In this December‑released video, Renee Hahn of William Ravis Real Estate delivers a detailed market briefing for the Naples area, focusing on data from November 2023. She frames the current environment as one of "shifting dynamics" and outlines both opportunities and considerations for buyers and sellers. Key statistics include a 39% year‑over‑year increase in total inventory (10,603 homes, 5.21 months of supply), a 32% rise in new listings year‑over‑year, a modest 1% dip in pending sales, and a 13% decline in closed sales (537 closings). The median closed price held steady at $580,000, up 5% YoY, while average days on market rose to 59 days. Hahn emphasizes that macro‑level figures can mask significant variation across price segments, property types, and communities (e.g., Old Naples showing over a year of inventory). She advises sellers to price competitively based on recent sales and to work with data‑driven agents, while encouraging buyers to take advantage of the seasonal inventory boost and the historically strong spring demand. The video also promotes a new "Flip" magazine, a short survey contest offering an in‑home chef dinner, and provides her contact information for further assistance. Throughout, she balances holiday greetings with a professional, data‑focused narrative.
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Hello and happy holidays! This is Renee Han with William Ravis Real Estate bringing you the monthly Naples area real estate market update. That's a mouthful. I hope that this message finds you in good health and, uh, and also good moods, because the holiday season for most can be an exciting time. It's time when you may get time off from work, you may be getting together with loved ones, but it can also be a sad time of remembrance. So in either case, I am wishing you a happy holiday and a wonderful start to your 2024 New Year. Wow, where did the year go? All right, without further ado, let's dive in. I'm going to call this month's market update Shifting Dynamics and Strategic Insights. All right, as we dive into the latest market update, remember, this is a look back a month, So we're in the month of December, but the data we're talking about is from November. Reason being, the Naples Area Board of Realtors wants to make sure all of the transactions are fully closed and updated in the system before they release data. So we wait for the official data so that we can share it with you. You're going to notice a palpable shift is underway. So from a gruta— I can't talk today— a boots-on-the-ground perspective, perspective, the dynamics are evolving. We've been talking about that for the last couple years. There is never a true sense of stability in a real estate market because it is, to a certain degree, always fluid. But we've been exceptionally— we'll say exceptionally fluid over the last couple years because things are constantly shifting. We're not necessarily into our regular patterns of real estate activity. There's been nothing regular about the last several years. That continues. So the dynamics are evolving. It creates both opportunities as well as what we'll call considerations for both buyers and sellers alike. Let's navigate through the key insights in this report and look at them together. So let's start with heading into the bustling winter selling season, and we all know about that, right? We call it high season. The anticipated surge in sellers listing their homes is already well underway. I keep a regular pulse on things through new listing alerts, through under contract alerts, and I check them every morning so that I can see the volume of activity. And there is certainly a noted increase already in new listings. I'm also seeing it because of the amount of listing appointments I'm going on. So a lot— these things all align with what our normal seasonal trends are. But despite an uptake in the new listings compared to the previous year, which you're going to see in a minute, the pace does remain below the long-term historical norms for this time of year. So effectively Ultimately, it's helping maintain an equilibrium in the inventory levels, if you will, which is good because as I've mentioned in the last several reports, buyer traffic was down. And if inventory was soaring and buyer traffic was down, then that could be some price softening or erosion there. That has not necessarily been the case as of yet, but honestly, I'm waiting to turn into the new year to see what happens. I know a lot of sellers, arguably more than usual this time of year, have been sitting on their listings because they knew it wasn't a great time to list as well as it may have been other times, um, because things were slower this year. So if that number of listings shoots up at a pace greater than the buyer traffic, then again, we could be facing a little bit of the price headwind, if you will. That could tip things into favor of the buyers, but it's too early to tell. We've got to watch. I've got a gut instinct telling me there could be some outpacing on the listing side, but I'm going to remain optimistic that that's not the case. So while year-to-date closed sales have seen a decrease compared to 2022, November's figures, um, did show some resilience, remaining essentially unchanged from the previous year. As of November 30th, the market boasted 10,603 homes in the listing inventory with months of supply standing at about 5.21. Now keep in mind, that is across all property types, all listing prices, all communities. Within a particular segment of the real estate market, you can find things even today behaving very different than this macro level. And it's really important to say that because sometimes people will grab on to these overall statistics and they'll be either really encouraged or discouraged or whatever the case may be. It is so important to understand what's going on in your immediate segment. Segment meaning price, property type, community, area, those kind of things. So even though, um, you know, the units of inventory and the, and the months of supply are standing at 5.1, you've got to remember A balanced range for months of inventory is typically between 6 to 12 months. Now, one of the reasons I say it's important to know what's going on in your area— so at a macro level, Naples is sitting at 5.21 months of inventory, so it's just outside of that window of what's considered to be a more balanced market. But dive into Old Naples as an example, and you've got over a