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Naples, Fla. (August 30, 2024) – Closed sales of properties in Naples during June and July declined compared to the same months in 2023. According to the July 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales during July decreased 2.6 percent to 608 closed sales from 624 closed sales in July 2023. Furthermore, pending sales activity reported for July decreased 15.7 percent, convincing broker analysts who review the report that we can expect similar closed sales performance in August.
“We can’t expect every year will be a record breaker,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Overall, the first half of 2024 has been average for sales. We still have buyers who want to be here, and new listings have remained strong, which provides even more options for buyers this summer.”
Chasing Yesterday’s Wave
Broker analysts reviewing the monthly Market Reports have been comparing NABOR® data from 2019 to data reported in 2024 – pointing to the fact that 2019 was the last year when our housing market activity was “normal” (pre-pandemic). Budge Huskey, CEO, Premier Sotheby’s International Realty, pointed out, “If we compare year-to-date [2024] market results to 2019, sales are down 16 percent. For July, we are down 29 percent compared to July 2019.”
Priced Right to Sell
Precisely put by Huskey, “inventory levels have returned to more historically normal levels yet well above where we were the last couple of years. With the additional competition for sellers, too many still expect to receive aspirational prices when we have fewer buyers seeking greater values.”
On average, home values in Naples have increased 50 percent since 2019, due in large part to the buying frenzy of the pandemic. But it’s over. Inventory has increased substantially, and sellers need to heed their REALTOR®’s recommendation to price their homes competitively for today’s market. Factors such as high interest rates and high insurance premiums are creating financing obstacles for a large number of buyers. Additionally, the number of cash sale transactions is decreasing, 51.9 percent in July compared to 61.2 percent in January 2024.
“Prices are coming down incrementally, not significantly, but there is indication in the July report that more negotiations are taking place in both the low- and high-end price points of the market,” said Dominic Pallini, Broker at Vanderbilt Realty, Inc. The percent of list price received in July decreased 1.4 percent to 94.8 percent from 96.1 percent in July 2023.
Median closed price during both June and July decreased .8 percent. In July, the overall median closed price was $590,000 compared to $595,000 in July 2023. For both summer months, reductions in the median closed price of single family homes drove the overall median closed price decrease. Conversely, the median closed price of condominiums increased in June and July.
“If interest rates come down too much, like around 5 to 5.5 percent, we will likely see a rise in prices,” added Pallini. “In my experience, we need to have at least 12 months of inventory before we see prices hold steady during rate drops.”
The NABOR® July 2024 Market Report provides 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 for 2024:
Old Habits are Hard to Break
According to Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, Naples has two distinct markets right now. “There is plenty of inventory within five miles of the beach, but virtually none east of Collier Boulevard. The rate of growth in Golden Gate Estates and in and around Ave Maria today is unreal.”
A venerated property appraiser, Carroll confirmed Huskey’s comment about less motivated sellers in Naples adding that she tracks inventory levels throughout Naples and is seeing behavior that is reminiscent of 30 years ago when people listed their homes during winter season, and if it didn’t sell cancelled the contract before summer. “For instance, Aqualane Shores had 3.5 years of inventory in January 2024, but in July it had 1.6 years of supply. This drop is not due to sales because we see a large number of the same properties re-added to the market each winter. But this behavior is not occurring in Golden Gate Estates, where demand is outpacing supply.”
Sellers should be forewarned: If you are attempting to time the market because you believe you can get a higher price for your home when more buyers are predicted to be in town during the winter season, you may regret your decision. More inventory will require sellers price homes more competitively and entertain more buyer negotiations.
As Hughes put it, “The specter of declining interest rates cuts both ways. If buyers wait until interest rates drop, prices are likely to increase. Likewise, if a seller waits to list a home during winter season, the added competition may also put downward pressure on the price.”
Sales activity in the Naples area housing market during the off-season summer months is historically lower than sales activity reported during its high-visitor winter season. The days on market in June increased 56 percent to 78 days from 50 days in June 2023.
If you are looking to buy a home, income producing property or sell a house in Naples, contact me. My abilities stretch way beyond just listing the house. I provide a concierge approach to selling your house starting with an accurate market comparison, creating your listing with exceptional marketing tools, managing all showings, negotiate offers, contingencies plus so much more!
