In this January‑recorded video, Naples real‑estate specialist Renee Hahn reviews December 2024 market data. She reports a 35.7% year‑over‑year rise in total inventory to 5,695 listings, which pushed the average days‑on‑market up 42.4% to 84 days. The composition of inventory has shifted dramatically: properties under $300K fell from 1,535 in December 2019 to just 427, while the $500K‑$1.5M band grew to 2,609 listings. Pending sales rose 7.4% YoY, but closed sales increased only modestly (4.6%). The overall median closed price slipped 4% to $600,000, driven by a 13.9% drop in condo median prices, while single‑family home median prices rose 2.3% to $767,500. Regional analysis shows East Naples leading single‑family sales and North Naples topping condo sales, with a median condo price of $489,000. December saw 1,076 price reductions, notably a 29.6% plunge in Naples Beach condo median price (from $1.35M to $950K). A new Florida law mandating structural‑integrity reserve studies for condo associations with buildings of three or more stories adds cost pressure, alongside storm activity and rising insurance premiums, further weighing on the condo market. Hahn concludes the market is buyer‑friendly due to abundant inventory and price flexibility, yet remains healthy for sellers because many owners hold properties outright, limiting foreclosure risk. Contact information is provided for viewers seeking personalized assistance.
Chapters
Hello, Renee Hahn, your Naples real estate expert, bringing you this month's market update. Keep in mind, we're always talking about data from the previous month, so as we sit here towards the end of January, we're going to be talking about December data. We're going to go through these really quick because you can read the metrics yourself, so I'll just give some commentary. So if you start with inventory, overall inventory did increase 35.7% year over year. So we were rounding out the month with 5,695 properties, up from the prior year of 4,198. With more options for buyers, obviously the days on market increased, and that increased about 42.4% to 84 days compared to 59 days in December 2023. In 2019, the majority of the area's inventory was in that $300,000 and below price category. There were actually 1,535 properties in December 2019 compared to this past December, there were only 427 properties in that same bracket of $300,000 and below. But today Today, most of the inventory available is actually sitting between the $500K and $1.5 million price category. So if you look at again, 2019 of December, it was 1,216 of those. And now in that $500K to $1.5 million, we're sitting at 2,609 properties in the month of December. So pending sales did increase. So if you look at that increase in inventory, it trickles down, more options to buy, more things can get bought. And inventory helped increase the pending sales by about a 7.4% increase compared to December of the prior year. Now you can see the math— increase of inventory of 36%, increase in pending sales of 7%.
What does that mean?
You're going to have some carryover from 2014 going into the high season of 2000— and sorry, 2024 into the high season 2025, and you've got some buildup of inventory.
Let's take a look at closed price. The overall median closed price during December decreased 4% to $600,000 from, I think it was like $625,000 to $600,000. Now that's been driven primarily by a decrease in the median closed price for condominiums. In fact, condominiums closed price went down 13.9%, whereas single-family homes actually had slight increase of, I think, 2.3%. So it went from $750,000 median closed price to $767,500. Now, overall closed sales for December, they increased but a modest 4.6%. So again, inventory up 36%, pending sales up 7%, and closed sales only up 5%. So let's take a look at what that is. If you look at that price category of $500,000 to $1.5 $5 million. They had the highest number of closed sales. There were 3,862 during the full year of 2024. Also East Naples area, so I'm talking area codes 34114, 34117, 34120, 34137. They had the highest number of single-family home closed sales coming in at 1,542 for the year. If you look at North Naples, 34109, 34110, 34119, They had the reported highest number of condominium closed sales coming in at 1,073 for the year and a median closed price of $489,000.
Now the December report also showed 1,076 price decreases during the month, which could make properties more attractive for buyers during the season. In fact, median closed prices for condominiums in the Naples Beach area, so I'm talking 34102, 34103, 34108, decreased 29.6% in December. Went from $1,000— or excuse me, $1,350,000 down to a median price of $950,000. So you can see some pricing favorability there. And, you know, a relatively new standout that may continue to impact the cost of condo ownership in Naples is the new law requiring residential condominium associations to complete a structural integrity reserve study for buildings that are 3 or more stories tall. So there's going to put some new pressure on the, the amount of reserves that has to be kept on for buildings that are condo buildings that are 3 stories or higher. And that's going to have an effect, as it already has, between the storm activity, the increase in insurance costs, and now some of these structural integrity and milestone-related costs. It's taken a toll on the condominium market. So with that said, I think we're off to a slightly slow start for the season. Candidly, we're talking about December, but we're already in January. So I'll give you that insight. Little bit slower start to the season, a pileup of inventory spilling over from 2024 coming into the 2025 window. And of course, we always have an increase in inventory going into the year because it's high season and a lot of people kept their properties offline, uh, waiting for the high season. So it's going to continue to be a good time for buyers, candidly, because there's a lot to choose from and there could be some negotiating upside for them.
Um, the good news for sellers is that we continue to have a healthy market.
We have, um, you know, some price protection, if you will, if there's such a term, because so many property owners own their properties outright and they are not at risk of foreclosures and other things that can sometimes affect people during a tough market. So if you'd like to talk more about the Naples market or any of the surrounding areas, don't hesitate to reach out. Again, Renee Hahn, your Naples real estate expert, and you can find me at yournaplesexpert.com, or always give me a call at 239-287-2576. Thanks and have a fabulous weekend.
