-COVID). But this long shadow is finally fading as November’s market report shows improvement and stability in several significant areas.

Overall median closed price decreased 1.7 percent to $575,000 from $585,000 in November 2023. This decrease was fueled by the condominium market, which reported a median closed price decrease of 10.8 percent. Alternately, the single-family home market’s median closed price in November increased 2.8 percent.

Months supply of homes in November was 8.1 months compared to 5.5 months in November 2023. This figure illustrates the number of months it would take for all active homes in the inventory to sell. It is calculated by dividing the number of homes for sale by the number of homes sold in the given month. According to real estate experts, 12 months of inventory is historically considered a balanced market for

Pre-Season Boost

Overall pending sales increased 10.7 percent in November to 732 pending sales from 661 pending sales in November 2023. Overall closed sales decreased 18.4 percent in November to 448 closed sales from 549 closed sales in November 2023. Days on market increased 40.7 percent to 83 days from 59 days in November 2023. Incidentally, days on market during November 2019 was 92 days.

The NABOR® November 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:

Condominium Market Outlook

In November, the Naples condominium market enjoyed a 27.9 percent increase in new listings, which thereby boosted its inventory 41.7 percent to 2,709 condominiums from 1,909 condominiums in November 2023.

The Insurance Obstacle

Brokers recommend sellers and buyers work with a REALTOR® to identify any characteristics that could impact insurability. REALTOR® members can access NABOR® classes that provide information on contributing factors influencing the cost of homeownership like home and flood insurance, building codes, new condo/HOA codes, and changing FEMA guidelines.