year's worth of inventory. Very different. Um, so with— again, fewer than 6 months usually indicates a more favorable seller's market, but not necessarily the case. Notably, many Southwest Florida market areas are currently reporting less than 6 months of supply, but you've got to be cognizant— again, I've said this again and again— of your immediate community and segment within the real estate market. So let's run through a snapshot of some of the statistics, and I've got these outlined in, um, the visual below, uh, in this new Tide Talk magazine. So overall inventory experienced a year-over-year increase, so it went up 39% from last year this time, and the month-over-month from last month was at 12.7%. So we're higher in both the, um, year-over-year view of inventory and the month-over-month view. So there were 3,795 homes for sale, during the month of November. Pending sales showed a year-over-year decrease of 1%. So inventory up, pending down. Month over month, it was almost flat. It was only a, a 0.06% dip, if you will. So there were 661 homes that went under contract in the month of November. So 3,795 homes available on the market for sale, 661 went under contract. Median closed price actually stayed completely flat from, from last month. It was a 5% year-over-year increase, but it was still $580,000. Again, that's the median closed price across all segments, and that's exactly where it was the month prior. New listings marked a robust 32% year-over-year increase, so 1,174 new homes of all types came on the market. Again, 32% increase year over year, 4.6% increase month over month. That's not necessarily bad. Yes, it's a jump in inventory from last year, but when you're running low on inventory, that can be very much a good guy because some buyers have exited the marketplace just because the lack of availability of what they're looking for. So it can be encouraging and be, um, somewhat stimulating into the activity for both the buyers and ultimately the sellers. Overall closed sales also saw a decline. So we talked about the decline in pending sales. Year over year, we're down 13% in closed sales in the month of November, and month over month, we were down 9.6%. Um, so there were 537 closings in November. So I'm going to go back to the numbers: 3,795 homes on the market in the month of December— November, excuse me. 661 went pending and 537 closed. Days on market was also an area that increased a little bit. So year over year, it was 37% up over last year. Month over month, it was a 5.4% increase. So on average, we're running about 59 days on the market, but I can tell you, um, that average can be very misleading. I talk about this all the time. There are a number of properties that have sold sooner. If it is a neighborhood that's got some pent-up demand and it's a home that is move-in ready, updated, and very attractive to the mainstream buyers, it can go really quick. There are also a lot of properties that I have seen out there for 100, 200, 300 days. So averages are always a little bit misleading, um, but again, on average, we're sitting at 59 days on the market. In the current market landscape, it's so very crucial for sellers to make sure they've recalibrated their expectations. The enormous price increases that we witnessed in 2020, 2021, 2022 are candidly a thing of the past. And so sellers are advised to set their prices in alignment with the latest relevant closed sales and maintain competitiveness with other listings in your area. Um, it is just so important to make sure that you are keeping a pulse on those things, which is why it's important to have a great qualified experienced and data-driven agent that you're working with. So for buyers, the seasonal uptick in inventory will come as a welcome development. I do have people that are waiting for that. My buyers that are in the wings that have been slowly, curiously looking are waiting for more options. So when you couple that with the stabilizing trend in closed sales prices throughout 2023, it can be good news for buyers. However, it's essential to note that the historical absorption of increased inventory by spring, driven by heightened buyer demand in the first quarter, is always a recurring pattern in this area because of our seasonal swing. We have more people in town, whether they're existing homeowners or visitors that are renting for a period of time. Those are all potential buyers for new properties. So in essence, the November market, um, report paints a nuanced picture of a market in transition. I've been sharing that. Um, both buyers and sellers can benefit from a strategic approach that recognizes the evolving landscape and positions them for success in the dynamic environment. So again, those are a, uh, high-level review of how the market performed during the month of November. As always, if you want to dive in deeper into the averages that we've talked about, or the medians, or you want to dive in specific to your community or your home type, You know you can always reach out to me. You can reach me at 239-287-2576 or visit me on my website at yournaplesexpert.com. The last thing I wanna leave you with in addition to great holiday wishes is I really encourage you, last month I moved from just a email that had all the content to a new flip magazine. It's kinda sexy. I like it. The question is whether you like it. I really encourage you to look through it. I, I spend time collecting information about new businesses to the area, which is enlightening whether you're interested in real estate at this time or not. It'd be nice to see what is out there for you to do in your free time. I've also got a contest that I would love for you to participate in. The winner that will be randomly selected from those that respond to the survey will actually get to partake in an in-home dining experience where a chef will come into the home and cook a dinner for two for you. I think that's pretty cool. So it's just a matter of answering 5 quick questions and giving your opinion about real estate, about the market update. I value feedback. I bring these things to you for your value, not mine, and the more you can help me refine that to make sure it's scratching those itches, the better for you and for me. So as always, if I can be of assistance you and/or a loved one, please give the gift of Renee. Choose luxury, choose Naples, choose me, Renee. Have a wonderful day, and again, happy, happy holidays and happy new year to you all. Be safe.
