Naples, FL - Despite the impact of two major hurricanes in October, the Naples area housing market demonstrated surprising resilience, according to data released by the Naples Area Board of Realtors.
New listings surged by 13.9% compared to September, reaching a total of 1,179. While this figure represents a 6.6% decrease from October 2023, the month-over-month increase suggests a rebounding market. The median closed price in October dipped 3.6% year-over-year to $568,500. This decrease was largely driven by an 8.1% decline in the condominium market, where the median closed price fell to $413,750. In contrast, the single-family home market saw a 3.2% increase in median closed price, reaching $727,500.
Inventory levels continued their upward trend, rising 30.9% year-over-year to 4,746 properties. This increase brings inventory closer to pre-pandemic levels, offering more choices for potential buyers.
"The Naples housing market is showing remarkable resilience in the face of unprecedented challenges," says [Specialist Name], [Specialist Title] at [Specialist Company]. "The increase in new listings is an especially encouraging sign, indicating that sellers remain confident in the market's ability to rebound."
The growing inventory levels coupled with the resilience of the single-family home sector paint a picture of cautious optimism for the Naples housing market moving forward.
"While the full impact of the hurricanes may take some time to fully materialize," adds [Specialist Name], "the data suggests a market poised for continued recovery in the coming months."