Naples Market Update | Provided by Naples Area Board of Realtors
Naples Market Report
Naples Market Update | Provided by Naples Area Board of Realtors
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Looking at the July Market Report, Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC said, “If we were in the midst of a market correction, prices would be near $325,000, or where they were before the pandemic in 2019. The fact that our market was able to sustain prices over the last four years [after record-breaking demand during the pandemic drove prices up], tells me that our market is consistently doing well.”
Budge Huskey, CEO, Premier Sotheby’s International Realty, responded to Carroll’s remarks by stating, “I've never witnessed a time when there were decelerated sales over a two-and-a-half-year period and it did not materially influence prices.”
“This is new territory,” Carroll asserted. “Twenty years ago our eyes were fixed on activity happening west of U.S. 41, but there are so many submarkets throughout Naples now. The growth and diversity within the market is helping real estate in Naples stay desirable and stable.”
“Pending sales are at pre-pandemic levels,” said Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices Florida Realty. “We have a lot of cash buyers [48% in July], so mortgage rates have a limited impact on our sales. With discussions about interest rates going down, that is helping sales because buyers realize that if/when rates go down, prices will likely go up. Even buyers who need financing know that locking into a rate today doesn’t prevent them from refinancing should rates drop in the future.”
More evidence that Naples’ desirability and consumer confidence are positively influencing the Naples housing market can be witnessed in the number of homes sold resulting in the gradual decrease in inventory over the past few months. While up 11.4 percent to 5,224 properties from 4,691 properties in July 2024, overall inventory has been slowly decreasing since it peaked in March with 7,483 properties.
“The average days on market has been climbing since April, but months supply of inventory is going down,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc.
New listings in July decreased 7.2% to 804 new listings from 866 in July 2024. But closed sales, which are connected to pending sales, increased 2% in July to 624 closed sales from 612 closed sales in July 2024. Single-family closed sales in July increased 12.7% to 354 closed sales from 314 closed sales. Interestingly, and a trend is emerging, pending sales in the single-family home market have been increasing each month since the beginning of the year; for July, pending sales of single-family homes rose 30.4%!
“I am seeing increased energy with listings,” said Ryan Bleggi, Managing Broker for John R. Wood Properties. “Sellers who are taking their REALTOR®’s advice and pricing according to the market are getting more showings and offers this summer.”
“If we can avoid a significant storm this year, sales in 2025 will easily outpace sales last year,” added Huskey.
The median closed price of condominiums fell 10.1% in July to $422,500 from $470,000 in July 2024. But this is a far cry from the median closed price of condominiums in July 2019, which was $240,000. The same holds true for the single-family home market: July’s median closed price, which decreased 6% to $670,000, still provides significant equity compared to a median closed price of $409,500 in July 2019.
The July Market Report showed Naples desirability contributed to increased sales in all geographic regions tracked by NABOR®. But the standout was in closed sales of single-family homes in the Naples Beach area (34102, 34103, 34108), which increased 81.8 percent in July. Increased sales of single-family homes near the beach are reducing this geographic area’s months supply, which was 14.9 months in July 2024, but because of an increase in summer sales activity, dropped to 12.3 months supply in July 2025.