In this video, Naples real‑estate agent Renee Hahn delivers the January 2024 market update, expanding the standard six‑metric report from the Naples Area Board of Realtors to eight metrics for a fuller picture. She presents year‑over‑year and month‑over‑month changes for active listings (4,639, +59% YoY, +17.5% MoM), new listings (1,780, +29% YoY, +99.6% MoM), pending sales (1,010, -8% YoY, +73.2% MoM), closed sales (484, -14% YoY, -12.2% MoM), days on market (61 days, +15% YoY, +3.4% MoM), median price per square foot ($507, -3.4% YoY, +3.9% MoM), price drops (1,835, +73.9% YoY, +139.6% MoM), and months of inventory (11 months, +3% YoY, +37.5% MoM). She then drills down into neighborhood‑level inventory, highlighting low‑inventory communities (The Crossings, Kensington Golf, Old Cypress, Treviso Bay) with 1.7‑2.0 months of supply versus high‑inventory areas (Aqualane Shores, Bay Colony, Port Royal, Vanderbilt Beach) with 24‑60 months of supply. Renee links high inventory to buyer advantage, pricing sensitivity, and longer sales cycles, while noting a 19% YoY rise in travel to Fort Myers Airport, which can boost buyer interest despite inventory levels. She warns that renovation costs remain elevated due to contractor backlogs from hurricane repairs, urging sellers to price appropriately. Throughout, she emphasizes candid, transparent data, invites feedback, and offers personal consultation via phone or her website. The video closes with a brief weather anecdote and a friendly sign‑off.
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Hello, Renee Hahn here, your Naples real estate expert, and I am bringing you the monthly Naples area market update for the real estate transactions. We're going to talk about 8 different metrics as a part of this, and as you know, I'm always looking to improve and change things. And by the way, I am open to your feedback, so don't hesitate to share your thoughts and ideas of how I can make this more meaningful for you. I have expanded my metric card, as I mentioned, from the 6 that Naples Area Board of Realtors does to adding a few more on that I think helps tell a more complete story. So the one thing I always say is I'm not going to sugarcoat things, um, in this industry. And by the way, for good reason, the Naples Area Board of Realtors and brokerages try really hard to keep things positive when it comes to real estate market updates because again, we don't want to send things into a frenzy. But I also think it's really important that you get candid and transparent information to help you make those decisions. So I tend to not soften things as much. There are always positives and we live in a great area, so owning real estate in this area will continue to be, in my opinion, my humble opinion, a positive aspect. But I also want to make sure I shoot it straight to you. So let's start with looking at active listings. Again, keep in mind it's February, the end of February, but we're reporting on data for January. There's always going to be a lag because we need to make sure that we allow time in the system to close all the transactions out and bring you the most accurate data possible. So for the month of January of 2024, I have to get used to saying that, Active listings, we were at 4,639 properties that were available for sale. That represented a 59% increase year over year and a 17.5% increase month over month. Now for buyers, that's great. That means there has been more to choose from in both, um, compared to last year this time, but also compared to December. That's a good thing. And even though it tends to more favorably affect the buyers, at the end of the day, it actually affects everyone, 'cause if we can stimulate buyer activity and buyer interest, then that becomes good for sellers as well. So again, more, uh, uh, opportunities and properties for buyers to pick from. If you look at new listings, there were 1,780 new properties that came onto the market. So again, 4,639 in total, 1,780 in new listings. That was an increase year over year of 29% and an increase month over month of 99.6%. Wowza! Um, let's take a look at what pending sales happened. So there was— there were 1,010 pending sales, or properties that went pending, I should say, during the month. So 1,780 new ones came on for a total of 4,639 and 1,010 went under contract. That was an 8% decrease year over year and a 73.2% increase month over month. So January performed better than December. Now some of that, you have to know, is by, um, design. I don't even know if that's the right term, but December is typically a slower month. January, we have a bunch of people from out of town show up and we know they're home shoppers. So what do we do? We wait to put more listings on, and we put more listings on because we know there should be more sales, um, or more things going under contract in the month of January. So again, that is more cyclical in nature and, and pretty standard. Closed sales were down 14% year over year and 12.2% month over month. So only 484 homes sold, closed during the month of January. But again, that is a— that's looking at the fact that if, if you have lower pendings in December, of course that means you're going to have lower closed sales in January. So again, pretty standard in terms of the increases and decreases relative to the prior month. Days on market had a slight uptick to 61 days. That's an increase of 15% year over year, an increase of 3.4% month over month. Let's look at— this is one of the things I've changed— NABOR, Naples Area Board of Realtors, reports the median closed price. I like to look at price per square foot more than closed price because closed price could be a mix, right? You might have sold more expensive homes, but the median closed price per square foot I think is telling. So it was at $507. Again, that's across types of homes, it's across price points, so you still