In March, Home Prices Continue to Rise as Inventory Increases
Naples, Fla. (April 26, 2024) – Positive shifts and trends in the Naples area housing market during March continued to attract buyers and sellers. The March 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported a 67.6 percent increase in inventory to 5,283 properties from 3,153 properties in March 2023. While home prices continue to appreciate steadily, up 6 percent in March to $649,000 from $612,000 in March 2023, there were also 2,667 price decreases during March, the highest number of decreased reported in over five years. According to broker analysts, these decreases are not placing downward pressure on prices; they are an indication that sellers are taking steps to stay competitive.
Luxury Sales on the Rise:
The enduring appeal of Naples to the affluent home buyer, coupled with lower luxury home prices in the
Naples area compared to other luxury markets and the steady growth in Naples area property values is
driving sales now more than ever. There were 32 homes sold in the $5 million and above price range and
126 homes sold in the $1.5 to $5 million price range in March 2024.
The NABOR® March 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:
Market Report Standouts:
Closed sales of single-family homes in East Naples (east of Collier Boulevard or 34114, 34117, 34120,
34137) continues to outpace single-family home closed sales reported in all other areas in Naples. There
were 206 single-family home closed sales in this area during March, with another 249 single-family
homes that came on the market (new listings) during the month.
The Naples Beach area ( 34102, 34103, 34108) reported the highest number of condominium new listings in March (188) and the highest inventory of condominiums (859); but the North Naples area (34109,34110, 34119) reported the highest closed sales of condominiums in March (130).
