Market Data

A Bounty
Of Options

Summer buyers will enjoy more home options as the inventory of properties continues to rise compared to the last three years. In June, the 59% increase in inventory resulted in an available pool of 4,680 properties compared to only 2,943 properties during June 2023. Plus, confidence in the market remains steady with overall new listings in June increasing 1.5% to 896 new listings from 882 new listings in June 2023. Driving this influx of inventory was the number of new listings in the condominium market, which increased 9% compared to a 3.9% decrease in new listings for the single-family home market.

Brokers indicate the condominium market is challenging right now because fees are increasing to meet structural integrity reserve law requirements. Condominium sellers and buyers should work with an experienced REALTOR® because they can help figure out pricing, given the future financial impact of these new reserve requirements to condominium values. On the other hand, this knowledge can also help during negotiations.

Geographic Standouts

The South Naples area (34112, 34113) reported the highest percentage of inventory increase in June (+80%) compared to other geographic areas tracked by NABOR®. The median closed price in South Naples increased 1.1% in June to $477,500 from $472,500 in June 2023. Alternately, the North Naples area (34109, 34110, 34119) showed the highest decrease in median closed price in June (-15.2%) to $627,500 from $740,000 in June 2023.
 
Sales activity in the Naples area housing market during the off-season summer months is historically lower than sales activity reported during its high-visitor winter season. The days on market in June increased 56 percent to 78 days from 50 days in June 2023. According to brokers before the pandemic, we were between 90 and 120 days on the market so we are still well below our traditional average.