Naples Real Estate, Naples Real Estate Market update October 2019

Monday, November 25, 2019   /   by Robert Woessner

Naples Real Estate, Naples Real Estate Market update October 2019

Buyers are Back: Homes Under Contract Soar 24% in October

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Naples, Fla. (November 22, 2019) – As predicted by a group of Naples real estate brokers, buyer activity began to rise in October with a remarkable 23.7 percent increase in overall pending sales (homes under contract) to 987 pending sales during October 2019 compared to 798 pending sales in October 2018. Sellers also felt a surge in showings (up 40 percent compared to October 2018), and the number of price reductions slowed to just 15 percent of the properties available in October’s overall inventory compared to September, which saw 26 percent of its inventory’s prices reduced. Price reduction activity is an important behavior for buyers to watch as it is an indication of how eager sellers are to sell.

Closed sales during October increased 9.7 percent to 758 closed sales compared to 689 closed sales in October 2018, according to the October 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

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These pre-season pending sales numbers are setting us up to have a good winter sales season. Inventory is also going up yet prices have been holding steady.

Even though October’s overall inventory decreased 17.7 percent to 5,351 homes for sale from 6,500 homes for sale in October 2018, there were actually 362 more homes that came onto the market in October compared to September. A fair amount of the new inventory is in the new construction market where builders are pricing homes aggressively and offering sweeteners to agents and buyers via incentives.


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A large majority of the new construction over the last year appears to be in the market’s “sweet spot”, which is the category of homes priced below $500,000. This influx of new construction is probably why the median closed price in that price range hasn’t shifted much.

Median closed prices in the upper end of the market [homes priced at $2 million and above] rose 8 percent in October 2019 to $3,200,000 from $2,962,500 in October 2018. However, when 57 percent of the market’s available inventory are homes priced under $500,000, and the majority of new listings every month are also in this range, it’s easy to understand how the overall median closed price reported for the entire market appears to be decreasing.

The overall median closed price decreased 3 percent in October to $329,950 from $340,000 in October 2018. But it’s important to remember that there are also three times as many properties for sale under $300,000 than properties for sale over $2 million in Naples.

Inventory has kept prices attractive which drives demand. The under $500,000 market is driving our overall market today. This is naturally bringing the median closed price down.

The NABOR® October 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:


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Homes built prior to the current modern “coastal” era designs are lingering on the market due to the growing unpopularity of the older Tuscan and Mediterranean home designs and architecture. In response, several brokers wondered if this could explain why the days on market for homes in the Naples Beach area increased by a month in October since many of the homes are not amongst the more popular modern designs and architecture.

Geographically, closed sales in October were highest (64.4 percent) in areas located in the 34109 zip code (east of Goodlette Frank Rd., west of I-75, south of Immokalee Rd., and north of Pine Ridge Rd.). Other locations that experienced sales increases over 50 percent month/month in October were 34117 (south of Golden Gate Blvd., and east of Collier Blvd.), and 34112 (south of Davis Blvd., north of Rattle Snake Hammock Rd., east of U.S. 41, west of Collier Blvd.). 

Market report for 34102
Market Report for 34103
Market Report for 34104
Market Report for 34105
Market Report for 34108
Market Report for 34109
Market Report for 34110
Market Report for 34112
Market Report for 34113
Market Report for 34114
Market Report for 34116
Market Report for 34117
Market Report for 34119
Market Report for 34120


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The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
2024 Royal Palm Coast REALTORĀ® Association. All rights reserved. Information has not been verified, is not guaranteed, and is subject to change. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) of the Florida Gulf Coast Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than IDX logo and detailed information about them includes the name of the listing brokers. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Last Updated: 12/9/2024 11:20 AM CST
The data relating to real estate for sale on this limited electronic display comes in part from the Southwest Florida Multiple Listing Services. Properties listed with brokerage firms other than are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. The source of this real property information is the copyrighted and proprietary database compilation of the participating Southwest Florida MLS organizations and is Copyright 2017 Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Some properties that appear for sale on this limited electronic display may no longer be available. For the most current information, contact Data last updated 12/9/2024 11:20 AM CST.
The source of this real property information is the copyrighted and proprietary database compilation of the Southwest Florida MLS organizations Copyright 2024. Southwest Florida MLS organizations. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification.
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