It's that time of year again when shark activity in the Gulf is at its highest. From my research, this is due to the water being warmer and the bait fish being more active. We have about 50 species of shark in the Gulf and many of them will swim close to the shore and up into the rivers chasing bony fish like mullet, herring and jacks. My wife and I actually came up on a 12 foot Hammerhead in April 2024 off of Lover's Key Beach while riding our jet skies. I am told they like to feed on the Tarpon going up the Caloosahatchee River.

I mention all of this as those videos on instagram are popping up from fishermen out in the Gulf showing hundreds of sharks swimming around their boats and rumors of snorkeling excursions down in the Keys getting cancelled due to the activity. Makes me want to stay in my beach chair under the umbrella and just take calls from the land sharks who are trying to tell me the real estate market is crashing. At least I can see those guys coming and direct them to my Naples Housing Market Updates I publish every month. Besides, I like talking to people and hearing different views and motivations.

While the Median Sales Price in the Naples Overall Housing Market was up 5% in May 2025 from April 2025, we fell 9.1% from May 2024 when the metric was at an all time historical high of about $649,000. This record number was basically matched again in February & March 2025, not so bad considering national headlines. Healthy & consistent price gains in 2024 through March 2025 for ZIP 34102 (Royal Harbor, Old Naples), ZIP 34103 (Moorings, Park Shore) and Golden Gate Estates are keeping their respective trajectories stable, despite lower numbers the last couple of months. Yes, there are price reductions happening, but not to the degree that we are seeing blood in the streets. Of course anything could happen, but I'm not seeing evidence of this in the numbers that NABOR puts out right now, nor precursors.

The best thing to do, and one thing I am really good at, is to start conversations with sellers if you are a buyer, and with buyers if you are a seller. Sitting around waiting for one side to make a move is reminiscent of a junior high dance. Let's get talking! If a relationship doesn't work out, that's totally OK, just keep moving until you find the right one to dance with. You do this by viewing a bunch of homes and writing offers, if you are a buyer. Sellers, your listing agent should be hosting open houses regularly, at the very least, and reaching out to agents all over the county and beyond to see who has your buyer.

Reach out if you are either one and we can work on a plan to get your real estate needs met. I can't promise miracles, but will show you everything you should be doing to find the right transactional companion. The only other component out of our control is time. Patience will win the day.

Median Sales Price - May 2025 vs May 2024

Overall Naples Market - $590,000 | -9.1%
34102 - $1,390,000 | -21.7%
34103 - $1,050,000 | -36.0%
Golden Gate Estates - $555,000 | -9.0%

I learned a new word on Sunday while performing at Covenant Church in Naples. Our Pastor came over and asked us to pick up the tempo and feel of a particular song because it felt too "dirgey". Upon looking up the definition, I found that "Dirgy" means "like a dirge; funereal. It describes something that has the characteristics of a dirge, such as being sad, slow, or mournful." My thought went right to how many people are feeling about the real estate market, and not just in Naples. There seems to be this gloomy outlook on the market that is causing some buyers to not want to pay a seller's asking price or close to it, even if it is clearly proven to be a fair asking price that is supported by comparable sales and even a recent appraisal.

Then there are other buyers who just can't qualify for a mortgage, and that's a whole other issue. The affordability issue for many is a real problem that shouldn't be understated. The dirge is real and we all hope it goes away soon. Maybe the solution is akin to that old saying, "a rising tide lifts all ships". Once that rising tide begins, it will continue through full swing. Kind of like a rash.

Total Sales for May 2025 were all blah. At least ZIP 34103 stayed at the same level that it was at last May so my report doesn't depress you too much. As you scroll, you will notice there is growth in Pending Sales over May 2024, which, theoretically, should give us a boost in sales for June/July. Seeing spikes in Total Sales during the summer should boost optimism to those in the market right now.

