REAL ESTATE NEWSLETTER: APRIL 2024
April 2024 Newsletter
In March we circulated a Business Observer article, with the headline “How hot is Naples? More than 180 homes are listed for at least $10M”. Naples really does have the attention from all parts of the country. Here are details from the article in case you don’t have time for the full read:
- Options for Buyers are increasing in the Naples market with a 51% increase in available home listings compared to last year February. What’s more, median listing prices have surged by an impressive 24%, now resting at a median of $1.2 million.
- There are now 187 homes or properties listed for over $10 million in Naples, according to MLS data. Out of those 187, 48 are over $20 million and 17 over $30 million.
- Naples is even closing in on the $10 million and up King: Palm Beach County, which has 253 listings in that range.
- Naples’ irresistible allure to luxury home seekers, coupled with its tax advantages and abundance of lifestyle amenities, is driving the trend.
- Buyers hailing from northern states and sunny California are increasingly flocking to Naples, enticed by its enviable climate and upscale living.
As your trusted advisor, I foresee continued growth in the Naples’ market, propelled by a strong demand for the quality of life that Naples offers. Naples has ranked as a top city in the Country for many reasons… check out the shortened list below (there were just too many to list): best place to retire, one of the best places to move, #2 best small city in the US, healthiest/happiest city, #1 beach town, in top 10 places where American’s live the longest, #1 small art town in America, cleanest city in the Country, #1 community for well-being – a very tough list to beat!!
Let’s navigate this market together!
~Matt
Turtle Season
Sea turtle season is right around the corner! Each year, female loggerhead and green sea turtles return to Southwest Florida to lay their eggs on our beaches. The nesting season begins May 1st and ends on October 31st. In recent years we have had some early arrivals, so Collier County Parks and Recreation staff will begin daily surveys on April 15th on our City beaches.
Last year there were a total of 2,155 nests laid in Collier County, with 558 of these on our City beaches. Unfortunately, due to Hurricane Ian, much of our beach dune vegetation was destroyed allowing for more artificial light to be visible from the beach. As a result, 92 nests had hatchlings become disorientated. Artificial lighting confuses nesting females and hatchlings causing them to disorient away from the ocean resulting in them being prone to capture by predators, fatal dehydration, or misdirection into nearby parking lots and roadways.
WHAT YOU CAN DO:
- Help keep the beach dark: Do not use flashlights or flash photography at night. Turn off all unnecessary lighting and draw blinds/shades to prevent interior lighting from being visible on the beach.
- Do not disturb: If you witness a nesting female or hatchlings on the beach, remain quiet, keep your distance, and enjoy the moment!
- Leave no trace: Be sure to look around before leaving the beach to ensure that you are leaving with everything you brought. In addition, properly dispose of any trash or discarded fishing gear.
Metropolitan New Development
Metropolitan Naples, a new luxury development near Downtown Old Naples, is reshaping urban living with upscale residences, shops, and dining. Ascent, the first tower, features 270 luxury apartments, giving a taste of what’s to come. Aura, the second tower, offers high-end condos with amenities like a fitness center and rooftop pool. The third tower, still unnamed, will enhance the experience even more. Scheduled for completion by 2026, Metropolitan Naples blends luxurious living and vibrant commerce in a self-contained neighborhood.
To explore more about Metropolitan Naples, visit our dedicated development page for additional information. Or as always, reach out and we can discuss this new construction development (and others!).
- Location: Intersection of Davis Boulevard and US 41 East Trail in Naples, Florida
- Aura: 100 Metropolitan Blvd, Naples, FL 34102
- Ascent: 1950 Mayfair St, Naples, FL 34112
- 3 Towers: Aura, Ascent & the third tower is yet to be named
- Views: Naples Bay, Downtown Naples, and the Gulf of Mexico
- Square Foot Range: Ascent – 576 SF studios to 2,133 SF penthouses | Aura – 1,780 SF condos to 4,082 SF penthouses
- Price Range: $2.5M to $6M
- Buildings: Ascent – 15 stories with 270 residential units | Aura – 15 stories with 56 condo units
- Bonus: 5 penthouse units at Aura
Featured Listings
March 2024: Naples Market Trends and Commentary
In this month’s Naples real estate market trend review, I focused exclusively on properties priced above $1,000,000, which is currently a total of 2,189 properties on the market out of the 5,356 total listings, representing the top 40% of the Naples market. I also separated the trend lines for single family properties from condominiums to show differences in trends based property type.
