Naples May 2024 Housing Market Update

Naples May 2024 Housing Market Update
Naples Real Estate Market Review

Naples Real Estate Market Review

 

 

 

 

 

 

 

 

The resolve of the Naples housing market harkens my mind to that of a beautiful song. I have been playing and studying music since 1988 and naturally base all of my analogies and metaphors of life, and ancillary systems thereof, on the mechanics of music. It is a fascinating body of both mathematics and primordial instinct that binds cultures as much as it does distinguish them. The Naples housing market is a living, breathing entity that really displays the push and pull of human desire and ability. When one part of the body of the market is out of tune, we can see that play out as when adjacent communities take up the slack and absorb the failing communities’ role in the overall purpose of the entity’s existence. And of course, the Naples part of the housing market is then attached to other parts of the bigger, overall market in the country and even the world. The old adage of “All Real Estate is Local” rings as true as a symphonic bell.

Just as we all enjoy different genres of music, the Naples housing market in May 2024 was singing love songs to some and the blues to others. The Median Sales Price in the Overall Naples Market is up 8.3% over May 2023 but has been flat the last 3 months. March, April, and now May 2024 have all clocked in right at $650,000. OK, March was at $649,900. Whew, whatta time to buy it was in March! Golden Gate Estates also posted a huge increase in Median Sales Price in May coming up 18.9% over May 2023. Though down a little from April 2024, the latest Median Sales Price for GGE is now $612,500. This is despite the massive increase in prices and interest rates the last couple of years that has eroded affordability for many people.

 

Median Sales Price | Naples May 2024 Real Estate Update

Median Sales Price | Naples May 2024 Real Estate 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 | 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!

New Listings | May 2024 vs May 2023
Overall Naples – 1,179 | +16.4%
34102 – 54 | +12.5%
34103 – 55 | +5.8%
Golden Gate Estates – 117 | +34.5%
New Listings | Naples May 2024 Real Estate Update

New Listings | Naples May 2024 Real Estate Update

 

Days On Market May 2024 vs May 2023
Overall Naples – 42 | +50%
34102 – 84 | +52.7%
34103 – 73 | +46%
Golden Gate Estates – 37 | -15.9%
Days on Market | Naples May 2024 Real Estate Update

Days on Market | Naples May 2024 Real Estate Update

 

Total Inventory May 2024 vs May 2023
Overall Naples – 4,976| +65.7%
34102 – 458 | +61.8%
34103 – 372 | +36.3%
Golden Gate Estates – 343 | +47.8%
Total Inventory | Naples May 2024 Real Estate Update

Total Inventory | Naples May 2024 Real Estate Update

 

Months Of Supply May 2024 vs May 2023
Overall Naples – 7 | +75%
34102 – 15.4 | +108.1%
34103 – 10.7 | +40.8%
Golden Gate Estates – 5.7 | +67.6%
Months of Supply | Naples May 2024 Real Estate Update

Months of Supply | Naples May 2024 Real Estate Update

 

So there you have it. Hopefully that tune was a hit and you all put it on repeat. Or, you can check my back catalog for some deep cuts. The Naples Housing Market Blog comes out monthly and you can subscribe right here. I include other jam sessions on my site as well. Check out the titles Golden Gate Estate of MindWhat’s Going on in Royal Harbor?West of 41 Club or even the tear jerker Caring For People is Your Path to Freedom. Coming to a neighborhood near you soon!

To buy and sell real estate in Naples, hire talent… Hire Josh Amolsch.

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Josh Amolsch
REALTOR® | SRS
Premiere Plus Realty, Co. | #SL3522310
1100 5th Ave S #101B, Naples, FL 34102
Josh Amolsch | Naples Luxury Real Estate | REALTOR®

Josh Amolsch | Naples Luxury Real Estate | REALTOR®

 

Naples Seller's Agent | REALTOR®

Naples Seller’s Agent | REALTOR®

 

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About the Author
josh@joshamolsch.com
Since 2012, Josh Amolsch has proven to be relentlessly effective in delivering success and satisfaction to his customers. As a resident of Naples, Josh brings energy, charm and wisdom to the Premiere Plus Realty Luxury International brand.

Josh is a long time musician who has released a few recordings over the last 20 years. He loves hiking in national parks and traveling with his wife, Viktoriya. The bedrock of Josh's character has always been his passion for service and results. With this, Josh has not only found success, but a permanent seat as a student in the practice of real estate.

Consulting real estate consumers and guiding principles through life changing events has been the highlight of Josh's adult life. Josh is an accomplished communicator, and with the unique training he has received from top brokers with over 120 years combined experience, Josh knows how to bring deals together, keep everyone on track, and close successfully while maintaining healthy relationships.