Before you move on, I wanted to show you, for context, how Naples sales numbers for Condos & Homes from April going into May have turned out going back to 2012. May 2025 didn't produce the worst drop in 13 years, but it was in the top 3. So many things in life can be compared to a pendulum. One day things swing one way, the following day things swing the other way. Hang in there. Maybe the effort by Gov. DeSantis to put the kibosh on property taxes will send sales to the moon. Another reason buyers should consider buying now. Fannie Mae revised their forecast for mortgage rates to be in the low 6's by the end of 2025. Lower rates mean more buyers, and more buyers mean rising prices.

Total Sales Change - April to May 2012-2025

2012 | -.3%

2013 | -8.2%

2014 | -6%

2015 | -16.9%

2016 | -10.8%

2017 | +14.1%

2018 | +3.3%

2019 | +1.3%

2020 | -28.2%

2021 | -4.1%

2022 | +1.4%

2023 | +7.4%

2024 | -8.3%

2025 | -14.1%

Total Sales - May 2025 vs May 2024

Overall Naples Market -  775 | -16.9%
34102 -  34 | -17.1%
34103 -  43 | 0.0%
Golden Gate Estates -  69 | -14.8%

Speculation time! May 2025 House and condo inventory in the Overall Naples Market fell by a massive 826 units from April 2025. That is an 11.25% drop in available properties and about the highest drop going as far back as the system will allow me to go. Some sold, some listings expired or were terminated. The reasons are usually all over the board. Sellers want to rent the place out or wait until season to list again etc. But those reasons are not all too different from any other given May when sellers faced the same decisions.

Bottom line, Inventory dropped in May 2025 a significant amount at the same time sales were lower than last year. Inventory is still sitting at higher levels than May 2024, but growing now at a significantly softer clip than in previous years. Overall Naples is only 23.8% higher than May 2024, while ZIP 34102 and 34103 are 17.3% & 23.4% higher, respectively. For the past couple of years, these numbers were in the 30's, 40's and 50 percentiles.

The market is balancing out and we will just have to see where median prices go. Desirable properties will always be desirable and should sell for top dollar. Lot's of smart sellers who can wait for their price are waiting. It's only fair. What's also fair is that there are now plenty of properties for buyers to choose from. Even picky buyers with Buyer Broker Agreements can get out there and buy a property they really love. Remember buyer's, you still need to sign a representation agreement with the listing agent if you want to buy that home or condo.

Inventory - May 2025 vs May 2024

Overall Naples Market -  6,515 | +23.8%
34102 -  562 | +17.3%
34103 -  485 | +23.4%

Golden Gate Estates - 391 | +6.3%

There are many silver linings in this month's Naples Housing Market Update and one of them is Pending Sales. Some of those Pending Sales may fall out of escrow, but if enough don't, we are potentially looking at a spike in Total Sales numbers for the Naples June Housing Market Update. I am a glass half full kind of guy. We all have a choice everyday to be positive and find solutions, or be negative and create more problems for ourselves. There is always a way to succeed, the only ingredients needed are time and effort. Many more buyers put forth that effort in May raising the Pending Sales over May 2024 almost 10%! ZIP 34102 almost doubled their accepted contracts and both 34103 and Golden Gate Estates ticked up about 24%.

There are many wonderful listings out there right now and buyers are seeing that and starting conversations. It's really great to see. Don't get discouraged or dirgey, my friends. Your transactional partner is out there and with the right REALTOR®, lender (if needed) you will complete what you set out to do in this market.

Pending Sales - May 2025 vs May 2024

Overall Naples Market -  778 | +9.7%
34102 -  48 | +84.6%
34103 -  42 | +23.5%
Golden Gate Estates - 88 | +23.9%

Thank you for reading the latest Naples Housing Market Update! This article is emailed out once a month but I am always available to talk more specifically about your needs. Whether it is buying or selling. I have been deeply involved in both sides for 12 years through many different situations. Let's connect over the phone, through text or on social media!

My links are below.