have to couch it and in the context it is. That represented a 3.4% decrease year over year, but a 3.9% increase month over month. Price drops— this is interesting— during the month of January, we had 1,835 price drops in residential sales. That represented a 73.9% year over year increase, and get this, 139.6% month over month increase. Again, wowza! Lots of price drops in the month of January. Now if you think about the cyclical nature and we have a lot of new listings coming on in January, that's a lot of, um, price drops. Months of inventory overall, and I want to dive into a little bit more within segments, but overall we were sitting at 11 months of inventory that represented an 83.3% 3% increase year over year and a 37.5% increase month over month. But again, what I want to talk about, if I can pull it up here, is the breakout of some of those things. Pardon me as I stumble through and find this, because this is where you start to really feel how segmented this market is. What do I mean by that? Well, let's take a couple of the nice ones. So the Crossings— I happen to live in the Crossings. It's comprised of Mill Run and Stonegate, we are sitting at 1.71 months of inventory. If you're a homeowner in Mill Run, that's good. Another one, Kensington Golf Community in Central Naples, they're at 1.89 months of inventory. Old Cypress, which is out in Northeast Naples, is at 1.82 months of inventory. So if you've got a home to sell in those places, they're highly desirable places and they have low inventory. Even Audubon is sitting at 6.86 months of inventory. That's good for sellers, but let's flip that. Aqualane Shores is sitting at 43.2 months of inventory. Wow, that's a lot of inventory. I'm going to scroll down here. Um, Pelican Bay and Bay Colony proper, 60 months of inventory in Bay Colony. Port Royal, 39 months of inventory. Royal Harbor, 24 months of inventory. Old Naples, 17.23 months of inventory. Vanderbilt Beach, 29.6 months of inventory. So in those communities, you've got a lot of inventory. Things are sitting longer. So very segmented. Even Treviso Bay is only at 1.89 months of inventory. Vineyards, 3.93 months of inventory. So if you're in places like Vanderbilt Beach, which includes Connors, Bay Colony, Port Royal, Royal Harbor, Old Naples, you've got a lot of inventory, and that's giving buyers an advantage. Things are sitting longer. I have several listings across some of those places, and it's— you're definitely feeling it. People have a lot of different things to choose from in terms of options. So if you're not priced right, you're probably not getting many showings and you're not going to get many offers. One stat I do wanna kind of throw in, not that there's a good place to put it, but Southwest Florida International Airport is reporting 19% year-over-year increase in travel into Fort Myers Airport. So if you talk to owners in some of these places where inventory is so high, they're going to tell you it must be slow. They're not seeing a lot of showings, but we actually have an increase in travel. So again, you've got a couple of things going on. Inventory's high, which means people have more to choose from. So if they don't see your home as in that top tier of higher— highly desirable, either because of the price point, the condition, work that needs to be done, it's going to feel slow to you. In other places, like even Lely's running low on inventory. If a home comes on the market, they're selling fast. So you can have two very different experiences. I will tell you that there is still a, um, a pretty long lead time for being able to do renovations. And because the contractors working on renovations still have a really good book of business left over from the hurricane, as well as people staying in place longer and wanting to do updates, renovations are costing a little bit more. So you've got to make sure that if you have a home that needs work, that you are pricing it accordingly, because you're not necessarily going to attract buyers in who are going to have the appetite to do any amount of work, let alone a lot of work. And you're feeling it, you're feeling it in terms of the, um, time it's taking you to sell, how many buyers may be entertaining your home and showing up for showings. So Again, there's a real pricing sensitivity. It's really important you get connected with an agent that can give, can give you an idea of what's going on in the marketplace so that you can make appropriate decisions about whether now is the right time to sell or buy, by the way, and whether you should be pricing it aggressively or whether you've got some upside from low inventory for your area. But again, high inventory means you've got to be really conscious of pricing things in a way that's going to get you the attention to be able to move the property. As always, if you have any questions about the data we've covered today, or you want to dive in more deeply on your specific neighborhood or the type of home you have, I am always happy to set up time. I just did a consult last night for someone that is not actively thinking about selling, but they, you know, certainly have been watching the market and wanted to know what that has done for their value on their home. So Always feel free to reach out. Renee Hahn, 239-287-2576, or you can find out the rest of my information on yournaplesexpert.com. As always, it is a pleasure. I hope you have a wonderful March ahead of you and, uh, and enjoy some of the sunshine that we've been having. We've been having unusual weather. I think I talked to a client that's coming here next week from Wisconsin, and the weather in Wisconsin is predicted to be 65, and here it's predicted to be 70. Wow, who would think we'd only have a 5-degree differential? So it's been an odd winter in terms of weather as well. So have a great day, and thank you for tuning in. I appreciate you.
