REAL ESTATE NEWSLETTER: AUGUST 2024
August 2024 Real Estate Newsletter
I have some exciting news to share! I’ve been recognized as one of the leading real estate agents in the country for 2024 by RealTrends, thanks to the incredible support from my clients and our community. This recognition reflects the dedication and hard work I put into serving the Naples area. I couldn’t have achieved this without your trust, and I’m grateful for the amazing platform provided by William Raveis and the LeadingRE network. Here’s to continued success and delivering exceptional service!
I’m also thrilled to announce that William Raveis has won a top international award for luxury service excellence. Congratulations to William Raveis for being named the Best Luxury Real Estate Brokerage in Connecticut, Massachusetts, Florida, and for the first time—South Carolina! This remarkable achievement coincides with the company’s 50th anniversary, further solidifying its position as a national and global leader in luxury real estate. You can read more about this incredible achievement here.
This month, we’re featuring Kalea Bay in Naples, FL—a super successful and popular new condo development that is currently building and selling it’s 5th and last 22-story condo tower. This stunning waterfront high-rise community offers luxury condos with sweeping Gulf views and world-class amenities. Read on to learn more about Kalea Bay and what makes it an outstanding choice for refined coastal living.
In this newsletter, you’ll also find the latest market trends, recent real estate news, and helpful property search tools. If you haven’t already, consider setting up an account on my website to save your property searches—our advanced search features allow you to explore by neighborhood or community, which many others don’t offer.
Enjoy this edition, and as always, please reach out if you have any questions or real estate needs. I’m here to help!
Best regards,
Matt
National Association of Realtors® Settlement (“NAR Settlement”)
As part of the proposed NAR Settlement of certain class action lawsuits, NAR agreed to make changes to real estate business practices that preserve choices consumers have regarding real estate services, and which provide greater transparency relating to broker compensation for those services.
Key changes include:
- Offers of compensation to Buyer’s Brokers are prohibited from being displayed in the Multiple Listing Service (“MLS”), as of August 2024, all offers of compensation for current and future listings will no longer be displayed in the MLS.
- As of August 17, 2024, all Buyer’s Brokers working with a Buyer must enter into a written agreement that specifies the amount of compensation paid to a Buyer’s Broker before the Buyer tours any home.
- These changes do not restrict Sellers from making an offer of compensation to a Buyer’s Broker.
- Sellers and Listing Brokers may offer compensation to Buyer’s Brokers, but such offers must not be displayed or referenced in the MLS.
- You do not need a written agreement if you are just speaking to a Listing Associate at their open house, or asking an Associate about the brokerage services offered, such as during a Buyer consultation.
These changes affect all real estate brokerages in the U.S. that are MLS participants. As has always been the case, Broker commissions are not set by law and are fully negotiable. For additional information on the NAR Settlement please visit Facts.Realtor
New Construction Condo Development – Kalea Bay
Let’s explore another exciting new construction condo development this month: Kalea Bay in Naples, FL.
Nestled along the Wiggins Pass Estuarine Area and Cocohatchee River System, Kalea Bay captures the essence of refined coastal living. This waterfront high-rise community offers spacious condos with stunning Gulf views and world-class amenities.
Kalea Bay spans five towers and 600 residences across 500 acres, showcasing impeccable design and luxury. Each tower features breathtaking panoramic views of the Gulf of Mexico and Wiggins Pass, complete with rooftop terraces and infinity-edge pools. Residents experience a five-star resort lifestyle, surrounded by lush tropical beauty, with exquisite condos to call home.
The final phase, Tower 500, began sales in January 2024 and is now available for pre-construction purchases, with completion expected in September 2026. Prices start in the low $3 million range. For those seeking immediate occupancy, resale units are available in Towers 100, 200, 300, and 400.
Are you interested in high-rise luxury condos with breathtaking Gulf views or curious about living amidst top-tier amenities and natural beauty? For more detailed insights, visit our page on ‘Kalea Bay Naples, FL: Your Gateway to Serene Coastal Living‘.
July 2024: Naples Market Trends and Commentary
In this month’s Naples real estate market trend review, I focused on properties over $2M, which represents the top 10% of the market, over the last 5.5 years.
To scan previous months’ newsletters and monthly market commentary, head to website > RESOURCES > Newsletters.
