Housing Market Stays Strong Amid Active Hurricane Season

Naples, Fla. (November 29, 2024) – The housing market in Naples during October was remarkably resilient even as it faced interruptions from two major hurricanes. There were 1,179 new listings in October, a 13.9 percent increase compared to September. More inventory means more competition. As such, the overall median closed price in October decreased 3.6 percent (year over year), which was fueled by an 8.1 percent decrease in the condominium market. Broker analysts reviewing the October 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), agree that storm-ready homes and storm-familiar residents help the Naples housing market rebound quickly after a storm and these safeguards strengthen its reputation as a desirable homeownership destination.

A Month of Distractions

Overall inventory continues to rise, and we are almost back to pre-pandemic (2019) levels. For October, inventory increased 30.9 percent to 4,746 properties from 3,627 properties in October 2023. And while new listings were down 6.6 percent compared to October 2023; they rose 13.9 percent compared to September 2024.

The overall median closed price in October was $568,500, a 3.6 percent decrease from $590,000 in October 2023. In the single-family home market, the median closed price increased 3.2 percent to $727,500 from $705,000 in October 2023. And for condominiums, the median closed price decreased 8.1 percent to $413,750 from $450,000 in October 2023.

The Impediments That Remain

Sellers and buyers of condominiums may find some relief in the new year as state legislators may explore the possibility of delaying the deadline for mandated reserves. Structural studies are still required to be completed by December 31st, but associations won’t have to budget the money for reserves until they adopt their budgets for 2025. One option that may be explored during the 2025 Legislative Session is low or zero-interest loans for associations or condominium owners to help pay for special assessments.

The NABOR® October 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:

Hurricane Ready Homes Abound

It’s been over 30 years since Hurricane Andrew tore through South Florida necessitating new building standards and regulations. Since then, Florida and Naples have continued to make storm water and infrastructure improvements a priority. As such, most homes today that are on or near the water in Naples can endure tidal surges and hurricane-force winds.