Naples, FL Metro Area Housing Market Analysis - July 2024
Naples, FL Metro Area Housing Market Analysis - July 2024
The Naples, FL metro area housing market in July 2024 presents a nuanced picture with several key indicators showing varied trends. This analysis delves into the specifics of these trends, providing a comprehensive overview of the current state of the market.
Median Sales and List Prices
The median sales price for homes in the Naples metro area stands at $602,500, reflecting a slight decrease of 0.8% year-over-year (YoY). In contrast, the median list price has risen to $669,000, marking a 2.9% increase YoY. This divergence suggests that while sellers are optimistic and setting higher asking prices, the final sale prices are experiencing a minor downward adjustment.
Price Per Square Foot
The median price per square foot for homes sold is $353.67, showing a modest increase of 0.5% YoY. Meanwhile, the median list price per square foot is $378.49, up by 1.8% YoY. These figures indicate a slight upward trend in the valuation of properties on a per-square-foot basis, both in terms of listing and selling prices.
Sales and Inventory
The number of homes sold in July 2024 is 680, which is a marginal decline of 0.3% YoY. Pending sales have seen a significant drop, with 639 homes under contract, down by 20.5% YoY. New listings have increased slightly by 0.6% YoY, totaling 813. The inventory of homes available for sale has surged to 4,495, a substantial increase of 48.9% YoY. This rise in inventory has led to an increase in the months of supply, now at 6.60 months, up by a remarkable 220.0% YoY.
Market Dynamics
The median days on market for homes in Naples is 75 days, reflecting a 30.0% increase YoY. This indicates that homes are taking longer to sell compared to the previous year. The average sale to list ratio is 94.7%, down by 1.2% YoY, suggesting that homes are selling for slightly less than their listing prices. The percentage of homes sold above list price is 4.1%, a decrease of 3.5% YoY, indicating fewer bidding wars and competitive offers.
Price Adjustments and Off-Market Activity
The percentage of homes experiencing price drops is 24.4%, up by 1.2% YoY, indicating that sellers are more frequently adjusting their prices downward to attract buyers. Additionally, the percentage of homes going off the market within two weeks is 15.3%, down by 7.2% YoY, suggesting a slower pace of sales activity.
Conclusion
In summary, the Naples, FL metro area housing market in July 2024 is characterized by a mix of rising list prices and increased inventory, coupled with longer selling times and fewer competitive sales. While sellers remain optimistic with higher asking prices, the actual sales prices and market dynamics indicate a more cautious buyer sentiment. The significant increase in inventory and months of supply suggests a shift towards a more balanced market, potentially offering more opportunities for buyers in the coming months.
