Naples Market Overview
Overall inventory has continued to climb for the past 29 months, according to analysts, resulting in a 54.3 percent increase in comparison to August 2023, with condominium inventory increasing 54.3 percent from August 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 has been even quieter than last summer, from my own experience, as well as speaking to many real estate professionals. Overall closed sales have decreased 27.8 percent from August 2023, and even the pending sales activity reported a 15.8 percent decline in August 2024, compared to last year in August.
Overall, August median closed price was at $600,000, exact same as August, 2023, and the overall average closed price was $1,031,000 in August. Sellers are becoming more competitive for buyers, with continual price reductions, due to aspirational pricing and fewer buyers, all seeking greater values. As more inventory is available to buyers, serious sellers are taking the cue. While there were almost 1,100 price decreases in August (the lowest monthly number in 2024,) there were also almost 1,900 residences withdrawn from the market in the last 120 days, with sellers hoping to capture the upcoming seasonal buyers Typically, competition increases in October, with new listings vying for the same buyers.
We are currently at 6.0 overall months’ supply, with 80 average days on market, and a 95.5 percent list price received. Compared to August 2023, there was an overall 3.9 months’ supply of inventory, 54 average days on the market, and 96.3 percent list price received. It is very interesting to compare with pre-Covid data of August 2019, there was the same 6.0 months’ supply, 103 average days on the market, and 95.6 percent price received. Similar statistics…but we have much different home values. The average overall price of sold residences in August 2019 was $514,202 (compared to $600,000 August 2024.)
Due to the pandemic and frenzy buyers moving to Florida during that time, home values have doubled since 2019. That time is now over, and we cannot expect every year to be a record breaker. High interest rates and high insurance premiums are creating obstacles. The devastation of Hurricane Helene certainly will not help the insurance situation.
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! It just has slowed down from the frenzied numbers we had some years ago and it is not the same market.
Grey Oaks Naples Homes For Sale
In Grey Oaks, there are currently 15 residences for sale, ranging from $2.195 million to $15.9 million. Only three residences went under contract or went pending in the last 120 days, and 15 have closed in the last 120 days, ranging from $1,475,000 to $6,510,000. I was involved with 4 of those transactions.
The average days on the market in Grey Oaks, with the 15 closed transactions in the last 120 days, was 92 days, as three 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 community continues to be a very desirable, evidenced by the approximately 97 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.
Considering purchasing or selling in Grey Oaks Country Club? Reach out to me for expert assistance and discretion every step of the way.
Ursula, originally from Slovenia, is a multilingual real estate expert, specializing in Grey Oaks Naples real estate. With 19+ years in Grey Oaks and as the top Realtor since 2020, Ursula’s unique ability to stage homes has earned her a reputation for securing higher sale prices for her clients.