Naples and Grey Oaks Real Estate Update (December 2024)

December 2024 Naples Market Overview

Inventory continues to climb in Naples, with a 35.7 percent increase in overall inventory compared to December 2023. Condominium inventory saw an even more significant jump of 45.4 percent from the previous year. Buyers took advantage of increased options, with pending sales rising by 7.4 percent, reflecting strong seasonal demand.

The December overall median closed price was $600,000, down 4 percent from December 2023. Interestingly, this shift was largely influenced by a 13.9 percent decrease in the condominium market, where the median closed price dropped to $447,750. In contrast, single-family home values remained resilient, with the median closed price increasing by 2.3 percent to $767,500.

The average overall closed price in December 2024 was $1,029,394, marking a 7.9 percent decrease from last year. Despite this, Naples continues to maintain strong property values, as seen in the long-term growth of the market. For context, the average closed price in December 2019 (the last year when activity was not influenced by a pandemic or hurricanes) was $599,913, demonstrating a significant appreciation over five years.

In the condominium market, while median closed prices dropped, the supply of condos surged, increasing 45.4 percent year-over-year. More new condo listings are expected in the coming months, and as associations prepare for increased insurance costs and potential repairs, older condominium costs may rise. These factors will continue to shape pricing trends.

Sellers are adapting to the rising inventory levels, with 1,076 price reductions in December as compared to 1,288 in November, signaling more competitive pricing strategies. The months’ supply of inventory has grown to 8.6 months, an increase from 5.7 months in December 2023, indicating a shift towards a more balanced market. Days on market also increased to 84, up from 59 last year, further reflecting changing market dynamics.

Naples remains an attractive destination for affluent buyers, offering a combination of desirable weather, high-quality dining, shopping, and a luxury lifestyle that continues to drive long-term property value appreciation.

Grey Oaks Houses For Sale

As of today in Grey Oaks, there are currently 19 residences for sale, ranging from a $2.875 million to $15.9 million. As of just a few weeks ago, we were down to only 13 listings.  We are located in such great proximity to downtown, the beaches, and shopping, that inventory in Grey Oaks is much lower percentagewise, as compared to other communities.  For example, Mediterra is a similar-sized community, yet there are typically 44-48 listings at any given time. As of today in Grey Oaks, there were nine residences that went under contract or went pending in the last 120 days, and 16 have closed in the last 120 days, ranging from $1,975,000 to $9,650,000. I was involved with 5 of those transactions.

The average days on the market for Grey Oaks real estate, with the 16 closed transactions in the last 120 days, was 140 days, due to two residences that were on the market over 250 days. In our price points, it does typically take longer to sell, than an average residence in Naples. The overall average sold price was $4,726,250.  Of the 16 closed transactions, there was a 90.8 percent list price received, but that was significantly brought down by properties that had not been remodeled or updated.  If one looks at the 16 sold residences that had at least some amount of remodeling or a complete update (nine of them) the average price received jumps to 93 percent. 

With our fabulous, central location in Naples, and all the incredible amenities that Grey Oaks has to offer, this community continues to be a very desirable, evidenced by the approximately 80 Members on the Golf Membership waitlist. The Club is now currently anticipating a 2-year wait for resident Members on the waitlist.