August 2024 Naples Market Report: Kalea Bay Tower 500

The average sales price for a single-family home over $2M in Naples was $4,884,609 over the last 6 months, up 9.1% compared to the same period a year ago. The average sales price for condominiums over $2M in Naples was $3,682,367 over the last 6 months, up 5.2% compared to the same period a year ago.

The average sales price-per-square-foot for a single family home over $2M in Naples was $1,172 over the last 6 months, up 1.6% compared to the same period a year ago and up 80% from the same 6 month period in 2019. The average sales price-per-square-foot for a condominium over $2M in Naples was $1,256 over the last 6 months, up 4.7% compared to the same period a year ago and up 53% from the same 6 month period in 2019.

As of July 1st 2024, there were 729 single family homes for sale over $2M in Naples, up 30.9% from July 1st 2023 and up 45% from July 2019. As of July 1st 2024, there were 333 condominiums for sale over $2M in Naples, up 95.9% from July 1st 2023 and up 110.8% from July 2019.

The number of new Naples single family home listings over $2M that came on the market in the last 6 months was 733 homes, up 9.1% compared to the same period last year. The number of new Naples condominium listings over $2M that came on the market in the last 6 months was 330 condos, up 14.6% compared to the same period last year.

The number of pending Naples single family home sales over $2M in the last 6 months was 378 homes, down 6.0% compared to the same period last year. The number of pending Naples condominium sales over $2M in the last 6 months was 191 condos, up 15.1% compared to the same period last year.

The number of single-family home closed sales over $2M in the last 6 months was 361, flat from the same period 1 year ago and the number of condominiums sold over $2M was 180, down 3.2% compared to the same period last year.

The total dollar volume of single-family home sales over $2M in the last 12 months was $2.7B, down by 5.3% compared to the previous 12 month period and up from $1.4B over the same period in 2019. The total dollar volume of condominium sales over $2M in the last 12 months was $1.0B, up by 4.5% compared to the previous 12 month period up from $450M over the same period in 2019. It’s interesting to note that the sales of condominiums over $2M have been very steady since mid-2021, coming down 12.9% but the total sales volume of single-family homes has come down 32% since mid-2021

Single family homes in Naples that sold over $2M in the last 6 months spent 94 days on the market on average and condominiums spent 93 days on the market. Properties spent more time on the market compared to a year ago but still quite a bit less than the 100 to 175 days on the market that was typical prior to the pandemic.

Single family homes in Naples that sold over $2M in the last 6 months sold for 6.3% below their last asking price and condominiums sold for 5.1% below their last asking price. This level of negotiation is very similar to 1 year ago and also similar to the same 6 month period in 2019 prior to the pandemic.