Back HomeNaples Area Market Report July 2024
Closed sales of properties in Naples during June and July declined compared to the same months in 2023. According to the July 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales during July decreased 2.6 percent to 608 closed sales from 624 closed sales in July 2023. Furthermore, pending sales activity reported for July decreased 15.7 percent, convincing broker analysts who review the report that we can expect similar closed sales performance in August.
Overall inventory has been climbing for the last 28 months. For July, inventory increased 50.5 percent to 4,352 properties from 2,892 properties in July 2023. There are 6.2 months of inventory available, up 59 percent from 2.9 in July 2023. Conversely, overall closed sales have been declining (month/month) since July 2021, or 36 months ago.
Median closed price during both June and July decreased 0.8 percent. In July, the overall median closed price was $590,000 compared to $595,000 in July 2023. For both summer months, reductions in the median closed price of single-family homes drove the overall median closed price decrease. Conversely, the median closed price of condominiums increased in June and July. The percent of list price received in July decreased 1.4 percent to 94.8 percent from 96.1 percent in July 2023. As such, the number of cash sale transactions is decreasing, 51.9 percent in July compared to 61.2 percent in January 2024.
