Market Data

A Month 
Of Distractions

Brokers agreed that “October was an outlier month this year for home buyers because of the election too. “So, in addition to being distracted by the two storms, buyers were also distracted by the election and what it could mean for the economy. In the end, sales were down 21.6 percent for the month, but there were some positives too.” Overall inventory continues to rise, and we are almost back to pre-pandemic (2019) levels. For October, inventory increased 30.9 percent to 4,746 properties from 3,627 properties in October 2023. And while new listings were down 6.6 percent compared to October 2023; they rose 13.9 percent compared to September 2024.

“Prices are beginning to reflect the added competition,” commented Brokers. “Although prices remained stable in the single family market in October, we did see some downward pressure on condo prices during the month.”

The overall median closed price in October was $568,500, a 3.6 percent decrease from $590,000 in October 2023. In the single-family home market, the median closed price increased 3.2 percent to $727,500 from $705,000 in October 2023. And for condominiums, the median closed price decreased 8.1 percent to $413,750 from $450,000 in October 2023.

A Broker expected “a rush of sales in October because interest rates dropped in September.” “Unfortunately, the overall pending and closed sales statistics didn’t meet my expectations. But the interest rate drop did make a difference as cash sales were only 48.6 percent of all sales reported in October. For many years, cash sales have been above 50 percent.”

Hurricane Ready Homes Abound

It's been over 30 years since Hurricane Andrew tore through South Florida necessitating new building standards and regulations. Since then, Florida and Naples have continued to make storm water and infrastructure improvements a priority. As such, most homes today that are on or near the water in Naples can endure tidal surges and hurricane force winds.

“Storm hardiness projects, like the installation of new storm water pipes that were recently approved for the City of Naples to reduce street flooding, are a positive sign that we are continuing to move in the right direction, so our neighborhoods are safer and more resilient,” stated Brokers.

It was pointed out that most homes in the Naples Beach area, which include a majority of the area’s luxury properties, are already 12 feet above sea level. These homeowners also tend to invest in added storm protections. Also, NABOR® increased its member education in 2024 to include resources and classes that provide REALTOR® members with information on several factors influencing the cost of homeownership like home and flood insurance, building codes, new condo/HOA codes, and changing FEMA guidelines.