MARKET DATA
Price Climb Slows as Inventory Heats Up for Summer
Naples, FL (June 28, 2024) – As competition grows in the Naples housing market – overall inventory increased 67.1% in May to 5,019 from 3,004 properties in May 2023 – monthly closed sales for the month decreased 12.2% to 907 from 1,033 closed sales in May 2023. Broker analysts reviewing the May 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), are closely monitoring the number of monthly price decreases to see whether it could turn the tide and improve sales this summer. One thing was certain in the May Market Report: summer buyers will have many more options than winter buyers.
New listings during May increased 18.4% to 1,201 from 1,014 new listings in May 2023. There were more price decreases than new listings in May. Brokers pointed out price reductions are good for our market. It tells us that sellers are finally realizing the market today won’t support aspirational pricing. In addition to 1,710 price decreases reported in May, the median closed price was $650,000, the same as the median closed price reported in April, which enjoyed 2,365 price decreases. Comparatively, the median closed price increased 8.3% to $650,000 from $600,000 in May 2023.
The list price decreases are a signal that we are moving toward pricing that reflects today’s home values. A broker added that this also indicates to us that local REALTORS® are doing a great amount of market research and using good salesmanship to get their sellers over the finish line.
Another benefit of rising inventory and list price decreases has been the rise in the number of properties for sale in the lower end of the market. For May, properties in the $300,000 and below price category increased 104% to 308 from 151 in May 2023. Similarly, properties for sale in the $300,000 to $500,000 price category increased 90.1% to 1,032 from 543 in May 2023.