AVERAGE SALES PRICE (12-month rolling averages)
The average single family home sale over $1M in March was $3,044,554, up 18.3% over last March and about 12.1% below a recent high of $3,463,054 seen in January 2023. The average sales price for a condominium over $1M in March was $2,384,128, 8.1% above last March.
AVERAGE PRICE PER SQFT (12-month rolling average)
The average single-family home sales price-per-square-foot over $1M in March was $844/SF, up 4.6% over last March. The average sales price-per-square-foot for a condominium over $1M in Naples was $954/SF, up 3.8% from last year.
MONTHS SUPPLY
This is one of the most revealing statistics regarding the current state of the real estate market since it combines the pace of sales with the number of properties currently available. The months of supply indicator measures how long it would take for all the properties on the market to be absorbed/sold if sales continued at the current pace and no additional listings came on the market. Generally, 6 months of supply is considered to be a balanced market but within Naples luxury market, higher price points typically have a higher supply.
The supply of properties on the market in Naples over $1M has increased to 12.1 months for single-family homes and 11.9 months for condominiums. Months supply held steady from last month but is up 59% and 112% from last year and is now within the pre-pandemic “normal” range for Naples real estate which has historically been about 10 to 18 months of supply.
HOMES FOR SALE
At the end of March 2024, there were 1,466 single family homes over $1M on the market in Naples, similar to February but up 47% from March 2023. At the end of March, there were 723 condos on the market over $1M, similar to February but up 104% since March 2023. Properties available above $1M are above previous peaks because overall property values have gone up roughly 1.5 to 2x since the pandemic so we expect to see a larger quantity of properties priced over $1M.
NEW LISTINGS
At price points over $1M in Naples, there were 332 single family homes and 160 condos added to the market in March 2024. It’s typical for January to be our annual peak listing month as sellers often plan to list during our busy high season.
PENDING SALES
For properties priced over $1M in Naples, there was a spike in sales activity in March 2024 with 219 single family homes pending which was up 28% from last March. There were 109 condominiums pending, 11% below activity seen in March 2023.
TOTAL SALES
Total sales closings in March for properties over $1M in Naples was up 1.8% for single family homes and down 8% for condominiums. March, April and May tend to be the busiest months of the year for sales closings as properties that go into contract during peak season tend to close in those months.
TOTAL SALES CHART (12-month rolling total)
As of March 2024, the trailing 12-month sales total for single family homes over $1M was 1,455 homes, down 6.9% from a year ago. Single family home sales activity has been steadily trending downward as the market cools off from a pandemic era sales activity surge of 1,884 homes closed over $1M from August 2020 to September 2021. The 12-month rolling total sales count for condominiums over $1M was 728 condos, down 4.2% from a year ago and down from a pandemic era peak of 1,002 condos over $1M sold in a 12 month period.
DOLLAR VOLUME OF CLOSED SALES (6-month rolling total)
The total dollar volume of closed single family home sales over $1M in Naples over the last 6 months was $1.76B, down 14% from March 2023. The total dollar volume of closed condominium sales over $1M in Naples over the last 6 months was $762M, up 4.1% from March 2023.
AVERAGE DAYS ON MARKET (6-month rolling average)
Single family properties over $1M in Naples spent an average of 82 days on the market, a statistic that has been gradually increasing since the low point in April 2022 of 23 days but is still lower than the average of 100-175 days on the market that was the norm for several years before the pandemic. Condominiums spent an average of 88 days on the market, up from a low point of 16 days on the market in May of 2022 but still lower than the average of 75 to 150 days on the market that was the norm for several years before the pandemic.
AVERAGE PERCENT OF LAST SALES PRICE (6-month rolling average)
For single family homes over $1M in Naples, the average amount of negotiation from the last list price was 5.6. Condominiums over $1M saw an average of 6.3% of negotiation from the last list price. These indicators are similar to the pre-pandemic “normal” range of negotiation in Naples which has typically been 4 to 7% negotiation from the last asking price.
Southwest Florida & Naples Real Estate Market Reports
Each month our real estate newsletter includes previous months published market reports for the Naples Florida area, which includes the William Raveis luxury real estate market report and the Naples Board of Realtors (NABOR) market report.
Search Current Inventory
Below are new properties in Naples and Bonita Springs priced from $2M to $15M, all built after 2015.
