June 2024 Naples Market Report: Mid Year Trends Review

The average sales price for a property in Naples in May was $1,196.252, up 5.9% over last May and just $6,000 below the all-time high seen in January 2023.

The average sales price-per-square-foot for a property in Naples in May was $494/SF, up 4.2% over last May and equal to March 2024, which was an all-time high average price per square foot. Properties priced $1 to $3M averaged $692/SF, $3 to $6M averaged $1,165/SF, $6M to $10M averaged $1,637/SF and $10M+ properties averaged $2,845/SF.

The number of properties for sale in Naples shrank to 5,068 properties among all price points combined, up 68.8% from last May but down from a recent peak of 5,438 in March. There were less properties for sale in in all 4 price segments in May with 1,226 properties priced from $1 to $3M, 375 properties from $3 to $6M, 168 properties priced $6M to $10M and 167 properties in the $10M+ price segment.

There were 1,212 new listings that came on the market in Naples in May, up 19.6% from last May but down from a 3 year peak of 1,818 new listings in January – the previous peak was 1,932 new listings added in January 2020.

May 2024 saw 736 pending sales across all price points, down 5.2% from May 2023. It’s interesting to note that compared to last May, the $3M to $6M price segment saw 36 pending sales, up 44%, the $6M to $10M price range had 7 pending listings, down 46.2% and the $10M+ price segment had 9 pending sales, up 12.5%.

Total sales activity across all price points in Naples for May 2024 was 922 properties, down 10.7% compared to the same month a year ago.

As of May 2024, the trailing 12-month sales total in Naples was 8,526 properties, down 6.4% from the previous 12-month period.

The total dollar volume of residential property sales in Naples over the last 6 months was $5.2B, down 2.4% from the same period a year ago.

In May 2024 Naples properties that closed spent an average of 61 days on the market, a statistic that has been gradually increasing since the low point of 22 days in June/July 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.

For properties Naples that closed in May 2024 among all price points, the average amount of negotiation from the last list price was 4.1%. This is still slightly less negotiations the pre-pandemic “normal” level in Naples which was around 4.5% of negotiation from the last asking price in 2019.