' Felicia, xoxo
By Phara Lafortune-Morame, LCSW, MCAP, EMDR cert., QS.There are many reasons that significant moments are often celebrated with a drink. But during the holidays, otherwise-celebratory toasts can be triggers for people who struggle with substance use disorder, including seniors.Some families and cultures have holiday traditions that lean heavily on alcohol consumption. Family recipes for festive cocktails and toasts before dinners reinforce the idea that consumption is part of connecting with loved ones and embracing the holiday spirit.The Distilled Spirits Council of the United States notes that a quarter of the $49-billion-a-year distilled spirits industrys profits come from the month between Thanksgiving and the New Year. Another study notes that the average American drinks 27% more during the holiday season compared to the rest of the year.As a result, the stress and anxiety associated with the holiday season can result in increased consumption or return to drug and alcohol use for those currently in recovery, particularly for older residents, who tend to suffer from depression more during the holidays. Many studies note that nearly half of individuals recovering will return to use during the holiday season.The prevalence of substances in celebrations often mixes badly with the elevated depression and stress the holidays can bring. Expectations for creating and experiencing holiday joy are at the center of potential substance use triggers. When mixed with emotional turmoil, financial stress, loneliness, grief, nostalgia, and dysfunctional and complex family relationships, this can create a desire to seek temporary escape from overwhelming feelings through substances. For those aged 65 and older, alcohol misuse is the most frequently reported substance of use.The use of alcohol in older adults negatively impacts brain structure and function and can lead to declines in cognitive function and memory, particularly for adults over the age of 65. In addition, the bodys ability to break down alcohol decreases with age, resulting in increased risk for accidents and falls, fractures and car accidents. For anyone in recovery from substance use disorder, or concerned about increased consumption through the holidays, it is important to plan.Here are strategies for staying sober: Be aware of people, places or situations that can trigger consumption, and do what you can to minimize these exposures. Keep (and bring, if necessary) a nonalcoholic drink in your hand to resist temptation and discourage others from offering an alcoholic drink. Set realistic expectations. Stress is common for nearly everyone during the holidays, and spontaneous, imperfect moments are often the most memorable and special moments. Take care of yourself. Proper nutrition, exercise and meditation do wonders for your well-being. If you feel well physically, you will be stronger emotionally. Set boundaries, and let people know where you need support in resisting temptations. Have a plan on how to navigate, and more importantly exit social gatherings (For example, do not be dependent on someone else for transportation, so you can leave if needed). Be aware that returning to use a substance after a period of abstinence can happen AFTER the holidays, where we can justify returning to use by feeling entitled to drink or use drugs for having made it through the holidays. Sometimes, we manage better during a crisis than afterward.. Seek professional help and support.Sometimes, substance misuse is difficult to recognize in older adults, and few treatment programs are designed to meet their needs. However, the Primary Care Addiction Treatment (PCAT) program for adults at Healthcare Network follows a supportive, compassionate and nonjudgmental approach to encourage healing and lessen negative effects. The program treats every patient with respect and dignity, using empathetic language to reduce stigma and foster a supportive environment.Healthcare Network also offers medication for addiction treatment (MAT) for opioid use disorder, alcohol use disorder, and other substances within a primary care setting. Comprehensive care includes medication treatment along with behavioral therapy and counseling services to provide a whole-care approach to treating substance use disorders and support recovery.In addition, our primary care programs for the whole family include integrated mental and behavioral health care to address some of the mental health challenges that are sometimes at the root of substance use disorders.Help is available through the holidays and beyond. Supportive treatment can be the gift of a lifetime for you and your loved ones. About the Author By Phara Lafortune-Morame is associate clinical director of behavioral health at Healthcare Network. To learn more about substance use and behavioral and mental health support available Healthcare Network, visit healthcareswfl.org or call 239.658.3000.
