Naples and Grey Oaks Real Estate Update (February 2025)

Naples Market Update

Overall inventory has continued to climb for the past 35 months, with a 35.8 percent inventory increase to 7,320 properties in comparison to February 2024 of 5,389 properties (condominium inventory increased 40.9 percent from February 2024.) February saw 1,710 new listing added to the market (0.1 percent decrease from February 2024) and for buyers, that meant more choices, which has led to a seemingly “no urgency mentality.”  Overall closed sales decreased 9.5 percent from February 2024, but they increased 6 percent compared to closed sales in January.

The February 2025 overall median closed price increased 4 percent to $650,000 from February 2024. A very interesting note is that median price in February 2020 was $345,000.  Values have dramatically changed in five years. Basically, if you bought a home before the pandemic, you are in a great position if you decide to sell.  While the average overall closed price in February 2025 was $1,316,261 as compared to $1,106,544 of February 2024, the analysts at NABOR have chosen to use median prices to compare data, due to higher-priced sales that skew the average sales data, which would not be an accurate reflection of a typical, overall average. Sold median prices vary significantly, depending on location and community, and it is important to use a real estate professional that truly knows your area or community, when it comes to buying or selling. 

In the condominium market, median closed price in February 2025 decreased 0.4 percent to $500,000, although average closed condo price increased 13.9 percent to $916,157, compared to February 2024.  Mandatory milestone inspections on most condominiums have been completed and according to analysts, Naples condos are not facing the same challenges as the east coast of Florida, where many of the condominiums built before 1992, were not adequately funded in their resources for possible structural repairs.  It is still important to note that the cost of living in an older condominium may increase yet, as associations may increase their reserves for insurance increases and repair reserves.  In February 2025, there was a 1.6 percent decrease in new condo listings, and overall condo inventory increased 40.9 percent from February 2024.

Prices are beginning to reflect the added 35.8 percent inventory increase, and sellers are becoming more competitive for buyers, with 2,883 price reductions in February (2,668 price reductions in January and 1,076 in December 2024.) As more inventory is available to buyers, they are taking more time in making buying decisions. Basically, if there have not had many showing requests, it probably means the residence is priced too high.  According to analysts, some areas are starting to see declining values for homes purchase in 2022, especially in areas where the spec home market has produced an oversupply of home for sale.

The market is correcting itself and prices are not appreciating at the rates they have been in the past, and the sales have slowed slightly due to current economic conditions and a an overall lack of urgency on from buyers.  We are currently at 11 overall months’ supply, with 85 average days on market, and a 94.8 percent list price received. Compared to February 2024, there was an overall 7.4 months’ supply of inventory, 69 average days on the market, and 95.8 percent list price received.  It is very interesting to compare with February 2020, right before Covid became a part of life, there was a 6.6 months’ supply, 95 average days on the market, and 95.5 percent price received.  Back in February 2020, the overall median sold price was $345,000.

The appeal of Naples will always be there to the affluent home buyer, with all that Naples has to offer, including weather, beaches, a dynamic restaurant scene, theater, shopping, and a lifestyle that is hard to beat! The remarkable high-end properties under construction that include the Four Seasons, Naples Beach Residences, Rosewood Residences, Ritz Carlton Residences, Olana Naples Residences, among others, will make Naples even more of a destination resort town now and in the future!

Grey Oaks Naples Homes for Sale

Season is in full swing and while most of the Naples market is inundated with many listings and not enough buyers, percentage-wise to other communities, Grey Oaks real estate, with 909 doors, does not have a large inventory (2.2%). For example, Mediterra, a similar-sized, country club community, currently has 41 listings (4.4%), and our neighbor, Kensington (about 566 doors) has 14 listings available (2.5%.)  In speaking to many other real estate professionals that do business in other areas, the buyers just seem to have no urgency.  As season begins to come to an end next month, showings typically increase and we feel many will be pulling the trigger to purchase.  With our incredible location in town and our amazing amenities, Grey Oaks stands out even in the level of lower listings.  In Grey Oaks, there are currently 20 residences for sale (with seven listings over $7 million) ranging from a $1.995 million to $16.5 million. There were six residences that went under contract or went pending in the last 120 days, and 19 have closed in the last 120 days, ranging from $1,975,000 to $9,795,000. I was involved with four of those transactions.

The average days on the market in Grey Oaks, with the 19 closed transactions in the last 120 days, was 106 days, due mainly to a few listings that were over 250 days on the market. The overall average sold price was $4,927,053.  Of the 19 closed transactions, there was a 93.6 percent list price received. A few more interesting facts about our home values in Grey Oaks: in February 2020, there had been 21 residences sold in the 120 days prior to February 28, 2020, with the average sold price was $2,662,388 with average 241 days on market, and 88.3 percent original list price received. 

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 just under 100 Members on the Golf Membership waitlist. While this is very fluid and difficult to verify an exact wait time, the Club is now currently anticipating a 2-year wait for resident Members on the waitlist.

The appeal of Naples will always be there to the affluent home buyer, with all that Naples has to offer, including weather, beaches, a dynamic restaurant scene, theater, shopping, and a lifestyle that is hard to beat! The remarkable high-end properties under construction that include the Four Seasons, Naples Beach Residences, Rosewood Residences, Ritz Carlton Residences, Olana Naples Residences, among others, will make Naples even more of a destination resort town now and in the future!