Naples Market Overview
Overall inventory has continued to climb for the past 30 months, according to analysts, resulting in a 37.3 percent inventory increase in comparison to September 2023, with condominium inventory increasing 53.7 percent from September 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 past summer has been even quieter than last summer, and September had Hurricane Helene, with 11 percent fewer showings than September 2023, thus overall closed sales in September decreased 13.2 percent from September 2023, but a much better number of closed sales than the previous month of August 2024, when closed sales decreased 27.8 percent from August 2023, so sales are on an upswing. Pending sales increased 1 percent from September 2023.
Overall, September median closed price was at $588,560, up 2.4 percent from September 2023 but the this is the lowest medium closed price reported this year in 2024. A very interesting note is that median price in September of 2019 was $325,000! The average overall closed price in September 2024 was $1,010,209, up 7.3 percent from last September.
In the condominium market, however, median closed price in September decreased 4.3 percent to $450,000, 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.
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. Even with the price decreases, the experts reviewing the data have not seen a loss of value yet.
We are currently at 6.3 overall months’ supply, with 83 average days on market, and a 95.0 percent list price received. Compared to September 2023, there was an overall 4.2 months’ supply of inventory, 59 average days on the market, and 96.1 percent list price received. It is very interesting to compare with pre-Covid data of September 2019, there was the same 6.1 months’ supply, 102 average days on the market, and 95.7 percent price received. Similar statistics…but we have much different home values. The average overall price of sold residences in September 2019 was $499,385 (compared to $1,010,209 in September 2024.) Due to the pandemic and frenzy buyers moving to Florida during that time, home values have doubled since 2019.
During an election year, there are always buyers and sellers that stay on the sidelines, so inventory and sales may increase after the election. Interestingly, according to data from NAR and HUD, home sales have increased following nine of the eleven presidential elections.
The insurance market is becoming healthier and a bit more competitive with ten, new insurance companies that have entered the market.
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.
Homes for Sale in Grey Oaks
As for Grey Oaks real estate, there are currently 17 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 $9,650,000. I was involved with 5 of those transactions.
The average days on the market in Grey Oaks, with the 15 closed transactions in the last 120 days, was 80 days. The median sold price was $3,250,000 and the overall average sold price was $3,731,333. Of the 15 closed transactions, there was an 89.8 percent list price received, but that was significantly brought down by properties that had not been remodeled or updated. If one looks at the 15 sold residences that had at least some amount of remodeling or a complete update (five of them) the average price received jumps to 95.3 percent. Another interesting fact about our home values in Grey Oaks: in September 2019, pre-Covid, there had been 13 residences sold in the 120 days prior to September 30, 2019, with the average price of $1,821,538!
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 90+ 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.
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.