Naples Housing Market Holds Steady in August

Naples, Fla. (September 27, 2024) – The median closed price for homes in Naples during August was $600,000; the same price reported 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 so far in 2024, it does indicate that sellers are continuing to adjust their prices to better reflect today’s housing market. And even though monthly inventory levels have risen compared to 2023 statistics (40.3 percent in August), they have been decreasing over the last five months; but broker analysts speculate this trend is short lived.

The Fallacy of Timing the Market

In March, Naples enjoyed 5,283 properties in inventory. Yet by the end of August, inventory had decreased 28 percent to 4,127 properties. Though compared to August 2023, inventory has increased 40.3 percent from 2,942 properties. As expected, new listings, which fuel overall inventory, have also been decreasing since March. But, while down 5.4 percent compared to last August, new listings increased 6.5 percent compared to July 2024. Overall closed sales in August decreased 27.8 percent to 524 closed sales from 726 closed sales in August 2023.

Setting the Cruise Control

The NABOR® August 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 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 price category decreased 13.5 percent in August to $6,095,000 from $7,050,000 in August 2023.

If you are considering buying or selling your home, look to a Naples REALTOR® who has the ability to provide an accurate market comparison and give you expert advice on how to capitalize on today’s market conditions. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.