Increased Inventory Helps April’s Increase in Home Sales
After months of increasing inventory, closed sales in April 2023 increased by 3.8 percent to 999 from 962, signaling the end of the inventory shortage. Since June 2021, this is the first month that closed sales have surpassed monthly comparable sales from prior years. The 2,365 price reductions in April pushed sales in the right way, according to the Naples Area Board of REALTORS® (NABOR®) April 2024 Market Report, which records property listings and sales within Collier County (excluding Marco Island). Not only does inventory growth seem to be accelerating, but in April of 2023 there were 1,335 new listings, up 16.3% from 1,148 in the same month the previous year.
The New Mean
There were 315 properties for sale under $300,000 in April, indicating that the pandemic increased demand for the Naples lifestyle and reduced the supply of under $300,000 residences. On the other hand, there is a huge demand for luxury real estate, particularly in the price range of $500,000 to $1.5 million, where there are 2,410 homes available, a 68.1 percent increase from April 2023.
The Naples Beach region was responsible for closed deals that affected the average price growth overall, according to the research. In the areas of 34102, 34103, and 34108 near Naples Beach, the average closing price of single-family houses rose by 61.6 percent to $4,309,475 in April 2023 from $2,666,512 in April 2023. Having said that, the vast majority of properties in this area sold for less than their initial list prices, with single-family homes receiving 93.3 percent of the list price and condominiums receiving 94.8 percent. This suggests that vendors are lowering their pricing to remain competitive.
Fit for the Future and Forward
The average monthly inventory in Naples has returned to the pre-pandemic level, according to the April data. From 3,118 properties in April 2023 to 5,240 properties in April, there was a 68.1 percent growth in inventory. And there are currently 7.3 months’ worth of houses available.
Broker analysts do not anticipate a sharp decline in the median closing price as more affluent purchasers come to appreciate Naples. The overall median closing price for April 2023 was $425,000, up 4% from the previous year to $450,000. Even so, in some markets, price modifications are having a significant impact. April had 2,365 price reductions, bringing the single-family home market’s median closing price down 3.2% to $793,750 from $820,000 in April 2023.
In addition to an overall market summary, the NABOR® April 2024 Market Report compares prices, geographic segmentation, and single-family home and condominium sales (as reported by the Southwest Florida Multiple Listing Service). The sales figures for NABOR® are presented in chart format, including these overall (singlefamily and condominium) findings for 2024:
