The housing market in Naples stays steady in August.
Naples, Fla. (September 27, 2024) – The median closed price for homes in Naples during August was
$600,000; the same price reported in July 2024 and August 2023. According to the August 2024 Market
Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales
within Collier County (excluding Marco Island), there were 1,096 price decreases during August. While
this is the lowest number of price decreases reported for a month so far in 2024, it does indicate that
sellers are continuing to adjust their prices to better reflect today’s housing market. And even though
monthly inventory levels have risen compared to 2023 statistics (40.3 percent in August), they have been decreasing over the last five months; but broker analysts speculate this trend is short lived.
The Fallacy of Timing the Market
“There have been 1,861 units withdrawn from the MLS in the past 120 days,” said Adam Vellano,
Managing Director of South and Southwest Florida at Compass Florida. “This is a common trend
annually as some sellers pull down their listings because they don’t think they’ll get the highest price
during off season months. Unfortunately, if inventory begins to rise in the coming months, in anticipation
of our winter season visitors, the added competition will likely put pressure on sellers to lower their initial
list prices or entertain below list offers.”
In March, Naples enjoyed 5,283 properties in inventory. Yet by the end of August, inventory had
decreased 28 percent to 4,127 properties. Though compared to August 2023, inventory has increased 40.3percent from 2,942 properties. As expected, new listings, which fuel overall inventory, have also beendecreasing since March. But, while down 5.4 percent compared to last August, new listings increased 6.5percent compared to July 2024. Overall closed sales in August decreased 27.8 percent to 524 closed salesfrom 726 closed sales in August 2023.
The NABOR® August 2024 Market Report provides comparisons of single-family home and
condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and
includes an overall market summary. NABOR® sales statistics are presented in chart format, including
these overall (single-family and condominium) findings for 2024:
