Naples June 2024 Housing Market Update

 

In between when you hear from me via the Naples Monthly Housing Market Updates, blog ideas are circling around in my brain. I have a tendency to talk a lot, because I think a lot. And I believe that thinking a lot has benefitted my customers and clients a great deal. Checking in regularly and being eager to brainstorm ideas regarding their needs is an authentic way to show care. Sharing ideas, perspectives and statistics through these articles are ways to memorialize and dedicate care to current and future customers and clients. I’ve said this before, a high percentage of buyers and sellers don’t really know what their next step should be. They may have an outline and a rough draft, and because they are being asked what they want to do, they tell us. But upon having that conversation, we can often uncover the motivation for the whole endeavor and find that their outline doesn’t really meet the objective they hope to achieve.

The Naples housing market is a living, breathing thing. It is morphing everyday, and upon analyzing and reporting this activity in a transparent manner, it helps people to adjust their plans. I hear this frequently. I actually received accolades last week from two people I haven’t ever talked to before stating that they loved my down to earth, non-salesy delivery of the state of the Naples housing market through these blogs. That’s great. I’ll take a new friend/client any day. So how did the Naples housing market perform in June 2024? We are well into the off-season and it is showing, kinda. The Overall Naples Market Median Sales Price is down .8% from June 2023 to $595,000 in June 2024. That doesn’t seem so bad, but if you only see that we are down 9.2% from May 2024 when the Median Sales Price was $650,000, you might be concerned. But maybe you still might be concerned considering that the difference from May 2023 to June 2023 was 0%. They both clocked in at $600,000. March, April & May of 2024 gave us the peak Median Sales Prices we have ever seen in Naples. Maybe all those price reductions we are seeing are finally starting to tame the price growth, at least for June 2024.

 

 

Golden Gate Estates experienced a 9.9% drop in Median Sales price from June 2023 down to $547,500, but the real winners were ZIP codes 34102 (Old Naples, Royal Harbor, Aqualane Shores, Port Royal) & 34103 (Moorings & Park Shore). The Median Sales Price in 34102 in June was $2,100,000, which is 24.5% higher than in June 2023, while 34103 gained 22.7% over June 2023 to settle in at $1,150,000 for June 2024. Most of that price growth is focused in the single family home market where 34102 saw an 80.2% increase in Median Sales Price over June 2023 while 34103 absolutely crushed it with a 110% leap over June 2023! Wow. 

All of these statistical categories relate to one another. So when we see drops in the Overall Naples Market Inventory, Pending Sales, Total Sales & New Listings in June 2024, It would make sense that the Overall market is going through a cooling period (most likely just seasonal), and why the Median Sales Price has dropped. At the same time Days on Market have been climbing, reaching 54 Median Days on Market (DOM) for the Overall Naples Housing Market. This is a 74.2% increase over June 2023, But do you realize that between July 2016 (52 DOM) and October 2020 (50 DOM), most of the months held DOM above 40 days and some even went into the 60’s and 70’s! We are merely getting back to a normal market and that is further indicated by a drop in Months of Supply in June 2024 to 6.7 months. There has actually been a decline in Months of Supply the last 3 months since reaching a peak of 7.6 months in March. The last peak was February 2019 when the Overall Naples Market reached 9.2 Months of Supply and then again in February 2017 when Months of Supply peaked at 9.3. Our market is pretty strong right now when you take into consideration the historically high home prices set against higher interest rates.

Here are the straight numbers for all properties from the Naples Area Board of Realtors today, July 8, 2024.

Overall Naples Market – 887 | +.0.5%

34102 – 41 | +20.6%

34103 – 31 | -26.2%

Golden Gate Estates – 98 | -5.8%

 

 

 

 

 

 

 

 

 

 

None of these figures are in uncharted territory, and it seems as though we have hit our stride here in Naples. I am not trying to downplay the significance of, for example, 92.9% increase in Months of Supply for ZIP 34102. Numbers like that are a huge reason WHY home flippers are more cautious right now. I received a call from a very nice gentleman last week who found one of my articles online and wanted to talk to me about the market. I agreed with him that so many agents in this town continue to promulgate unrealistic real estate prices. Where is this coming from? Does anyone do their homework anymore? Are the newer, greener agents just parroting what they hear in the office and online? Do we really need more copy/paste agents in this town? Maybe this is why we are seeing 60%-80% more price reductions than new listings week after week.

Hopefully these articles will serve as a calibration for not only the public, but the industry a whole. Having a record of consistent price reductions is not a good look and sellers should ask REALTORS® they are interviewing to supply them with information on how many price reductions the agent has had to do in the past 3 years to get a home sold. That information will show the seller how in tune the agent is with the market along with the strength of leadership the agent has. Listen to their explanations as well. Ultimately, the pricing of a property is up to the seller, and the Lord knows that us agents contend with unreasonable sellers all of the time. So I am not just picking on lazy agents.

Did anyone see my updated version of NABOR’s Infographic for May 2024? I pulled the numbers on June 24th, while they pulled from June 10th, so that is why mine has more accurate numbers. Which one do you like better? Keep an eye on my social media channels as I will be releasing mine every month from now on to supplement these Naples housing market updates.

 

 

I was thinking recently about the uptick in marketing that the Naples community and beyond are seeing from Realtors right now. While sales are not as high as they were during the covid era, we are at a historically normal level, at least as far back as the Naples area board of realtors statistics allow me to see. But nevertheless, sales are not occurring as often as agents have been used to over the last few years. And as a result, we are seeing a massive uptick in marketing and also a lot of agents leaving the business. But is more hollow, self absorbed, marketing/ads what the people want? I liken it to music. The worse the song is, the more production it needs to sell it as a good song. On the other hand, a really good song will hold its own even while stripped down to just one instrument and a voice. Or even just one voice, or one instrument. These are the songs that are referred to as being “timeless“, as opposed to an over produced, one hit wonder spewed out in a trendy knee-jerk reaction purely to bring in quick attention, and therefore, cash. I prefer the class of a timeless song every time.

A great song, like a great REALTOR®, will forever stand on the simple virtues that resonate with the human condition. Remember that we all have way more in common than we don’t.

Hire Talent. Hire Josh Amolsch.

 

 

Premiere Plus Realty, Co. | #SL3522310

 

 

 

 

 

 

 

 

I was thinking recently about the uptick in marketing that the Naples community and beyond are seeing from Realtors right now. While sales are not as high as they were during the covid era, we are at a historically normal level, at least as far back as the Naples area board of realtors statistics allow me to see. But nevertheless, sales are not occurring as often as agents have been used to over the last few years. And as a result, we are seeing a massive uptick in marketing and also a lot of agents leaving the business. But is more hollow, self absorbed, marketing/ads what the people want? I liken it to music. The worse the song is, the more production it needs to sell it as a good song. On the other hand, a really good song will hold its own even while stripped down to just one instrument and a voice. Or even just one voice, or one instrument. These are the songs that are referred to as being “timeless“, as opposed to an over produced, one hit wonder spewed out in a trendy knee-jerk reaction purely to bring in quick attention, and therefore, cash. I prefer the class of a timeless song every time.

A great song, like a great REALTOR®, will forever stand on the simple virtues that resonate with the human condition. Remember that we all have way more in common than we don’t.

Hire Talent. Hire Josh Amolsch.

 

Premiere Plus Realty, Co. | #SL3522310