Naples Real Estate market sees a 23% increase in new listings during November

The Naples housing market showed positive signs in November 2024, with a significant boost in inventory and renewed buyer interest. New listings increased by 23%, contributing to a 32.4% rise in overall inventory compared to November 2023. The market now offers 5,368 properties, up from 4,052 the previous year.

This influx of new listings was met with enthusiasm from buyers, as pending sales increased for the first time in five years. Real estate analysts reviewing the November 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®).

The data suggests a resilient housing market in Naples, reaffirming the area’s enduring appeal to homebuyers. This shift in market dynamics indicates a potential return to a more balanced real estate environment, offering opportunities for both buyers and sellers in the coming months.

The Naples housing market is emerging from a period of uncertainty and disruption caused by the COVID-19 pandemic and multiple hurricanes. These events made it challenging to analyze and compare recent market data with trends from the past five years.

To provide a clearer historical perspective, NABOR® (Naples Area Board of REALTORS®) began comparing monthly data to corresponding months in 2019, before the pandemic’s impact. This approach aimed to offer a more accurate baseline for market analysis, free from the distortions caused by these extraordinary events.

Encouragingly, the November market report indicates that the market is stabilizing and improving in several key areas. This suggests that the long-standing effects of these disruptions are finally beginning to dissipate, allowing for a more normalized view of the Naples housing market’s performance and trends.

The Naples housing market showed mixed trends in November 2024:

Overall Pricing:

The median closed price decreased slightly by 1.7%, from $585,000 in November 2023 to $575,000.

Market Segments:

Condominiums: Experienced a significant 10.8% decrease in median closed price.

Single-family homes: Saw a 2.8% increase in median closed price.

Inventory Levels:

Months supply of homes rose to 8.1 months, up from 5.5 months in November 2023.

This metric indicates how long it would take to sell all active listings at the current sales pace.

Market Balance:

Real estate experts consider 12 months of inventory as indicative of a balanced market in Naples.

The current 8.1 months supply suggests the market is moving towards balance but still favors sellers to some extent.

Pending Sales:

Experienced a notable 10.7% increase

Rose to 732 from 661 in November 2023

Closed Sales:

Saw a significant decrease of 18.4%

Dropped to 448 from 549 in November 2023

Days on Market:

Increased by 40.7%

Extended to 83 days from 59 days in November 2023

For context, in November 2019 (pre-pandemic), it was 92 days

The Naples condominium market is showing positive signs and stability:

Structural Integrity:

Most Naples condominiums have successfully completed mandatory milestone structural inspections.

• The area is not facing the same challenges as Florida’s east coast, where many pre-1992 condos lacked adequate reserve funding for structural repairs.

2. Market Activity:

November saw a significant 27.9% increase in new condominium listings.

• This surge boosted the overall condominium inventory by 41.7%, from 1,909 units in November 2023 to 2,709 units.

3. Future Considerations:

Older condominiums may experience slight increases in living costs as associations work to replenish their reserves.

• This proactive approach to maintenance and financial planning is likely to contribute to the long-term stability of the Naples condominium market.

These developments suggest a healthy and well-managed condominium market in Naples, with a growing inventory that offers more options for potential buyers.

The Naples real estate market is showing signs of transformation, with data suggesting growing buyer interest evidenced by a rise in pending sales. However, the landscape remains complex, as decreased closed sales and longer time on market indicate challenges in finalizing transactions. This shifting market exhibits varying trends across different property types, pointing towards more balanced conditions. While not yet at the historically balanced level for the Naples area, the market is adjusting and showing increased activity as the pre-season begins, signaling a gradual return to normalcy from the disruptions of recent years.