According to the October 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), the housing market in Naples was remarkably resilient during October, even as it faced interruptions from two major hurricanes. There were 1,179 new listings in October, a 13.9% increase compared to September. More inventory means more competition. As such, the overall median closed sale price in October decreased 3.6% (year over year), due to an 8.1% decrease in the condominium market. In addition to being distracted by the two storms, buyers were also preoccupied with the election and what it could mean for the economy. In the end, closed sales were down 21.6% for the month.
Overall inventory continues to rise, and we are almost back to pre-pandemic (2019) levels. For October, inventory increased 30.9% to 4,746 properties from 3,627 properties in October 2023. And while new listings were down 6.6% compared to October 2023; they rose 13.9% compared to September 2024.
Although prices remained stable in the single family market in October, we did see some downward pressure on condo prices during the month. The overall median closed sales price in October was down 3.6% versus October 2023. In the single-family home market, the median closed sale price actually increased 3.2% to from October 2023. Yet for condominiums, the median closed price decreased 8.1%. There also were 1,003 price reductions on existing homes listed for sale in October.