Naples Market Overview
Overall inventory has continued to climb for the past 32 months, with a 32.4 percent inventory increase in comparison to November 2023 (condominium inventory increased 41.7 percent from November 2023.) November buyers were welcomed with a 23 percent of new inventory, and many jumped at the new opportunities, with pending sales increasing 10.7 percent, the first time in five years of November sales.
The November overall median closed price was at $575,000, down 2 percent from November 2023 and this is the lowest medium closed price reported this year in 2024. A very interesting note is that median price in November of 2019 was $332,500! Values have dramatically changed in five years! The average overall closed price in November 2024 was $1,153,341, a 32.3 percent increase from last November!
In the condominium market, median closed price in November decreased 10.8 percent to $415,000, although average closed condo price increased 4.9 percent to $768,065, compared to November 2023. 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 November 2024, there was a 27.9 percent increase in new condo listings, which increased inventory by 41.7 percent.
While more insurance carriers have been entering the Florida market, a huge line item that increases buyer insurance rates, is an old roof. It would behoove sellers to get at least three quotes on a new roof, as it may be easier to offer an interested buyer a credit for a new roof, versus the time it takes to actually install a new roof before putting it on the market.
Prices are beginning to reflect the added 32.4 percent inventory increase, and sellers are becoming more competitive for buyers, with 1,288 price reductions in November (1,003 in October) although many began with aspirational pricing. As more inventory is available to buyers, serious sellers are taking cue.
We are currently at 8.1 overall months’ supply, with 83 average days on market, and a 94.4 percent list price received. Compared to November 2023, there was an overall 5.4 months’ supply of inventory, 59 average days on the market, and 96.1 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 pre-Covid data of November 2019, there was a 6.7 months’ supply, 91 average days on the market, and 96 percent price received. Back in November 2019 the average overall sold price was $536,868, compared to $1,153,341 in November 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!
Grey Oaks Naples Houses For Sale
Regarding Grey Oaks Real Estate, there are currently 15 residences for sale, ranging from a $1.995 million to $15.9 million. There were seven residences that went under contract or went pending in the last 120 days, and 14 have closed in the last 120 days, ranging from $1,785,000 to $9,650,000. I was involved with 5 of those transactions.
The average days on the market in Grey Oaks, with the 14 closed transactions in the last 120 days, was 132 days. The overall average sold price was $4,072,143. Of the 14 closed transactions, there was an 89.6 percent list price received, but that was significantly brought down by properties that had not been remodeled or updated. If one looks at the 14 sold residences that had at least some amount of remodeling or a complete update (five of them) the average price received jumps to 94.5 percent. A few more interesting facts about our home values in Grey Oaks: in November 2019, pre-Covid, there had been 11 residences sold in the 120 days prior to November 30, 2019, with the average price of $2,713,545, with average 163 days on market, and 90 percent 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 95 Members on the Golf Membership waitlist. As of October 1st, the Golf Membership increased to $300,000 and the Sports Membership to $125,000. While this is very fluid and difficult to verify an exact wait time, the Club is now currently anticipating a 4-year wait time.
Wishing you and your families a Happy New Year 2025, filled with good health, gratitude, and happiness.
