Naples Real Estate Report: Strong Inventory Favorable for Pre-Season Buyers
(November 1, 2024) Naples, Fla. Homebuyers benefited from a 37.3 percent increase in Naples’ total house inventory in September, which rose from 3,123 properties in September 2023 to 4,288 listings in September. The Naples Area Board of REALTORS® (NABOR®), which keeps tabs on home listings and sales in Collier County (apart from Marco Island), reports in its September 2024 Market Report that the increase in inventory was accompanied by heightened buyer interest, as evidenced by pending sales (sales under contract) in September, which rose 1% to 622 pending sales from 619 pending sales in September 2023. In anticipation of a spike in winter visitor numbers, broker analysts analyzing the September report are optimistic that more sellers will join the market in the upcoming months. Before the competition heats up, pre-season buyers are urged to take advantage of the wider selection of properties available.
The “months’ supply” figure, as defined by the National Association of REALTORS®, is the number of months it would take for the present stock of available properties to sell at the current rate of sales. Prices are typically driven upward by lower months’ supply and downward by higher months’ supply. In September, the supply for the Naples market was 6.3 months. On a national level, moderate price appreciation is linked to a six-month supply.
Homes are taking longer to move from pending to closed status, as evidenced by the increase in days on the market (from 59 in September 2023 to 83 in September 2024), even though overall closed sales fell 13.2% in September to 527 closed sales from 607 closed sales in September 2023. Broker experts claim that one important component of the general health of the housing market is the monthly pending sales data. They now have a good outlook for the housing market and are hopeful that the recent rise in pending sales will continue to strengthen over the next six months.
The NABOR® September 2024 Market Report provides comparisons of single-family home and
condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation andincludes an overall market summary. NABOR® sales statistics are presented in chart format, includingthese overall (single-family and condominium) findings for 2024:
