Naples December 2024 Housing Market Update

“Naples is a place where sellers don’t need to sell and buyers don’t need to buy”. A friend of mine and longtime Naples resident told me this recently. I think he had heard it from someone years ago who had lived in Naples even before he moved here in the early 90’s. Is it true? Sometimes and maybe. There does seem to be this “no rhyme or reason” real estate environment here where a wonderful property that is appropriately priced will just sit and sit while others around it sell for more and less. The Naples Housing Market can be a real head-scratcher sometimes. It just seems like buyer’s are not in too much of a hurry these days to write offers. Apparently, “not wanting to offend a seller” is a thing that keeps buyers from writing lower offers. There is worthless pride in that thinking. Where does a buyer get off thinking that they know what a seller will think? It’s kinda like the tale of two teenagers sitting at home on prom night, bummed, because the boy didn’t have the guts to ask the girl to be his date. I know it’s 2025 and all, but tradition is tradition. Girls want to be, and should be, asked out to the dance.

You never know the answer until you put your best foot forward and ask. So get out there to tour properties and start writing offers! Get the conversation going, people! If a property doesn’t have a certain feature that you want, maybe something can be negotiated to add that feature in through credits or price reduction or trades. If you don’t know what the 80/20 rule is… Here, apply it to real estate. We will never find a home that matches 100% of our needs and wants. But if you can find a property that meets 80% of your needs and wants, that is better than focusing on the 20% of the home that you don’t like. It is all about perspective. We learn things about ourselves, our situation and environment when we are moving forward. Sitting idle is a waste if our intentions are to move forward. That’s like someone saying that they prefer gridlock traffic over reaching their destination. Nonsense.

 

 

The median sales price for the Overall Naples Market in December 2024 moved up from November but was down 4% from December 2023. ZIP 34102 (Old Naples, Royal Harbor, Port Royal, Aqualane Shores) jumped up 8.4% from December 2023 and Golden Gate Estates saw an increase  of 5.4%, but ZIP 34103 (Park Shore, Moorings) declined 47% to 13 month low of $790,000. Big swings in Median Sales Price will happen when there are very high dollar properties that take a little longer to sell. The last time 34103’s Median Sales Price was below $1,000,000 was November 2023 and again in June 2023. 2022 and 2021 saw a couple of dips below $1M and most of 2020 stayed under $1M. In fact, the first time that I can see 34103’s Median Sales Price cresting over $1M was November 2017 when it hit $1,100,000. It hit $1M exactly in March 2018, $1,023,500 in January 2019, then back to $1M exactly for June 2019, January 2020 and June 2020. The peak was in October 2022 when the Park Shore area reached $2,600,000. November 2024 was $1,870,000. So as you can see, a little all over the place. A further out perspective of the Overall Naples Market always will show less dramatic peaks and valleys.

 

 

Another highly requested statistic for the Naples Housing Market Update is Total Sales. How many of these transactions are actually closing in a given month? Pay day for everyone occurs when a property closes. Sellers get their proceeds, Realtors earn their keep and buyers obtain keys to their beloved dream home. It is always a satisfying moment that is concluded with the clinging of wine glasses, hugs and sometimes tears. Tears are what captured my heart during my first closing 12 years ago. I knew right then that commission alone would never keep me in this business through retirement, rather the connection with people who would now be able to start the next chapter in their lives. It is a big deal when you can be the linchpin in someone’s life. This is why trust is always paramount when doing anything of consequence.

In traditional Naples fashion, Total Sales in December 2024 spiked up over the previous month. This has happened almost every year going back to 2011, followed by a lower amount of sales in January. While December sales spiked over November sales (which were the 2nd lowest on record for Naples), they also were 4.6% higher than December 2023. Good news! I had a feeling that would happen because my Naples November 2024 Housing Market Update showed a spike in Pending sales, despite having a record low Total Sales count. We actually might see a fairly strong January for Total Sales. 34102, 34103 and Golden Gate Estates were all down in sales numbers, but Golden Gate Estates rallied with Pending Sales.

 

 

Up 35.9% over December 2023, Golden Gate Estates continues to bring in the sales. 53 new pending contracts are up on the board for GGE in December 2024. This likely contributed to the 8.9% increase in Pending Sales for the Overall Naples Market. 34102 & 34103 are both down. BUT, if we separate out Single Family Homes and Condos, we see that pending sales for Single Family are actually way up in 34102 at 83.3%. In 34103, condos Pending Sales are up 4.8%. I know that all these numbers can get a little confusing, so I’ll take a moment here to reiterate my ongoing offer to all of you who read this blog; Contact me for requests to highlight specific areas. I would be delighted to send you a video walkthrough of how your particular ZIP code, neighborhood or even home is sitting in the market. My current clients love the videos as I can share my screen, record it and email it to you for convenient review. Next step would be to meet at your home or my office to review further.

 

 

 

I have been saying this for probably a year now; The high percentage changes we see in these numbers are in large part due to the market climbing out of the “unicorn” Covid years. We are still stabilizing. The Days on Market for December 2024 are very similar to the mid-2016 through early 2020 numbers. 2014 through early 2016 shows lower days on market probably due to lower rates and lower priced homes. Prior to 2014 the Days on Market for Overall Naples was about 140% higher than it is now. There were lots of short sales and foreclosures back then and a limited number of approved buyers. Ultra luxury price ranges are different. This is broadly speaking.

The point is, from a broad perspective of the market, which these articles focus on, a lot of these numbers align with years prior to Covid and a few years after the Great Recession. Every property has its own story and competitors, and I am not diminishing the fact that we are in a buyers market now. It’s just a matter of finding the right buyer, as it always has been. Consistency in marketing and making sure the asking price can clearly be supported will go a long way towards attracting shy buyers. If I can get any point across in this article it is to encourage buyers to tour properties and to write offers, even if you think it may be too low, and to also remember the 80/20 rule. Focus on your 80%.

Speaking of that, make sure to check my wonderful listings out. I have something for everyone.

One is a beautiful condo in Park Shore on the beach and has an incredible view over the Gulf of Mexico. It’s such a well taken care of condo and much of the building has been updated. The listing can be viewed here. Feel free to click the images below to view the drone video and article I wrote up for it. Just a superb property. Breathtaking is the word that always comes to mind when I enter the unit. It truly is stunning.

 

Another diamond in the rough is this one below in Golden Gate Estates. Listing available here. It is a newer home that sits on 2.58 100% upland acres. Heated pool and a tremendous 2400 sf red steel shop that has already been improved with a 200-amp electrical panel. The lime rock road back to the shop alone probably cost $20,000. You all must look into this home and send it to anyone who could use a shop of this size. It is clearly superior to anything else out there in this price range.

 

Ever wanted to live on the water with direct Gulf of Mexico access? 1660 Sandpiper St is your next address. The property needs some TLC but does not need to be torn down. Renovations were already started and with a little more effort, this rear-west facing property can be earning an investor approx $100K/year in rental income. There are a couple of options with this one so be sure to send to your investors and developers out there. This one is a gem as well.

 

I can’t say enough great things about all of these properties. There are wonderful features in each of them. If you want a new build, grab 712 Pine Vale Ct or the sister property that will be built right after 712 Pine Vale is completed. Both will be 2400 sf homes with 3 car garages, pool, 3 bed + den and 3 baths all for $1,200,000. Pretty good deal considering their location.