Naples, FL Housing Market: A Year of Contrasts
The Naples, FL metro area housing market in November 2024 presents a complex landscape characterized by contrasting trends in pricing, sales, and inventory. The Median Sales Price has decreased by 6.8% year-over-year, settling at $582,500. This decline in sales price contrasts with the Median List Price, which has increased by 7.4% to $779,000, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has decreased by 3.7% to $341.84, while the Median List Price per square foot has seen a slight decline of 1.7%, now at $424.80. These figures suggest a market where buyers are negotiating more aggressively, possibly due to increased inventory and longer market times.
The number of Homes Sold has dropped significantly by 19.6% year-over-year, with only 483 Homes Sold in November 2024. However, Pending Sales have increased by 9.1%, reaching 731, indicating a potential uptick in future closings. New Listings have surged by 20.5%, totaling 1,590, contributing to a substantial increase in inventory, which is up by 28.8% to 5,422 homes.
The Months of Supply have dramatically increased by 420%, now standing at 11.2 months. This significant rise suggests a shift towards a buyer's market, where the supply of homes far exceeds current demand. The Median Days on Market have also increased by 30%, with homes now taking an average of 76 days to sell, further emphasizing the slower pace of sales.
The average sale to list ratio has decreased slightly by 1.7%, now at 94.3%, indicating that homes are selling for less than their asking prices. The percentage of Homes Sold above list price has also decreased by 3.2%, now at 3.3%, reflecting the reduced competition among buyers. Price Drops have remained relatively stable, with a minor decrease of 0.1%, now at 22.8% of listings experiencing price reductions.
Finally, the percentage of homes going off the market within two weeks has decreased by 6.8%, now at 18.9%, suggesting that homes are taking longer to attract buyers. This extended market time, combined with increased inventory and declining sales prices, paints a picture of a market in transition, where buyers have more options and negotiating power.
