REAL ESTATE NEWSLETTER: JULY 2024
July 2024 Real Estate Newsletter
This month, we’re excited to highlight two exceptional communities in Estero: West Bay Club and the new condo construction – The Island at West Bay Club. West Bay Club offers an active lifestyle with social events and activities, while The Island at West Bay Club provides unparalleled luxury with state-of-the-art amenities. Read on to know more!
In the newsletter below, I have included my usual market trend summary, recent real estate news articles, and property search tools. If you haven’t set up an account to save your property searches, give it a try. My website allows you to search by neighborhood or community, a feature many others lack.
Enjoy the newsletter! As always, please reach out to discuss your real estate needs or with any questions you might have.
Best regards,
Matt
Estero Community Update – New Condo Building Construction
For all of you looking forward to brand-new condo building construction in Estero, I have details on two recent community pages on my website: West Bay Club and The Island at West Bay Club.
WEST BAY CLUB
West Bay Club, Estero’s hidden gem, is a gated community spanning 870 acres with 500 acres of wetlands and nature preserves. Residents enjoy premier amenities including golf, tennis, and a private beach club featuring Key West-style dining. The community offers a diverse range of homes, from expansive single-family residences to luxurious high-rise living, ensuring something for everyone. This serene retreat boasts beautifully landscaped gardens and over six miles of preserved waterfront, offering a tranquil escape from highway traffic and airport noise.
THE ISLAND AT WEST BAY CLUB
The Island at West Bay Club, a 24-story high-rise condo tower, offers 86 luxury residences with floor plans ranging from three + den to four bedrooms. It features stunning panoramic views of the Gulf of Mexico and West Bay Club’s championship golf course. Developed by Kolter Urban and designed by Garcia Stromberg, this new construction is projected to be completed by late 2026/ early 2027. It offers spacious terraces and thoughtfully positioned corner residences, each with walls of glass overlooking Estero Bay, the Gulf, and nearby nature preserves. Signature amenities and attention to detail set a new standard for luxury living in Estero.
Be sure to check out these pages for more details: West Bay Club and The Island at West Bay Club.
June 2024: Naples Market Trends and Commentary
In this month’s Naples real estate market trend review, I focused on the single-family home market highlighting 4 of Naples’ top luxury neighborhoods with sales activity over the last 5.5 years. Featured neighbourhoods are Port Royal, Aqualane Shores, Old Naples and the Crayton Road area which is comprised of Coquina Sands, Moorings and Park Shore. Keep in mind that many of these statistics compare sales activity in the first half of this year to the same timeframe last year which is the period after Hurricane Ian when there was a significant number of damaged properties that sold in the first half of 2023. It’s difficult to count the number of damaged homes sold but I found that for homes built before 1990, there were 94 sold in the 8 months after Ian and then only 31 sold in the same period a year later.
To scan previous months’ newsletters and monthly market commentary, head to website > RESOURCES > Newsletters.
AVERAGE SALES PRICE (6-month rolling averages)
The average sales price for a single-family home increased in 3 of 4 neighbourhoods over the last 6 months compared to the same period a year ago:
- Crayton Road area homes sold for $5,971,946, up 34%
- Old Naples homes sold for $8,575,000, up 11.9%
- Aqualane Shores homes sold for $11,133,333, up 12.2%
- Port Royal homes sold for $15,540,000, down 12.3%
AVERAGE PRICE PER SQFT (6-month rolling average)
The average sales price per square foot for a single-family home over the last 6 months compared to the same period a year ago:
- Crayton Road area homes sold for $1,450/SF, up 19.7%
- Old Naples homes sold for $2,249/SF, down 7.8%
- Aqualane Shores homes sold for $2,130/SF, up 0.2%
- Port Royal homes sold for $2,409, down 13.0%
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 indicator measures 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 the Naples market, higher price points typically have a higher supply and 10 to 20 months is a more typical level of supply.
The supply of single-family homes on the market as of 7/1/24 has moved lower in all neighbourhoods recently but is up considerably from the same date last year in 3 of 4 neighbourhoods:
- Crayton Road area had 12.3 months of inventory, up 50.0% (down from a peak of 13.5 months in March 2024)
- Old Naples had 17.2 months of inventory, up 112.3% (down from a peak of 22.2 months in April 2024)
- Aqualane Shores had 12.9 months of inventory, flat. (down from a peak of 23.1 months in February 2024)
- Port Royal had 21.0 months of inventory, up 68.0% (down from a peak of 24.8 months in May 2024)
HOMES FOR SALE
The number of homes for sale as of 7/1/24 has decreased from earlier this year but has increased in 3 of 4 neighbourhoods compared to a year ago:
- Crayton Road area had 84 homes on the market, up 2.4%
- Old Naples had 55 homes on the market, up 52.8%
- Aqualane Shores had 28 homes on the market, flat
- Port Royal had 36 homes on the market, up 12.5%
NEW LISTINGS
The number of new single-family home listings that came on the market in the last 6 months was down in 3 of 4 neighbourhoods compared to the same period last year:
- Crayton Road area had 106 new listings hit the market, down 4.5%
- Old Naples had 55 new listings hit the market, up 52.8%
- Aqualane Shores had 23 new listings hit the market, down 11.5%
- Port Royal had 25 new listings hit the market, down 28.6%
PENDING SALES
The number of pending single-family homes in the last 6 months decreased overall compared to the same period last year but was up in 2 of the 4 neighbourhoods:
- Crayton Road area had 48 pending sales, down 27.3%
- Old Naples had 22 pending sales, down 8.3%
- Aqualane Shores had 10 pending sales, up 11.1%
- Port Royal had 11 pending sales, up 10.0%
TOTAL SALES CHART (6-month rolling total)
The number of single-family home closed sales in the last 6 months decreased overall compared to the same period last year:
- Crayton Road area had 46 closed sales, down 33.3%
- Old Naples had 23 closed sales, down 28.1%
- Aqualane Shores had 9 closed sales, flat
- Port Royal had 10 closed sales, down 9.1%
DOLLAR VOLUME OF CLOSED SALES (6-month rolling total)
The total dollar volume of single-family home sales in the last 12 months within the 4 neighbourhoods was just shy of $1B, down by approximately $370M (27%) compared to the previous 12 months:
- Crayton Road area had $431,764,507 in sales volume, down 8.0%
- Old Naples had $251,590,000 in sales volume, down 30.5%
- Aqualane Shores had $138,150,000 in sales volume, up 14.2%
- Port Royal had $176,500,000 in sales volume, down 57.6%
AVERAGE DAYS ON MARKET (6-month rolling average)
Single family homes that sold in the last 6 months spent more time on the market compared to the same period a year ago:
- Crayton Road homes spent an average of 147 days on the market, up 70.9%
- Old Naples homes spent an average of 105 days on the market, up 23.5%
- Aqualane Shores homes spent an average of 231 days on the market, up 185.2%
- Port Royal homes spent an average of 218 days on the market, up 235.4%
AVERAGE PERCENT OF LAST SALES PRICE (6-month rolling average)
Single-family homes that sold in the last 6 months on average sold for 6.3% to 11.5% below their asking prices:
- Crayton Road homes sold 8.6% below their asking price
- Old Naples homes sold 6.3% below their asking price
- Aqualane Shores homes sold 8.8% below their asking price
- Port Royal homes sold 11.5% below their 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.
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.
