Naples Market Overview
Overall inventory has continued to climb for the past 28 months, according to analysts, resulting in a 50.5 percent increase in comparison to July 2023, with condominium inventory increasing 66.9 percent from July 2023. Today’s buyers are finding more inventory to choose from and are taking their time to decide on the right home in the right area for their needs. This summer has been even quieter than last summer, from my own experience, as well as speaking to many real estate professionals. Overall closed sales have decreased 2.6 percent from July 2023, and even the pending sales activity reported a 15.7 percent decline in July 2024, compared to last year in July.
Overall, July median closed price was at $590,000, a 0.8 percent decrease from July, 2023, and the overall average closed price was $942,095 in July. (Last month in June, average closed price was $1.85 million.) Sellers are becoming more competitive for buyers, with continual price reductions, due to aspirational pricing and fewer buyers, all seeking greater values. As more inventory is available to buyers, serious sellers are taking the cue. Overall pending sales decreased 15.7 percent from July, 2023.
We are currently at 6.2 overall months’ supply, with 81 average days on market, and a 94.8 percent list price received. Compared to July 2023, there was an overall 3.9 months’ supply of inventory, 56 average days on the market, and 96.1 percent list price received. Interesting to compare with pre-Covid data of July 2019, there was an overall 6.4 months’ supply, 103 average days on the market, and 95.5 percent price received. Similar statistics…but we have much different home values.
Due to the pandemic and frenzy buyers moving to Florida during that time, home values have doubled since 2019. That time is now over, and we cannot expect every year to be a record breaker. High interest rates and high insurance premiums are creating obstacles. Naples still has mostly cash buyers, but that number has dropped to 51.9 percent in July 2024, compared to 61.2 percent in January 2024.
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, 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! It just has slowed down from the frenzied numbers we had some years ago. Now we pray for a lackluster rest of Hurricane season…and the new season will be upon us!
Grey Oaks Houses for Sale
In Grey Oaks, there are currently 16 residences for sale, ranging from $2.195 million to $15.9 million. Only two residences went under contract or went pending in the last 120 days, and 23 have closed in the last 120 days, ranging from $1,475,000 to $11,500,000. I was involved with 6 of those transactions.
The average days on the market in Grey Oaks, with the 23 closed transactions in the last 120 days, was 96 days, as four properties took quite a long time to sell, for various reasons. 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 101 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 4-year wait time.
Considering purchasing or selling in Grey Oaks Country Club? Reach out to me for expert assistance and discretion every step of the way.
Ursula, originally from Slovenia, is a multilingual real estate expert, specializing in Grey Oaks Naples real estate. With 19+ years in Grey Oaks and as the top Realtor since 2020, Ursula’s unique ability to stage homes has earned her a reputation for securing higher sale prices for her clients.