REAL ESTATE NEWSLETTER: JUNE 2024
June 2024 Real Estate Newsletter
In last month’s newsletter, we shared the exciting news that Naples was named the #1 Best Place to Live. Naples continues to accumulate impressive accolades, showcasing its unparalleled quality of life. Check out our ‘Southwest Florida & Naples Awards‘ page if you haven’t already.
As your trusted real estate advisor, I foresee continued growth in Naples’ market, driven by strong demand for the exceptional lifestyle here. Naples ranks as a top city in the country for many reasons.
Our ‘Naples by Numbers‘ page highlights key statistics and fascinating facts about our vibrant community. Beyond pristine beaches and lush landscapes, Naples stands as a symbol of luxury, comfort, and opportunity. Our page dives into the numbers shaping its unmatched appeal, from its enviable climate to its growing economy and world-class amenities. Cheers to Naples’ growth as the top city!
This month’s newsletter features a detailed market trend summary, the latest real estate news, and our effective property search tool. If you haven’t registered to save your property searches, I encourage you to take advantage of this feature. My website allows seamless searching by neighborhood or community, making it a standout resource.
Enjoy the newsletter! Feel free to reach out with any questions or real estate needs.
Best regards,
Matt
May 2024: Naples Market Trends and Commentary
In this month’s Naples real estate market trend review, I thought it would be informative to look at the Naples Market segmented by price range. I separated the market into 4 price segments, $1 to $3M, $3 to $6M, $6M to $10M and $10M+. The trend lines show all property types (single families and condos are combined) for the greater Naples market over the last 5.5 years.
To scan previous months newsletters and monthly market commentary, head to website > RESOURCES > Newsletters.
AVERAGE SALES PRICE (12-month rolling averages)
The average sales price for a property in Naples in May was $1,196.252, up 5.9% over last May and just $6,000 below the all-time high seen in January 2023.
AVERAGE PRICE PER SQFT (12-month rolling average)
The average sales price-per-square-foot for a property in Naples in May was $494/SF, up 4.2% over last May and equal to March 2024, which was an all-time high average price per square foot. Properties priced $1 to $3M averaged $692/SF, $3 to $6M averaged $1,165/SF, $6M to $10M averaged $1,637/SF and $10M+ properties averaged $2,845/SF.
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. Nationwide 6 months of supply is considered to be a balanced market but within Naples market, higher price points typically have a higher supply.
The supply of properties on the market in Naples continued it’s downward trend seen since February with another decrease in supply. May be concluded with an 8.5 month supply of properties priced from $1 to $3M, a 13.4-month supply of properties from $3 to $6M, a 19.6-month-supply of properties priced from $6M to $10M and a 39.8 month supply of properties in the $10M+ price segment.
HOMES FOR SALE
The number of properties for sale in Naples shrank to 5,068 properties among all price points combined, up 68.8% from last May but down from a recent peak of 5,438 in March. There were less properties for sale in in all 4 price segments in May with 1,226 properties priced from $1 to $3M, 375 properties from $3 to $6M, 168 properties priced $6M to $10M and 167 properties in the $10M+ price segment.
NEW LISTINGS
There were 1,212 new listings that came on the market in Naples in May, up 19.6% from last May but down from a 3 year peak of 1,818 new listings in January – the previous peak was 1,932 new listings added in January 2020.
PENDING SALES
May 2024 saw 736 pending sales across all price points, down 5.2% from May 2023. It’s interesting to note that compared to last May, the $3M to $6M price segment saw 36 pending sales, up 44%, the $6M to $10M price range had 7 pending listings, down 46.2% and the $10M+ price segment had 9 pending sales, up 12.5%.
TOTAL SALES
Total sales activity across all price points in Naples for May 2024 was 922 properties, down 10.7% compared to the same month a year ago.
TOTAL SALES CHART (12-month rolling total)
As of May 2024, the trailing 12-month sales total in Naples was 8,526 properties, down 6.4% from the previous 12-month period.
DOLLAR VOLUME OF CLOSED SALES (6-month rolling total)
The total dollar volume of residential property sales in Naples over the last 6 months was $5.2B, down 2.4% from the same period a year ago.
AVERAGE DAYS ON MARKET (6-month rolling average)
In May 2024 Naples properties that closed spent an average of 61 days on the market, a statistic that has been gradually increasing since the low point of 22 days in June/July 2022 but is still significantly lower than the average of around 100 days on the market that were the norm for several years before the pandemic.
AVERAGE PERCENT OF LAST SALES PRICE (6-month rolling average)
For properties Naples that closed in May 2024 among all price points, the average amount of negotiation from the last list price was 4.1%. This is still slightly less negotiations the pre-pandemic “normal” level in Naples which was around 4.5% of negotiation from the last asking price in 2019.
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.
