Naples, Fla. (September 27, 2024) – The median home price in Naples held steady at $600,000 in August, consistent with both July 2024 and August 2023 figures. According to the Naples Area Board of REALTORS® (NABOR®) August 2024 Market Report, which covers home listings and sales in Collier County (excluding Marco Island), there were 1,096 price reductions last month. While this is the lowest number of price drops so far in 2024, it suggests that sellers are still adjusting to current market conditions. Although inventory levels have increased by 40.3% compared to August 2023, they have been decreasing for the past five months. However, broker analysts believe this trend may only be temporary.

The Pitfalls of Trying to Time the Market

“There have been 1,861 properties withdrawn from the MLS over the past 120 days,” said Mike Shoaff, Realtor at REMAX Hallmark Downtown Naples. “This happens every year as sellers pull their listings, hoping to secure higher prices during the busy season. But with more properties expected to hit the market as we approach winter, sellers could face more competition, potentially driving prices down or encouraging lower offers.”

In March 2024, Naples had 5,283 homes on the market, but by August, that number had dropped 28% to 4,127. Despite this drop, inventory remains up 40.3% from August 2023 when there were 2,942 properties available. While new listings have been declining since March, they saw a 6.5% increase from July 2024 but remain 5.4% lower than in August 2023.

Closed sales in August 2024 fell 27.8%, with only 524 homes sold compared to 726 in August 2023.

The NABOR® August 2024 Market Report offers a detailed breakdown of single-family and condominium sales, price points, and regional data, providing valuable insights for buyers and sellers in the Naples real estate market.

For more details on real estate in Naples, FL, contact Naples Florida Realtor Mike Shoaff today. With decades of experience living and working in the area since the mid-90s, he can offer valuable suggestions to help you navigate the market.