REAL ESTATE NEWSLETTER: MAY 2024
May 2024 Real Estate Newsletter
Exciting news! Naples has been named the #1 Best Place to Live, adding another accolade to our city’s impressive list. This recognition highlights the unparalleled quality of life our community offers. For the 2024-2025 Best Places to Live rankings, U.S. News evaluated 150 major cities. To top the list, a city needed to offer good value, desirability, a strong job market, and a high quality of life.
Naples has been honored as the #1 Safest City to Live In, the Best Beach Town, and a top destination where people live the longest. Recognized as the Best Place to Retire, the Healthiest and Happiest City in the Nation, and the Best Place to Live in the US, Naples’ reputation for excellence is unmatched. These and many more awards highlight world-class amenities, unparalleled natural beauty, and a quality of life that attracts discerning homebuyers seeking luxury, comfort, and a slice of paradise. For a comprehensive list of all recent awards and recognitions, be sure to visit our Southwest Florida & Naples Awards page.
In this edition, you’ll find our usual market trend summary, recent real estate news, and handy property search tools. If you haven’t set up an account to save your property searches, I encourage you to try it. My website allows you to search by neighborhood or community, a feature many others lack.
Enjoy the newsletter, and as always, please reach out with any real estate needs or questions.
Best regards,
Matt
The Ritz-Carlton Residences, Naples
The Ritz-Carlton Residences in Naples offers an extraordinary blend of luxury and serene coastal living. This exclusive community, previously known as One Naples, comprises 128 resort-style homes with stunning gulf and bay views. The Tower and The Bay Residences provide comfort and privacy with spacious outdoor terraces for a seamless indoor-outdoor experience.
Residents enjoy lavish amenities, a private marina, and impeccable concierge services. Positioned at a prestigious marina-front location, the community features breathtaking seaside and sunset views, a secluded park, and exclusive access to The Vanderbilt Club—a 28,000-square-foot retreat. Elevate your lifestyle with legendary service that is a hallmark of the Ritz-Carlton brand and an incomparable coastal experience.
Out of the 108 units that were released for sale to date, approximately 65% have been sold. Prices currently start in the low $4-millions and occupancy is expected to be in the 1st half of 2026.
Please let me know if you have interest in The Ritz-Carlton Residences, and check out this month’s featured blog post on The Ritz-Carlton Residences, Naples for additional details.
Other new construction developments can viewed on my website > SEARCH menu > New Developments.
Featured Listings
Check out all my listings on my featured listings page.
April 2024: Naples Market Trends and Commentary
In this month’s Naples real estate market trend review, I thought it would be helpful to look at the Naples Market from a high level, including the entire overall Naples market over the maximum time period available in the charting program, which goes back to 2011 or 2015 depending on the data. I also separated the trend lines for single-family properties from condominiums to show differences in trends based on property type.
To scan previous months newsletters, head to website > RESOURCES > Newsletters.
AVERAGE SALES PRICE (12-month rolling averages)
The average single family home in Naples in April was $1,437,366, up 20.7% over last April and about 8.0% below the all-time high of $1,563,171 seen in January 2023. The average sales price for a condominium in April was $834,263, 1.1% above April 2023.
AVERAGE PRICE PER SQFT (12-month rolling average)
The average single family home sales price-per-square-foot in April was $516/SF, up 7.3% over last April. The average sales price-per-square-foot for a condominium in Naples was $461/SF, up 2.9% 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 broke it’s 2+ year trend of increasing by decreasing from March to April. Supply has moved down to 7.2 months for single family homes and 7.6 months for condominiums. These numbers are up 56% and 123% from last year and are now back within the pre-pandemic “normal” range for Naples real estate which has historically been about 7 to 9 months of supply.
HOMES FOR SALE
Both homes and condominiums have decreased in supply in the last month, ending a stretch of increasing supply since mid-2023. At the end of April 2024, there were 2,603 single family homes for sale in Naples, up 47.7% from April 2023 and just entering the pre-pandemic norm of 2,500 to 3,500 homes on the market. At the end of April, there were 2,696 condos on the market in Naples, 98.8% more than 1 year ago, also within the pre-pandemic norm of 2500 to 3500 condos on the market.
NEW LISTINGS
There were 703 single family homes added to the market in April 2024, 22.3% more new listings than April 2023. There were 650 condominiums added to the market in April 2024, 13.6% more new listings than the same month a year ago. This is typical to see listings slowing down as our busy winter season concludes.
PENDING SALES
In April 2024, there were 454 pending single-family home sales in Naples, up 5.3% from last April. Also, there were 439 pending condominium sales in April, down 1.8% from April 2023.
TOTAL SALES
Total sales activity for single family homes in Naples was 468 homes, up 7.1% in April compared to the same month a year ago. Total sales activity for condominiums in Naples was 540 condos, up 2.9% in April 2024 compared to April 2023.
TOTAL SALES CHART (12-month rolling total)
As of April 2024, the trailing 12-month sales total for single family homes in Naples was 4,365 homes, down 5% 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 8,061 homes closed (wow!) from mid-2020 to mid-2021. The 12-month rolling total sales count for condominiums have closely tracked that of single family homes with 4,261 condos closed in the past year, down 10.3% from 1 year ago and down from an all-time peak of 8,739 condos closed from mid-2020 to mid-2021.
DOLLAR VOLUME OF CLOSED SALES (6-month rolling total)
The total dollar volume of closed single family home sales in Naples over the last 6 months was $2.84B, down 4.7% from April 2023. The total dollar volume of closed condominium sales in Naples over the last 6 months was $1.73B, down 2.2% from April 2023.
AVERAGE DAYS ON MARKET (6-month rolling average)
In April 2024 Naples single family properties that closed spent an average of 70 days on the market, a statistic that has been gradually increasing since the low point of 20 days in May 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. In April 2024 Naples condominiums that closed spent an average of 63 days on the market, up from a low point of 12 days on the market in April of 2022.
AVERAGE PERCENT OF LAST SALES PRICE (6-month rolling average)
For single family homes in Naples that closed in April 2024, the average amount of negotiation from the last list price was 4.6%. In April 2024 condominiums saw an average of 3.8% 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 5% negotiation from the last asking price. The amount of negotiation for condos is around 1% less than it was pre-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.
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.
Area Real Estate News Summary
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