AVERAGE SALES PRICE (6-month rolling average)
The average sales price for a single-family home over $2M in Naples was $4,884,609 over the last 6 months, up 9.1% compared to the same period a year ago. The average sales price for condominiums over $2M in Naples was $3,682,367 over the last 6 months, up 5.2% compared to the same period a year ago.
AVERAGE PRICE PER SQFT (6-month rolling average)
The average sales price-per-square-foot for a single family home over $2M in Naples was $1,172 over the last 6 months, up 1.6% compared to the same period a year ago and up 80% from the same 6 month period in 2019. The average sales price-per-square-foot for a condominium over $2M in Naples was $1,256 over the last 6 months, up 4.7% compared to the same period a year ago and up 53% from the same 6 month period in 2019.
MONTHS SUPPLY
This is one of the most revealing statistics regarding the current supply/demand balance of the real estate market activity since it combines the pace of sales with the number of properties currently available. The months of supply metric tells us how long it would take for all the properties on the market to be sold if sales continued at the current pace and no additional listings came on the market. Nationwide 6 months of supply is considered to be a balanced market but within Naples luxury market, 12 to 18 months is a more typical level of supply.
The supply of single-family homes in Naples over $2M in July was 14.9 months, up 44.7% from July 2023 and 18% below July 2019. The supply of condominiums in Naples over $2M in July was 13.8 months, up 106% from July 2023 and 14% below July 2019.
HOMES FOR SALE
As of July 1st 2024, there were 729 single family homes for sale over $2M in Naples, up 30.9% from July 1st 2023 and up 45% from July 2019. As of July 1st 2024, there were 333 condominiums for sale over $2M in Naples, up 95.9% from July 1st 2023 and up 110.8% from July 2019.
NEW LISTINGS (6-months rolling total)
The number of new Naples single family home listings over $2M that came on the market in the last 6 months was 733 homes, up 9.1% compared to the same period last year. The number of new Naples condominium listings over $2M that came on the market in the last 6 months was 330 condos, up 14.6% compared to the same period last year.
PENDING SALES (6-months rolling total)
The number of pending Naples single family home sales over $2M in the last 6 months was 378 homes, down 6.0% compared to the same period last year. The number of pending Naples condominium sales over $2M in the last 6 months was 191 condos, up 15.1% compared to the same period last year.
TOTAL SALES CHART (6-month rolling total)
The number of single-family home closed sales over $2M in the last 6 months was 361, flat from the same period 1 year ago and the number of condominiums sold over $2M was 180, down 3.2% compared to the same period last year.
DOLLAR VOLUME OF CLOSED SALES (12-month rolling total)
The total dollar volume of single-family home sales over $2M in the last 12 months was $2.7B, down by 5.3% compared to the previous 12 month period and up from $1.4B over the same period in 2019. The total dollar volume of condominium sales over $2M in the last 12 months was $1.0B, up by 4.5% compared to the previous 12 month period up from $450M over the same period in 2019. It’s interesting to note that the sales of condominiums over $2M have been very steady since mid-2021, coming down 12.9% but the total sales volume of single-family homes has come down 32% since mid-2021
AVERAGE DAYS ON MARKET (6-month rolling average)
Single family homes in Naples that sold over $2M in the last 6 months spent 94 days on the market on average and condominiums spent 93 days on the market. Properties spent more time on the market compared to a year ago but still quite a bit less than the 100 to 175 days on the market that was typical prior to the pandemic.
AVERAGE PERCENT OF LAST SALES PRICE (6-month rolling average)
Single family homes in Naples that sold over $2M in the last 6 months sold for 6.3% below their last asking price and condominiums sold for 5.1% below their last asking price. This level of negotiation is very similar to 1 year ago and also similar to the same 6 month period in 2019 prior to the pandemic.
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.
To check out previous months market reports head to my website > RESOURCES > Market Reports.
Area Real Estate News Summary
If you would like to look back at all our monthly news posts, check out our Facebook feed or our LinkedIn feed.
Search Current Inventory
Below are Naples newest properties on the market priced above $1,000,000. See any which are interesting, lets connect! If you would like to search all Southwest Florida properties, visit our website > SEARCH > Search Properties page.
