May 2024 Naples Market Report: The Ritz-Carlton Residences, Naples

The average single family home in Naples in April was $1,437,366, up 20.7% over last April and about 8.0% below the all-time high of $1,563,171 seen in January 2023. The average sales price for a condominium in April was $834,263, 1.1% above April 2023.

The average single family home sales price-per-square-foot in April was $516/SF, up 7.3% over last April. The average sales price-per-square-foot for a condominium in Naples was $461/SF, up 2.9% from last year.

Both homes and condominiums have decreased in supply in the last month, ending a stretch of increasing supply since mid-2023. At the end of April 2024, there were 2,603 single family homes for sale in Naples, up 47.7% from April 2023 and just entering the pre-pandemic norm of 2,500 to 3,500 homes on the market. At the end of April, there were 2,696 condos on the market in Naples, 98.8% more than 1 year ago, also within the pre-pandemic norm of 2500 to 3500 condos on the market.

There were 703 single family homes added to the market in April 2024, 22.3% more new listings than April 2023. There were 650 condominiums added to the market in April 2024, 13.6% more new listings than the same month a year ago. This is typical to see listings slowing down as our busy winter season concludes.

In April 2024, there were 454 pending single-family home sales in Naples, up 5.3% from last April. Also, there were 439 pending condominium sales in April, down 1.8% from April 2023.

Total sales activity for single family homes in Naples was 468 homes, up 7.1% in April compared to the same month a year ago. Total sales activity for condominiums in Naples was 540 condos, up 2.9% in April 2024 compared to April 2023.

As of April 2024, the trailing 12-month sales total for single family homes in Naples was 4,365 homes, down 5% from a year ago. Single family home sales activity has been steadily trending downward as the market cools off from a pandemic era sales activity surge of 8,061 homes closed (wow!) from mid-2020 to mid-2021. The 12-month rolling total sales count for condominiums have closely tracked that of single family homes with 4,261 condos closed in the past year, down 10.3% from 1 year ago and down from an all-time peak of 8,739 condos closed from mid-2020 to mid-2021.

The total dollar volume of closed single family home sales in Naples over the last 6 months was $2.84B, down 4.7% from April 2023. The total dollar volume of closed condominium sales in Naples over the last 6 months was $1.73B, down 2.2% from April 2023.

In April 2024 Naples single family properties that closed spent an average of 70 days on the market, a statistic that has been gradually increasing since the low point of 20 days in May 2022 but is still significantly lower than the average of around 100 days on the market that were the norm for several years before the pandemic. In April 2024 Naples condominiums that closed spent an average of 63 days on the market, up from a low point of 12 days on the market in April of 2022.

For single family homes in Naples that closed in April 2024, the average amount of negotiation from the last list price was 4.6%. In April 2024 condominiums saw an average of 3.8% of negotiation from the last list price. These indicators are similar to the pre-pandemic “normal” range of negotiation in Naples which has typically been 4 to 5% negotiation from the last asking price. The amount of negotiation for condos is around 1% less than it was pre-pandemic.