May Real Estate Activity for Naples Florida

The most recent May real estate activity reports revealed a total of 907 properties were sold, amounting to just over $1.2 Billion in sales for the month. Notably, the highest-priced sale was a Gulf-Front estate in Olde Naples which fetched $29,500,000.

Furthermore, the Naples luxury real estate market saw a notable number of high-value transactions, with 312 properties sold at or above $1 million.

The overall inventory at the end of the month stood at 5,019 properties for sale, marking a substantial 67 percent increase compared to the same period last year. However, it fell 4.2 percent from the previous month. The decline in inventory is typical for this time of year as many Sellers will remove their properties from the market and wait until the fall.

Additionally, Naples continues to receive accolades for being one of the best places to retire. In a recent study by MarketBeat, Pelican Bay in Naples was ranked the 2nd best place to retire behind the Wilea neighborhood in Maui, Hawaii. With accolades like this, it’s clear why so many are choosing to call Naples home!

May Real Estate Activity

May 2024 versus May 2023 Highlights

• Closed sales decreased 12 percent compared to May of last year.
• Overall pending sales decreased 11 percent versus the same time in 2023.
• Inventory increased 67 percent up from 3,004 homes up to 5,019 homes for sale.
• Average days on market increased 26 percent up to 67 days compared to May of 2023.

In the month of May, a total of 907 properties were sold in the real estate market, consisting of 455 single-family homes and 452 condos. This marked a 12 percent decrease in sales compared to the previous year.

Year-over-year, the median price for single-family homes rose to $850,000 from $745,000. The median sales price for condominiums also rose from $482,500 last May up to $505,000 in May of this year.

Interestingly, the average number of days it took for a property to sell remained relatively stable, with a slight increase from 66 to 67 days between April and May. However, this figure still falls short of the typical 120 days seen in a robust market.

Summer is traditionally the slowest time of the year in our area. Thus, sellers must set the right prices to stay competitive in today’s market. In fact, we saw 1,710 price reductions during the month as sellers aligned with the current pricing levels in their neighborhoods. The bottom line, the days of “aspirational pricing” are over.

On the flip side, buyers can benefit from an increased inventory of available properties.

When it comes to navigating the intricate real estate market, whether you are 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 reach out to us via phone, email, or text at 239.370.0892 to fulfill all your real estate requirements.

Top 10 Luxury Naples Golf Home Sales in May

• $11,500,000 – 1213 Gordon River Trail in Grey Oaks with 7,713 sq. ft. (96% of list price)
• $10,500,000 – 6897 Grenadier Blvd. Unit 1804 in Pelican Bay with 5,280 sq. ft. (100% of list price)
• $9,781,393 – 16966 Sud Cortile Ct. in Mediterra with 6,350 sq. ft. (98% of list price)
• $9,395,000 – 705 Bobwhite Ln. in Pelican Bay with 5,700 sq. ft. (100% of list price)
• $7,975,000 – 8665 Bay Colony Dr. PH 2004 in Pelican Bay with 3,010 sq. ft. (100% of list price)
• $6,400,000 – 6547 Highcroft Ln. in Quail West with 7,202 sq. ft. (97% of list price)
• $6,350,000 – 4473 Wayside Dr. in Quail West with 5,498 sq. ft. (92% of list price)
• $6,185,000 – 8473 Bay Colony Dr. Unit 1801 in Pelican Bay with 3,230 sq. ft. (89% of list price)
• $5,200,000 –13002 Bald Cypress Ln. in Quail Creek with 5,253 sq. ft. (95% of list price)
• $5,000,000 – 2546 Augusta Dr. in Pelican Marsh with 4,963 sq. ft. (93% of list price)

New Listings in Golf Communities

So, if you just want to keep an eye on the market, we can set up a custom property search that is fully automated or sign up for automatic property alerts.  Please feel free to call us at any time to set up the alerts for you based on your criteria.