December 2024 Market Overview: Key Indicators
Quick Facts
- Total Sales: +4.6%
- Median Closed Price: -4.0%
- Homes for Sale: +35.7%
Overall Market Overview
The Naples area housing market concluded 2024 on a strong note, dispelling concerns about falling values and hesitant buyers. In December, the overall median closed price decreased by 4% to $600,000, down from $625,000 in December 2023. This decline was primarily driven by a 13.9% drop in the median closed price for condominiums, which fell to $447,750 from $520,000.
In contrast, the median closed price for single-family homes saw a 2.3% increase, reaching $767,500 from $750,000. Both sellers and buyers benefited from the market conditions, with sellers showing confidence through a 26% increase in new listings for December. Buyers responded positively to the increased inventory, resulting in a 7.4% rise in pending sales during the month.
Notable Achievements in 2024
- New Listings: 15,459 added to the market, a 15.7% increase.
- Properties Under Contract: 10,090.
- Homes Sold: 7,966 closed.
For December alone, overall closed sales rose by 4.6%, increasing to 594 from 568 in December 2023. Cash sales accounted for a significant 57.9% of all transactions recorded during the month.
Inventory and Market Dynamics
The overall inventory of homes for sale saw a substantial increase of 35.7%, rising to 5,695 properties from 4,198 in December 2023. With more options available for buyers, the average days on the market increased by 42.4%, reaching 84 days compared to 59 days in December 2023.
Additional Insights
- Price Range with the Strongest Sales: $5,000,001 and above.
- Bedroom Count with Strongest Sales: 1 bedroom or fewer.
- Property Type with Strongest Sales: Single-family homes.
The Naples housing market continues to prove its resilience, providing ample opportunities for both buyers and sellers in a dynamic real estate landscape. As we move into 2025, it will be interesting to see how these trends develop in the coming months.
Ready to Discover Your Property’s Potential?
If you’re curious about how these market trends affect your property value or if you’re considering buying or selling, I’m here to help!
- Name: Jason Kotar
- Title: Licensed Real Estate Broker – License #3576114
- Company: The KA Group, part of LoKation® Real Estate
- Address: 1500 E Atlantic Blvd. Pompano Beach, Fl. 33060
- Phone: 312-350-1886
- Email: jasonkotar@hotmail.com
Let’s connect and navigate the evolving real estate landscape together!
Disclaimer: The information and statistics provided in this blog post are sourced from the Naples Area Board of REALTORS® (NABOR) December 2024 Monthly Indicators report. (Data current as of January 10, 2025, sourced from Southwest Florida MLS. Report © 2024 ShowingTime Plus, LLC.) This report covers residential real estate activity in Collier County, excluding Marco Island. Percent changes are calculated using rounded figures.
