Naples area housing market shows resilience as demand holds steady

Naples’ real estate market held its ground in July, with a nearly 20% jump in pending sales and signs that buyer confidence remains strong despite softening prices and a slower pace of new listings. 

Naples Area Board of Realtors reported 807 pending sales last month, up from 673 in July 2024. Analysts said the increase reflects the region’s enduring appeal, particularly among cash buyers, who made up nearly half of all July transactions. 

“Pending sales are at prepandemic levels,” said Sherry Stein, managing broker for Berkshire Hathaway HomeServices Florida Realty. “We have a lot of cash buyers, so mortgage rates have a limited impact on our sales. With discussions about interest rates going down, that is helping sales because buyers realize that if/when rates go down, prices will likely go up.” 

Even buyers relying on financing remain motivated, Stein added, noting that “locking into a rate today doesn’t prevent them from refinancing should rates drop in the future.” 

The July report showed sellers continuing to negotiate. On average, homes sold for 94% of their list price, with nearly 1,300 recorded price reductions during the month. Still, market experts said stability — not decline — remains the defining feature. 

“If we were in the midst of a market correction, prices would be near $325,000, or where they were before the pandemic in 2019,” said Cindy Carroll of Carroll & Carroll Appraisers & Consultants. “The fact that our market was able to sustain prices over the last four years [after record-breaking demand during the pandemic drove prices up], tells me that our market is consistently doing well.” 

Budge Huskey, CEO of Premier Sotheby’s International Realty, echoed the sentiment. “I've never witnessed a time when there were decelerated sales over a two-and-a-half-year period and it did not materially influence prices,” he said. 

Inventory, while higher than a year ago, is shrinking from its spring peak. The total stood at 5,224 properties in July, up 11.4% from 4,691 a year earlier but down from more than 7,400 in March. “The average days on market has been climbing since April, but months supply of inventory is going down,” said Mike Hughes, vice president and general manager of Downing-Frye Realty. 

Closed sales rose modestly, up 2% overall, with single-family home closings jumping nearly 13%. Pending sales in that segment have climbed every month this year, surging more than 30% in July. 

“I am seeing increased energy with listings,” said Ryan Bleggi, managing broker for John R. Wood Properties. “Sellers who are taking their Realtor’s advice and pricing according to the market are getting more showings and offers this summer.” 

Prices reflect a cooling from pandemic highs but remain well above pre-2020 levels. The median price of a single-family home dipped 6% year over year to $670,000, while condominiums dropped 10% to $422,500. Both figures still represent steep gains from 2019, when median prices stood at $409,500 for single-family homes and $240,000 for condos. 

Geography also matters. Closed sales of single-family homes in Naples Beach neighborhoods surged nearly 82% in July, helping to reduce inventory in that high-demand submarket. 

Looking ahead, analysts said the outlook hinges partly on Florida’s storm season. “If we can avoid a significant storm this year, sales in 2025 will easily outpace sales last year,” Huskey said.