October Real Estate Activity

October Real Estate Activity for Greater Naples

The most recent October real estate activity reports for Naples revealed that 484 properties were sold, amounting to just over $449 million in sales for the month. Notably, the highest-priced sale was a New Construction home in Coquina Sands for $11,550,000.

Furthermore, the luxury real estate market saw a notable decline in high-value transactions, with just 104 properties sold at or above $1 million compared to 135 sales the previous month. Yet, despite two hurricanes and a presidential election, which had buyers waiting on the sidelines until the outcome, the market was resilient, as evidenced by the increase in new listings.

Notably, 70 percent of the top 10 highest-priced sales in the area occurred west of U.S. 41 in downtown Naples (Coquina Sands, Moorings, Park Shore, and Olde Naples). The remaining 30 percent of the top 10 were in luxury golf communities (Grey Oaks, Quail West and Talis Park).

Naples and Southwest Florida continue to shine as premier destinations for both living and retiring, consistently earning national recognition. In the latest U.S. News & World Report rankings, Naples secured the top spot on both the “Best Places to Live” and “Best Places to Retire” lists. For retirees, key factors such as happiness, low taxes, excellent healthcare, strong desirability, and affordability contributed to its high ranking. Meanwhile, for those seeking the best places to live, Naples stood out for its exceptional value, desirable location, robust job market, and unparalleled quality of life.

Adding to the region’s accolades, Southwest Florida has also emerged as a leader in the commercial real estate sector. A recent report from CommercialCafe ranked Southwest Florida among the top 10 mid-size markets for office space in the third quarter of 2024, highlighting its growing appeal for businesses.

With so many awards and recognitions, it’s no surprise that people are flocking to the Sunshine State to enjoy the unmatched lifestyle Naples and Southwest Florida have to offer.

October Real Estate Activity for Naples

October 2024 versus October 2023 Highlights:

• Closed sales decreased 22 percent, going from 617 transactions down to 484 sales.
• Inventory increased 31 percent to 4,746 homes for sale, compared to 3,627 last year.
• New listings decreased from 1,262 to 1,179, a 7 percent decline.
• Median days on market increased to 89 days, a 59 percent increase, versus October of 2023.

In October, 258 single-family homes and 226 condos were sold, for a total of 448 sales. This marked a 22 percent decrease in sales compared to the previous year.

The median price for single-family homes increased to $727,500 from $705,000 year-over-year. However, it fell slightly from $740,000 the previous month.

On the other hand, the median sales price for condominiums decreased from $450,000 last October to $413,750 in October of this year. Similarly, the median price fell 8 percent month over month.

Additionally, the average days it took for a property to go to contract increased slightly from 83 to 89 between September and October. However, this figure still falls short of the typical 90 to 120 days in a normal market.

It is important to note that the condominium market for buildings that are three floors or higher and more than 25 years old has significantly changed due to recent changes in state laws. If you are considering purchasing a high-rise or mid-rise condo, we can help you navigate the changes.

Top 10 Luxury Naples Golf Home Sales in October

• $9,650,000 – 1389 Great Egret Trl. in Grey Oaks with 7,659 sq. ft. (90% of list price)
• $6,150,000 – 4431 Wayside Dr. in Quail West with 4,966 sq. ft. (85% of list price)
• $4,800,000 – 16439 Seneca Way in Talis Park with 3,964 sq. ft. (91% of list price)
• $4,275,000 – 16855 Caminetto Ct. in Mediterra with 4,421 sq. ft. (100% of list price)
• $4,200,000 – 2517 Spicebush Ln. in Grey Oaks  with 3,922 sq. ft. (105% of list price)
• $3,900,000 – 172 Cheshire Way in Grey Oaks with 4,116 sq. ft. (86% of list price)
• $3,700,000 – 9937 Montiano Dr. in Treviso Bay with 3,535 sq. ft. (95% of list price)
• $3,250,000 – 12499 Twineagles Blvd. in Twin Eagles with 4,554 sq. ft. (102% of list price)
• $3,225,000 – 7425 Pelican Bay Blvd. Unit 701 in Pelican Bay with 2,555 sq. ft. (85% of list price)
• $3,050,000 – 16709 Cabreo Dr. in Mediterra with 2,988 sq. ft. (95% of list price)

New Listings in Golf Communities

So, if you want to monitor the market, we can set up a custom, fully automated property search or sign you up for automatic property alerts. Please call us anytime to set up the alerts based on your criteria.

Make Naples Your New Home

With its unbeatable combination of natural beauty, health-conscious living, and vibrant community, Naples stands out as a premier choice for those looking to relocate. Whether you’re drawn by the low taxes, top-tier healthcare, or the array of recreational activities, Naples offers a lifestyle that’s hard to beat.

Don’t miss your chance to be part of this thriving community in the heart of Florida’s paradise. Start your journey to owning a home in Naples today and experience why this area remains a top choice for discerning homeowners.

When navigating the intricate real estate market, whether buying or selling, the Naples Golf Guy team is here to assist you. Our team consists of dedicated REALTOR® professionals who possess the knowledge and experience to offer you precise and up-to-date market information.

Feel free to contact us via phone, email, or text at 239.370.0892 to fulfill all your real estate requirements.