July 2024 Naples Market Report: West Bay Club and The Island at West Bay Club

The average sales price for a single-family home increased in 3 of 4 neighbourhoods over the last 6 months compared to the same period a year ago:

• Crayton Road area homes sold for $5,971,946, up 34%
• Old Naples homes sold for $8,575,000, up 11.9%
• Aqualane Shores homes sold for $11,133,333, up 12.2%
• Port Royal homes sold for $15,540,000, down 12.3%

The average sales price per square foot for a single-family home over the last 6 months compared to the same period a year ago:

• Crayton Road area homes sold for $1,450/SF, up 19.7%
• Old Naples homes sold for $2,249/SF, down 7.8%
• Aqualane Shores homes sold for $2,130/SF, up 0.2%
• Port Royal homes sold for $2,409, down 13.0%

This is one of the most revealing statistics regarding the current supply/demand balance of the real estate market activity since it combines the pace of sales with the number of properties currently available. The months of supply indicator measures how long it would take for all the properties on the market to be sold if sales continued at the current pace and no additional listings came on the market. Nationwide 6 months of supply is considered to be a balanced market but within the Naples market, higher price points typically have a higher supply and 10 to 20 months is a more typical level of supply.

The supply of single-family homes on the market as of 7/1/24 has moved lower in all neighbourhoods recently but is up considerably from the same date last year in 3 of 4 neighbourhoods:

• Crayton Road area had 12.3 months of inventory, up 50.0% (down from a peak of 13.5 months in March 2024)
• Old Naples had 17.2 months of inventory, up 112.3% (down from a peak of 22.2 months in April 2024)
• Aqualane Shores had 12.9 months of inventory, flat. (down from a peak of 23.1 months in February 2024)
• Port Royal had 21.0 months of inventory, up 68.0% (down from a peak of 24.8 months in May 2024)

The number of homes for sale as of 7/1/24 has decreased from earlier this year but has increased in 3 of 4 neighbourhoods compared to a year ago:

• Crayton Road area had 84 homes on the market, up 2.4%
• Old Naples had 55 homes on the market, up 52.8%
• Aqualane Shores had 28 homes on the market, flat
• Port Royal had 36 homes on the market, up 12.5%

The number of new single-family home listings that came on the market in the last 6 months was down in 3 of 4 neighbourhoods compared to the same period last year:

• Crayton Road area had 106 new listings hit the market, down 4.5%
• Old Naples had 55 new listings hit the market, up 52.8%
• Aqualane Shores had 23 new listings hit the market, down 11.5%
• Port Royal had 25 new listings hit the market, down 28.6%

The number of pending single-family homes in the last 6 months decreased overall compared to the same period last year but was up in 2 of the 4 neighbourhoods:

• Crayton Road area had 48 pending sales, down 27.3%
• Old Naples had 22 pending sales, down 8.3%
• Aqualane Shores had 10 pending sales, up 11.1%
• Port Royal had 11 pending sales, up 10.0%

The number of single-family home closed sales in the last 6 months decreased overall compared to the same period last year:

• Crayton Road area had 46 closed sales, down 33.3%
• Old Naples had 23 closed sales, down 28.1%
• Aqualane Shores had 9 closed sales, flat
• Port Royal had 10 closed sales, down 9.1%

The total dollar volume of single-family home sales in the last 12 months within the 4 neighbourhoods was just shy of $1B, down by approximately $370M (27%) compared to the previous 12 months:

• Crayton Road area had $431,764,507 in sales volume, down 8.0%
• Old Naples had $251,590,000 in sales volume, down 30.5%
• Aqualane Shores had $138,150,000 in sales volume, up 14.2%
• Port Royal had $176,500,000 in sales volume, down 57.6%

Single family homes that sold in the last 6 months spent more time on the market compared to the same period a year ago:

• Crayton Road homes spent an average of 147 days on the market, up 70.9%
• Old Naples homes spent an average of 105 days on the market, up 23.5%
• Aqualane Shores homes spent an average of 231 days on the market, up 185.2%
• Port Royal homes spent an average of 218 days on the market, up 235.4%

Single-family homes that sold in the last 6 months on average sold for 6.3% to 11.5% below their asking prices:

• Crayton Road homes sold 8.6% below their asking price
• Old Naples homes sold 6.3% below their asking price
• Aqualane Shores homes sold 8.8% below their asking price
• Port Royal homes sold 11.5% below their asking price