A 23% increase in new listings during November was a welcome addition to the Naples, Florida, housing market’s overall inventory, which rose 32.4% to 5,368 properties from 4,052 properties in November 2023. Sellers entering the market in November were met with buyer demand, as overall pending sales for the month increased for the first time in five years, according to the November 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®).
Inventory being finally back up to where it was in April 2020, will provide many new options for buyers visiting during the 2025 winter season. Months supply of homes in November was 8.1 months compared to 5.5 months in November 2023. Six months of inventory is generally considered a balanced market.
Overall pending sales increased 10.7% in November to 732 pending sales from 661 pending sales in November 2023, even-though overall closed sales decreased 18.4% in November to 448 closed sales from 549 closed sales in November 2023.
Overall median closed sale price decreased moderately by 1.7% from November 2023. Though this decrease was exclusively caused by the condominium market, which reported a median closed sale price decrease of 10.8%, while the single-family home market’s median closed sale price actually increased by 2.8% in November. There were 1,288 price reductions in November, as the practice of ‘aspirational pricing’ to covid era levels is quickly fading and sellers continue to reduce their prices down to realistic market levels.
In November, the Naples condominium market saw a 27.9% increase in new listings, which boosted its inventory significantly by 41.7% to 2,709 condominiums from 1,909 condominiums in November 2023. The cost of living in an older condominium is likely to increase, as condo associations begin to increase their reserve assessments, following mandatory structural milestone inspections this year. Thus, it is important for sellers to consider the age and financial reserves of their building, when pricing their condominium for sale.