Market Growth: A Positive Start to the Year

Home sales in Naples saw a 12% increase compared to January 2024, with 551 closed sales recorded last month. While appreciation has leveled off compared to the boom years of 2021 and 2022, the median closed price still rose 9.4% to $659,000 from $602,000 last year. This continued appreciation signals a stable and resilient housing market, making it an attractive environment for both buyers and sellers.

Sellers Regain Confidence

With new listings up 22.6%, homeowners are showing renewed confidence in listing their properties. More inventory means more options for buyers, giving them choices they haven’t seen in the past five years. Total inventory jumped 39.5%, reaching 6,808 properties, compared to 4,881 in January 2024.

However, more inventory also means increased competition among sellers. While many listings are priced competitively, 2,668 price decreases were recorded in January. Sellers must be strategic and realistic with pricing to attract buyers in a shifting market.

Shifting Buyer Behavior

One notable trend is the longer time on market. Homes are now taking an average of 92 days to sell, compared to 61 days in January 2024. While this is still lower than pre-pandemic levels (107 days in January 2020), it indicates that buyers are taking their time to weigh their options.

Pending sales saw an 8% decrease, with 933 pending sales compared to 1,010 last year. Experts suggest that a lag in out-of-state home sales is impacting the market, as northern markets remain sluggish. However, local demand remains steady, and interest rate stabilization may encourage more buyers to move forward with purchases.

A Market of Opportunities

While some sellers may need to adjust expectations, the current Naples market presents exciting opportunities. With increased choices, buyers have more negotiating power, while sellers who price correctly can still benefit from strong home values.

If you’re considering buying or selling in Naples, working with a knowledgeable real estate professional can help you confidently navigate these market shifts. Contact us today for a customized market analysis and expert guidance on achieving your real estate goals.

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