Naples Market January 2024

I was asked by a prominent broker recently if I hire someone to write my Naples housing market update blogs or if I cheat by using ChatGPT or some other AI text generator. No and no. Apparently there are agents in Naples who are wondering how I rank so high on Google search for “Old Naples Realtor” & “Naples Housing Market Blog” that they are pulling their broker into meetings to help them. In addition to knowing how to pilot the internet, I write everything, including this Naples market January 2024 report, myself and edit my own graphics. Aside from my logo, which I hired Kite Marketing to do, I spend quite a while gathering ideas and working them together until I get content and a design that I am happy with. It probably stems from years in the music scene where I would make concert flyers for my band. I just like doing it. You know the old saying, “if you want it done right, do it yourself”. However, to a low success rate, there are still folks who go at buying and selling Naples real estate on their own, only to either leave money on the table or miss disclosing material facts. Both are worthwhile regrets.

After the median sales price reached new heights in December 2023, the Naples market in January started 2024 off a little softer. At a $605,000 median price for the Overall Naples Market (Down 3.3% from December), we are down 1.1% from January 2023. Prices in coastal ZIP codes 34102 & 34103 both appeared to have peaked around Q4 2022 and have since been teeter-tottering down to their current levels in January 2024 that are now down 10% and 46.3%, respectively, from January 2023. Golden Gate Estates is holding up at $520,000 Median Sales Price in January 2023, which is a 3% jump year-over-year. Demand is steady in Golden Gate Estate, with Days on Market down 5% from last year while the rest of the group are up:

34102 + 91.2%
34103 + 32.4%
Overall Naples + 50%
Golden Gate Estates – 5%

Naples Area Market Update | Median Sales Price for January 2024

Naples Area Market Update | Days on Market for January 2024

2023 was a year stuck in the mud in many categories. I read an article on HousingWire recently that detailed how RealTrends has been tracking housing market data since 1979 and one of the most important calculations they measure each year is the percentage of all households that purchased a home, new or existing, in a given year. For over 40 years the median number of households that have purchased a home each year was 4.64%. The number for 2023 was 3.58%. This was worse than 2008. Not since 1981 did America see this few of households buying homes. Further complicating the market is that home prices at the end of 2023 were selling at 4.73 times the median household income, which is 12-13% above the long-term average. Though mortgage rates are expected to go down to the mid 4’s over the next couple of years, prices probably need to come down in certain parts of the country. Because people are having a hard time affording home purchases, as shown by the stats, inventory has started to rise over the last 18 months. Supply and demand, ahem, demand prices to come down, usually. Just look at the Total Sales in Naples chart below. Not since September 2017 have we seen so few transactions in a given month.

Naples Area Market Update | Total Transactions for January 2024

So what is your plan? Do you believe that home values will come down or go up according to the Naples housing market update? Do you want them to come down? Buyer’s want lower prices and sellers want higher prices. Those are natural desires, and maybe with the right timing, you can land a good deal on one or the other, or both! The deal is, there is only so much that is in our control. The market is bigger than all of us. We can, and should be, smart about our steps. But there is no one I have ever met who is willing to give their home away. It may take time to prove that a property is overpriced. Maybe it wasn’t initially. The market moves everyday. Up and down, back and forth. As long as you have someone to help you keep an eye on True North, your decisions should align with your values, resulting in a happy experience buying and selling real estate in Naples. There are STILL about 1,000 people a day moving to Florida and retirees around the country with home equity who are unfazed by higher interest rates.

The 80/20 rule is a universal law of economics and the Naples real estate market leads hard into that law. I have heard from several brokers in town that it isn’t 20% of the Realtors that are doing 80% of the business in this town, but more like 5% are doing 95% of the business. I believe it. Who wouldn’t want to jump into the action? Being a REALTOR® in Naples is highly rewarding. The people I get to meet are incredibly interesting and most are very grateful. But maybe only 5% of us are giving any actual value to the public. There are all sorts of inspirational quotes from prominent figures in history that tell us to keep working hard and to fail is to succeed. Zig Ziglar said that “You Can Have Everything In Life You Want, If You Will Just Help Enough Other People Get What They Want.” For better or worse, this is wholly true.

So what do you want? If you made it this far in this month’s Naples Real Estate Market Update, you clearly care about what the market has been up to. So why not give Josh Amolsch a call to go deeper. Trust me, if I typed out all that I could type out regarding the interconnections of contracts, motivations to buy & sell, market shifters etc, I would have absolutely no readers, LOL. Best to keep it fairly light and let the ones who need more info contact me to get it.

Call/Email Josh Amolsch to buy and sell real estate in Naples! 239.302.8475

The referral of your friends, family and colleagues is the greatest compliment. Thank you for your trust!

Josh Amolsch
REALTOR® | SRS
Premiere Plus Realty, Co. | #SL3522310
1100 5th Ave S #101B, Naples, FL 34102
239.302.8475 | [email protected] | joshamolsch.com