Naples Market Update
Overall inventory has continued to climb for the past 34 months, with a 40 percent inventory increase in comparison to January 2024 (condominium inventory increased 49 percent from January 2024.) January buyers were welcomed with a 22.6 percent of new inventory, and for buyers, that meant more choices than they have ever had in any month in the last five years.
The January 2025 overall median closed price increased to $659,000, up 9.4 percent from January 2024. A very interesting note is that median price in January 2020 was $343,000! Values have dramatically changed in five years! While the average overall closed price in January 2025 was $1,317,472 as compared to $1,1099,785 of January 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.
In the condominium market, median closed price in January 2025 decreased 2.7 percent to $466,000, although average closed condo price increased 1.7 percent to $766,362, compared to January 2024. Mandatory milestone inspections on most condominiums have been completed and according to analysts, Naples condos 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 more new listings are expected in the coming months, the cost of living in an older condominium may increase yet, as associations may increase their reserves for insurance increases and repair reserves. In January 2025, there was a 23.2 percent increase in new condo listings, which increased inventory by 49 percent.
Prices are beginning to reflect the added 40 percent inventory increase, and sellers are becoming more competitive for buyers, with 2,668 price reductions in January 2025 (December 2024 had 1,076 price reductions) although many began with aspirational pricing. As more inventory is available to buyers, they are taking more time in making buying decisions, as the market becomes more of a buyer’s market. Basically, if there have not had many showing requests, it probably means the residence is priced too high.
We are currently at 10.2 overall months’ supply, with 92 average days on market, and a 94.8 percent list price received. Compared to January 2024, there was an overall 6.7 months’ supply of inventory, 62 average days on the market, and 95.8 percent list price received. According to the analysts, 12 months of inventory is historically considered a balanced market. It is very interesting to compare with January 2020, right before Covid became a part of life, there was a 6.6 months’ supply, 107 average days on the market, and 95.4 percent price received. Back in January 2020, the overall median sold price was $343,000.
The appeal of Naples will always be there to the affluent home buyer. Naples still has lower luxury home prices, compared to other luxury markets, we have a steady growth in our property values, (while not at the levels of earlier years) and the overall continued attraction to all that Naples has to offer, including weather, beaches, a dynamic restaurant scene, theater, shopping, and a lifestyle that is hard to beat!
Grey Oaks 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 does not have a large inventory. For example, Mediterra, a similar-sized, country club community, currently has 41 listings, and our neighbor, Kensington (about 566 doors) has 21 listings available. Noted that both have a few more condo neighborhoods. In speaking to a few real estate professionals that do business in other areas, the buyers just seem to be taking their time. 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, ranging from a $1.995 million to $15.9 million. 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 mainly to a few listings that were over 250 days on the market. The overall average sold price was $4,726,250. Of the 16 closed transactions, there was a 91 percent list price received, but that was brought down by properties that had not been remodeled or updated. If one looks at the 16 sold residences that had a major remodel (or good portion of residence was – 8) the average price received jumps to 94 percent. A few more interesting facts about our home values in Grey Oaks: in January 2020, there had been 17 residences sold in the 120 days prior to January 31, 2020, with the average price of $2,852,303, with average 243 days on market, and 86 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 the approximately 80+ 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.
