February Real Estate Activity for Naples Florida

The latest February real estate activity reports showed 636 properties sold for just over $766 Million during the month. The highest-priced sale was a Port Royal estate for $26,400,000.

Additionally, 176 of the real estate transactions for the month were at or above $1 Million.

Overall, inventory ended the month with 5,139 properties for sale, representing a 67 percent increase over the same time last year. It was also a 10.8 percent increase over the previous month.

There was a sizable increase in new listings with 1,668 new properties that came to market during the month, a net increase of 500 more properties for buyers to choose from. Additionally, Buyers have more time to make a purchasing decision with the days on market trending upwards.

Ultimately, we have seen a shift in prices in many communities in the Naples area. Sellers who started out with “aspirational pricing” are now making price adjustments to align with market demand. It is important to note, price adjustments are community and even neighborhood specific. While some neighborhoods have an over supply of homes for sale, others have low inventory.

If you are considering buying or selling your home, we will help provide you with an accurate market comparison and provide expert advice on how to capitalize on today’s market conditions.

February Real Estate Activity

February 2024 versus February 2023 Highlights

• Closed sales decreased 9 percent compared to February of last year.
• Overall pending sales decreased 5 percent versus the same time in 2023.
• Inventory increased 67 percent up from 3085 homes up to 5,139 homes for sale.
• Average days on market increased 26 percent up to 69 days compared to February of 2023.

In all, there were 315 single-family homes and 321 condos sold for a total of 636 sales during the month. The total number of property sales were 9 percent lower than the same time last year.

The median single family price came in at $834,000 for February up from $755,500 during the prior month. And, the median condo sales price was $502,000 up from $475,000 during the previous month.

Further, the number of days it took for a property to go to contract increased from 61 days in January up to 69 days in February. This represented at 13.1 percent increase month-over-month. However, the typical number of days on the market during a healthy market is 120 days, well above the February levels.

Bottom line, season is coming to an end. If you are considering selling, it is in your best interest to list your property as soon as possible. If you are a buyer, there are several more options to chose from.

Whether you are buying or selling, let us help you navigate this complex market. The Naples Golf Guy team members are all REALTOR® professionals who have the expertise to provide you with timely and accurate market data. Call, email or text us today for all of your real estate needs – 239.370.0892.

Top 10 Luxury Naples Golf Home Sales in February

• $8,150,000 – 6558 Ridgewood Dr. in Pelican Bay with 5,059 sq. ft. (98% of list price)
• $6,000,000 – 15126 Frescott Way in Mediterra with 5,829 sq. ft. (94% of list price)
• $5,500,000 – 4645 Idylwood Ln. in Quail West with 4,800 sq. ft. (100% of list price)
• $5,350,000 – 145 Cheshire Way in Audubon with 4,346 sq. ft. (98% of list price)
• $5,290,000 – 15299 Corsini Ln. in Mediterra with 5,572 sq. ft. (93% of list price)
• $5,250,000 – 2531 Escada Ct. in Tiburon with 6,016 sq. ft. (89% of list price)
• $4,850,000 – 13990 Williston Way in Quail West with 4,166 sq. ft. (95% of list price)
• $4,395,000 – 1347 Noble Heron Way in Grey Oaks with 5,118 sq. ft. (96% of list price)
• $4,000,000 – 16863 Caminetto Ct. in Mediterra with 3,867 sq. ft. (94% of list price)
• $3,7455,000 – 1351 Noble Heron Way in Grey Oaks with 3,593 sq. ft. (96% 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 any time to set up the alerts for you based on your criteria.