Naples Market Overview
Overall inventory has continued to climb for the past 31 months, with a 30.9 percent inventory increase in comparison to October 2023 (a 13.9 percent increase from September.) Condominium inventory increased 43.9 percent from October 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 October was very unique, as it had two hurricanes to deal with, as well as an election, and many buyers and sellers stood on the sidelines until the election was over with. There were 17 percent fewer showings than October 2023, overall closed sales in October decreased 21.6 percent from October 2023, while pending sales decreased 20 percent from October 2023.
October overall median closed price was at $568,500, down 3.6 percent from October 2023 and this is the lowest medium closed price reported this year in 2024. A very interesting note is that median price in October of 2019 was $329,950. Values have dramatically changed in five years! The average overall closed price in October 2024 was $905,728, a 2.4 percent decrease from last October.
In the condominium market, however, median closed price in October decreased 8.1 percent to $413,750, and prices may continue to experience downward pressure for condominiums that are three stories and higher, and that are 25 years or older, due to the mandatory milestone inspections that are all due to be fully completed by year’s end. The cost of ownership for those condominiums may increase significantly due to insurance costs, flood disclosures now mandatory to buyers, and the required higher reserves that may be needed if any structural problems are found from the milestone inspections.
Prices are beginning to reflect the added competition of a 30.9 percent inventory increase, and Sellers are becoming more competitive for buyers, with 1,003 price reductions in October, although many began with aspirational pricing. As more inventory is available to buyers, serious sellers are taking the cue.
We are currently at 7.1 overall months’ supply (slightly edging toward a buyer’s market) with 89 average days on market, and a 95.1 percent list price received. Compared to October 2023, there was an overall 4.9 months’ supply of inventory, 56 average days on the market, and 96.0 percent list price received. It is very interesting to compare with pre-Covid data of October 2019, there was a 6.4 months’ supply, 104 average days on the market, and 95.6 percent price received. Somewhat similar statistics…but we have much different home values. The average overall price of sold residences in October 2019 was $512,026 (compared to average sold of $905,728 in October 2024.) For single-family in October of 2019, the average closed sale was $641,804 and in October 2024, the average sold price of a single-family was $1,134,295. Values have certainly changed since 2019.
The appeal of Naples will always be there to the affluent home buyer. The U.S. News & World Report’s Best Places to Retire report just named Naples as the number 1 place in America to retire. Naples still has lower luxury home prices, compared to other luxury markets, and the overall continued attraction to all that Naples has to offer, including weather, beaches, a dynamic restaurant scene, new residential and retail developments, theater, shopping, and a lifestyle that is hard to beat! Check out the article and methodology at https://realestate.usnews.com/places/rankings/best-places-to-retire.
Grey Oaks Homes for Sale Naples FL
In Grey Oaks, there are currently 16 residences for sale, ranging from a $2.195 million condominium in Traditions to a new, $15.9 million residence under construction in the Estates. Seven residences have gone under contract or went pending in the last 120 days, and 10 residences have closed in the last 120 days, ranging from $1,785,000 to $9,650,000. I represented five of those transactions, as I was involved with representing the buyer and the seller for one listing.
The average days on the market in Grey Oaks, with the 10 closed transactions in the last 120 days, was 102 days on market (compared to overall 89 days on market for Naples.) The overall average list price in last 120 days was $4.5 million, while the overall average sold price was $4.1 million. Of the 10 closed transactions in the last 120 days, excluding one that sold for over asking price (updated and great views) there was a 90 percent list price received. The percent of list price received is always higher if there has been remodeling done, has great views, or has immediate golf. If one looks at the 10 sold residences that had at least some amount of remodeling or a complete update (five of them) the average price received jumps to 93 percent list price received. Another interesting fact about our home values in Grey Oaks: in October 2019, pre-Covid, there had been 7 residences sold in the 120 days prior to October 30, 2019, with the average sold price of $2,189,286!
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 102 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.
