Naples Market Overview
Overall inventory has continued to climb for the eleventh month in a row, resulting in a 59 percent increase in comparison to June 2023, with condominium inventory increasing 79.8 percent from June 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 seems to be quieter than last summer, from my own experience, and overall closed sales have decreased 17.3 percent from June 2023.
Overall, June median closed price was at $595,000, a 0.8 percent decrease from June, 2023, and the overall average closed price was $1.85 million. Sellers are becoming more competitive for buyers, with 1,351 price reductions in June, 1,710 price decreases in May, and before that, April had 2,365 price decreases, the largest in over five years, which shows that many sellers are finally moving from aspirational pricing to realistic market pricing. As more inventory is available to buyers, serious sellers are taking the cue. Overall pending listings decreased 11.1 percent from June, 2023.
We are currently at 6.7 overall months’ supply, with 78 average days on market, and a 95.0 percent list price received. Compared to June, 2023, there was an overall 3.9 months’ supply of inventory, 50 average days on the market, and 96.2 percent list price received. Interesting to compare with pre-Covid data of June 2019, there was an overall 6.9 months’ supply, 104 average days on the market, and 95.6 percent price received.
Home values have doubled since 2019. The appeal of Naples continues to grow to the affluent home buyer. Three factors have helped: Naples 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! There is also good news on the insurance front, as nine new insurance companies have entered the Florida market. Now we just pray for a lackluster Hurricane season…
Grey Oaks Homes For Sale
In Grey Oaks, there are currently 18 residences for sale, ranging from $2.19 million to $15.9 million Only five residences went under contract or went pending in the last 120 days, and 27 have closed in the last 120 days, ranging from $1.47 million to $11,500,000. I was involved with 6 of those transactions.
The average days on the market in Grey Oaks, with the 27 closed transactions in the last 120 days, was 83 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 continues to be a very desirable community, evidenced by the approximately 94 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.
