Issues with Naples Housing Updates
When you look at the multitude of Naples February 2024 housing market updates online you will likely find a slew of varying statistics for median sales price, months of supply and days on market, to name just a few categories. All of these sources (Redfin, Zillow, HousingWire) get their information from local MLS’s all around the country. As we go through the month, those numbers will change when looking at the Naples MLS stats. But why is that? February is over, so shouldn’t we have ALL of the closed residential transactions data on March 1? There are a couple of things happening here that prevent consistency across platforms. First, Redfin is a bit vague with the definition of what exact area they are reporting on. They reported “The Naples, FL Housing Market” with a median sales price of $780,000 and a median days on market of 49 for January 2024. Our local Naples MLS shows a median sales price of $835,000 and 46 median days on market.
However, Redfin’s little drop down menu indicates the $780K figure is for “All Home Types”, which include condos, townhomes and single family homes. In my local Naples MLS, I had to select “Single Family Homes Only” to get close to Redfin’s number. If I select “All Home Types” through the Naples MLS, the median sales price goes way down to $625,000. Zillow is a little better since they have a boundary map of which Naples housing market they are referring to, but it might not be what our local MLS considers Overall Naples. Plus, their median sales price is waaaaay off. My point is, local is better. Local is almost always better. But not just local. Informed and refined local. There are lots of agents in Naples regurgitating market updates and reposting Naples Association update graphics. That’s fine. But wouldn’t you want to work with an agent who puts in a lot of extra effort even with the small things such as delivering personally written and researched market updates? This part of the job is hardly glamorous, but indeed highly valuable and shows what an agent is willing to do to SERVE their clients & customers. My opinion is that the small things ARE the big things. My clients trust and adore me because of my patience, diligence, honesty and ability to get accurate solutions and answers.
Back to the second issue, as touched on in the first paragraph, is that the sales numbers seem to change throughout the month, even in our local Naples MLS. I believe this is because agents don’t close out their listings in the MLS for days and even weeks after they actually close with the title company. Whether these agents are lazy (lots are), too busy to remember what they closed or have inefficient systems in place for their businesses, each listing that is switched from “Active” to “Sold” in the MLS into the following month changes the overall stats for the month that listing actually closed in. I like to produce my Naples housing market updates about a week into the following month to give a little time for stragglers to finish up closing out listings. But I also want to produce an update that keeps the public informed. I often go in at the end of the month and update my articles.
Local is Better
With all of that said, we had a good month of real estate in Naples in February 2024! Like a rocket lifting off from Cape Canaveral, the Overall Naples Market picked back up to a median Sales price of $625,000 with 34102 jumping up to $2,585,000, a 13.2% increase from February 2023! 34103 seems to be on the decline, losing 14.6% of median sales price year over year. Golden Gate Estates is staying strong with a 13.3% increase from a year ago landing at $564,050 median sales price. Prices in 34103 (Moorings & Park Shore) & 34102 (Old Naples, Royal Harbor, Port Royal) seem to have been inverting since April 2023 with 34102 trending higher and 34103, lower, I love both ZIP codes, but 34102 offers more properties with Gulf access with no bridge restrictions. 1660 Sandpiper St is a great deal in 34102. Meat on the bone for a flipper and bragging rights for an owner occupant.
Naples Area Median Sales Price | Naples REALTOR®
Housing Inventory has a direct impact on sales prices because of that old supply and demand rule. So it is interesting to note that with 63.6% more homes on the market in February 2024 vs February 2023 in Overall Naples, we still had a 5% median price increase during the same period. This just goes to show how much demand there is for the Naples February 2024 housing market. Imagine if we didn’t have these big inventory increases. Prices might be double what they are now. Inventory is up just about everywhere.
Naples Area Homes For Sale | Naples REALTOR®
Lastly, Total Sales, though up from January 2024, are all down from a year ago. 34102 folks will be happy to see that there were 8 more sales in February (so far) than January. I can’t say that Golden Gate Estates folks will be happy about their 15 sale increase from January to February. The vibe I get from the largest subdivision in America is that they don’t want any more people moving there. No more developments, no more homes, and especially no more out of state arrivals. I get it, and it is not all of the 34117 & 34120 residents, but it is an overall mindset that I am picking up on. Sadly, I don’t think there is a way to stop the crawl. I wrote a blog about this called “Golden Gate Estates of Mind”. Give it read.
Naples Area Home Sales | Naples REALTOR®
Golden Gate Estates of Mind | Naples Housing Market
Buyers Market
We are not in a buyer’s market, yet. Prices are stable even amid rising inventory. It really depends on the location of the market that will determine how many months of supply is required for a seller’s or buyer’s market to be reached. Overall Naples is at 7 months per the February 2024 housing report. In general, 5-7 months is considered a balanced market. 4 months is a lukewarm sellers market with anything below 3 months being a sellers market. Same idea on the other side. 8 months would be a lukewarm buyer’s market and anything above 9 would create a buyer’s market. This is where you see median sales prices dropping month over month. I have been monitoring the price reductions the last few weeks versus how many New Listings have been coming on the market. With each passing week there are more and more price reductions vs new listings. So it is interesting to see that the median sales price still went up from January amid all of those price reductions. We are talking 50% – 80% more price reductions than new listings. Call it a seller mindset correction rather than a market correction, because even with these price reductions, the median sales prices are doing great. Just price your home appropriately and you shouldn’t have to worry too much about future price reductions and dragging out the days on market. Get ahead of the curve. A qualified Seller Representative Specialist will guide you to success. I am one of those specialists.
Naples Seller’s Agent | Realtor
To buy or sell real estate in Naples, Florida, give me a call! It doesn’t matter if you are on the coast or in the woods, I investigate all neighborhoods in Naples and have a skill for guiding clients to success. Call me at 239.302.8475
Josh Amolsch | Naples Luxury Real Estate | REALTOR
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