Naples May 2024 Housing Market Update

Looking at the coastal ZIP codes 34102 (Old Naples, Royal Harbor) & 34102 (Moorings, Parkshore), the numbers don’t sound real great at -26% & -11.4%, respectively. But when we take a few steps back and look at the upward swing in 34103 since December and the trajectory that 34102 has been on since even before Covid, it really softens any anxiety those year-over-year depreciation values may have stirred. Sellers, remember, you still own an amazingly desirable asset. Buyers, just keep in mind that once interest rates start to come down, you will be met with competition. So why not jump in now and start writing offers!! You have no idea how flexible a seller may be. Life goes on and people can’t just sit when they need to run. Even through the market shift the last 2 years, and with 2024 being probably the most consequential Presidential election year in history, the Naples housing market has powered through and held its ground. Sweet music to my ears.

Total Sales | Naples May 2024 Real Estate Update

Total Sales is an often requested subject from my readers and clients, so for the areas we are discussing, sales are all down. Season is over and Naples is still more of a second, third and fourth home market, so that is typically what happens in May-November-ish. But that could be shifting to more of a primary home market in the coming years with the cost of housing going up in the area along. Big increases in condo fees, flood and home insurance along with general inflation are making some buyers a little more cautious. But even with all of this, Total Sales for the Overall Naples Market in May 2024 was 897. May 2016 (Another consequential election year) Total Sales were 898. Interesting. You must remember to not compare our current sales stats to the Covid era. It will always seem dire if you do that. Look at the chart, take out 2020 – 2022 and you will see that we are pretty much at normal levels of everything, except sales price. But DESPITE the higher prices, sales continue to chug along. Some think we are building a house of cards with all this debt.

The last couple of statistics that you all tend to enjoy being updated on are below. These figures include all properties, but I can send special reports to you if you want to pull out data on single family homes or condos separately or if you need other ZIP, neighborhoods or even a specific property. I am, of course, trying to win your business!