Collier condo sales rise as inventory continues to shrink

Collier County’s condo market is bouncing back with increasing closed sales and declining inventory after nearly four years of softening. Realtors note today’s pricing is also more realistic, no longer reflecting the aspirational asking prices fueled by the COVID buying boom of 2020 and 2021. Condo sales in April rose 51% compared to April 2025, according to the Naples Area Board of Realtors, followed by an 18.2% increase for May-over-May sales and a median closed price of $450,000.  

“The Naples area condo market has certainly turned around in the last year with a significant uptick in sales activity, which is up 17.7% over 12 months and inventory that is down 20.5% across all price points,” said Matt Brown, a Realtor with William Raveis Real Estate in Naples. “I think buyers have clearly recognized there is value there and sellers have come to terms with the state of the market after many of them have been trying to sell for two or three years. There’s a lot of momentum in the market.” 

Data provided by Brown shows the overall supply is currently at 7.8 months, down 32% from the same time last year. 

Condo buyers are jumping back into the market after years on the sidelines due to hurricanes, high insurance rates and rising association fees. They’ve also waited to see if state-mandated milestone inspections and structural integrity reserve studies  — passed in 2022 and augmented by additional legislation in subsequent years — resulted in special assessment fees on condo owners. Florida lawmakers enacted the new requirements for condos with three or more stories following the tragic 2021 partial collapse of Champlain Towers South in Surfside that killed 98 people. 

Of Naples’ 245 buildings identified by the city’s building department, 83% had completed the reports as of mid-2025, according to the Gulf Shore Association of Condominiums. Associations required to complete SIRS are also opting to pool reserves to avoid imposing sudden assessments against owners, NABOR noted in its April market report. 

“Last summer, people were still apprehensive about assessments,” said Mari Vesci, a Realtor with John R. Wood Properties. “They were also concerned about insurance rates because of Hurricane Ian. Now that we’re into our second year without storms, I think there is a pent-up demand. Where things sat, they’re now selling. Our numbers are up 20% from this time last year. I’m up double for both single-family homes and condos.” 

Brown views the inspections and structural integrity studies as a positive for potential buyers, providing transparency and an understanding of a building’s safety and risks. 

“Buyers waited for the dust to settle,” he said. “Some of the reasons for the increase in demand have been the timing of condo associations working through the SIRS and milestone report requirements. Now that it’s in the rearview mirror, buyers feel much more comfortable moving forward. They’re typically getting a property that has been fully vetted with many that have been significantly updated and improved from where they were just a few years ago at a price point significantly lower than a few years ago. Also, insurance rates have finally been coming down after years of increases.” 

The Vesci and Angie Pagano team recently sold two condos in Bay Colony, including a $3.4 million residence in the Carlysle. Vesci said the units were listed for a while, selling once the sellers adjusted the pricing. By contrast, the team sold a $1.35 million Pelican Bay condo close to the asking price its first day on the market. The sale is pending and they have two backup offers. 

“The buyers walked in and loved the kitchen and the coastal feel of the condo,” Vesci said. “It also has a double-car garage. The $1 million to $1.5 million is the middle comfort zone. It’s where the sales are happening.” 

Brown’s market data also confirms $1 million to $3 million as the “sweet spot,” driving the area’s condo market with the most activity. Sales are up 22% while inventory has declined 31%.  

“This shift in market fundamentals — increasing demand and shrinking supply — is the first step to a strengthening market and will lead to price increases if all else remains the same,” Brown said. “Prices have not started to increase yet for condos under $5 million. In the over $5 million category, where 36 condos sold in the last year, both the average sales price and the average price per square foot increased 7.8% for the units sold over the last 12 months.” 

NABOR’s public interface, naplesarea.com, shows 2,148 condos for sale in Naples ranging from the low $100,000s to a $50 million penthouse in the under-construction Rosewood Residences, where a $39 million sale is pending.