Downsizing can be an emotional and overwhelming process, especially when it involves parting with a lifetime of memories and cherished belongings. At Bluestar Move Management, we specialize in making this transition as smooth and positive as possible. Whether youre moving to a smaller home, a senior living community, or simply looking to declutter, our comprehensive downsizing services are designed to support you every step of the way.Why Choose Bluestar for Downsizing?We understand that each move is deeply personal. Our approach combines professionalism, compassion, and respect to ensure your downsizing experience is stress-free. Our team handles every detail, from sorting and organizing to packing and setting up your new home, so you can focus on embracing the next chapter of your life.Our Downsizing Process1. Free ConsultationWe begin with a complimentary one-hour onsite consultation to understand your goals, timeline, and specific needs. This helps us create a tailored plan for your transition.2. Sorting & OrganizingOur team works closely with you to sort through your belongings, helping you decide what to keep, donate, sell, or discard. We treat every item with care, respecting the memories and meaning attached to your possessions.3. Packing with CareWe handle the packing process with precision, ensuring that your items are safely and securely prepared for the move. From fragile keepsakes to everyday essentials, everything is packed with the utmost attention to detail.4. Estate LiquidationIf you have items you no longer need, we can assist with estate sales or donation coordination, helping you simplify your move while maximizing the value of your belongings.5. Moving Day ManagementOn moving day, we oversee all aspects of the process, coordinating with movers and ensuring everything goes according to plan.6. Unpacking & Home SetupOnce you arrive at your new home, we take care of unpacking and arranging your space to make it feel like home. From furniture placement to hanging artwork, we ensure your new environment is comfortable, functional, and welcoming.The Benefits of Downsizing with BluestarReduced Stress: We handle the logistics so you can focus on the emotional and practical aspects of your move.Customized Support: Every downsizing journey is unique, and we adapt our services to meet your specific needs.Professional Expertise: With years of experience, our team knows how to manage every detail of the process efficiently.Emotional Understanding: We recognize the emotional challenges of downsizing and provide compassionate support throughout the process.Additional ServicesDecluttering & Organizing: Create a streamlined, clutter-free living space with our expert organizing services.Donation & Disposal Coordination: We ensure that unwanted items are donated or disposed of responsibly.Home Sale Preparation: Enhance the appeal of your current home with our preparation services, including staging and organizing.Start Your Downsizing Journey TodayDownsizing is more than just a moveits a transition to a new chapter of life. With Bluestar Move Management by your side, you can trust that every step will be handled with care, respect, and professionalism.Contact us today to schedule your free consultation and discover how we can make your downsizing experience as smooth and stress-free as possible.
At Bluestar, we understand that moving is more than just transporting belongingsits about starting fresh in a new space. With our comprehensive moving help services, we aim to make your transition seamless and stress-free. Whether youre relocating to a smaller home, a senior living community, or simply need assistance with the complexities of moving, our expert team is here to guide you every step of the way.Our Moving Help Process1. Free ConsultationYour journey begins with a complimentary one-hour onsite consultation. Well discuss your goals, items for sale, and the timeline for your move, ensuring we understand your unique needs.2. Customized PlanningBased on your consultation, we create a tailored action plan to address every detail of your move. From packing and organizing to setting up your new home, our plan ensures a smooth and efficient process.3. Sorting & Floor PlanningOur team works with you to sort through your belongings, deciding what to keep, donate, sell, or discard. We also create a detailed floor plan for your new space, ensuring everything fits perfectly and is arranged for optimal comfort and functionality.4. Packing & UnpackingWe take care of the packing process with precision, ensuring your items are safely prepared for transport. Upon arrival at your new home, we oversee the unpacking and setup, arranging your furniture, artwork, and personal belongings to make your space feel like home.5. Home Sale PreparationIf youre selling your current home, we help enhance its appeal by organizing belongings, staging key areas, and coordinating with contractors to make necessary improvements. Our goal is to help you achieve the best possible sale.6. Making Your New Space Feel Like HomeOnce youre in your new space, we handle all the final touchesfrom arranging furniture to hanging art and setting up electronics. We also remove all packing materials, leaving your new home clean, organized, and ready to enjoy.Why Choose Bluestar?Expertise You Can Trust: With years of experience, we know how to handle every aspect of your move efficiently and with care.Tailored to You: We understand that no two moves are the same, so we adapt our services to fit your specific needs.Stress-Free Moving: Let us handle the details while you focus on settling into your new space.Comprehensive Services: From sorting and packing to estate sales and home setup, were your one-stop solution for all things moving-related.Additional ServicesEstate Liquidation: Need to downsize or sell items? We manage estate sales to help you simplify your move.Donation Coordination: Let us handle donating items you no longer need, giving back to the community on your behalf.Decluttering & Organizing: We create order out of chaos, ensuring your new home is functional and inviting.Ready to Make Your Move?Bluestars moving help services are designed to take the stress out of your relocation process. From the first consultation to the final unpacking, were here to support you every step of the way.Contact Us TodayTake the first step toward a smooth and stress-free move. Schedule your free consultation with Bluestar, and let us handle the details so you can enjoy the next chapter in your life.
Naples Paradise Living is your go-to resource for luxury real estate and vibrant living in Naples, Florida. Specializing in helping individuals and families discover their dream homes, our team is dedicated to showcasing the best that Naples has to offer. Whether youre seeking a beautiful beachfront property, a cozy home in a gated community, or an investment opportunity, we provide personalized services tailored to your unique needs. With deep local expertise and a passion for Naples living, were committed to making your real estate journey seamless and enjoyable. Explore paradise with us and find the perfect home that suits your lifestyle.
Naples Paradise Living is your go-to resource for luxury real estate and vibrant living in Naples, Florida. Specializing in helping individuals and families discover their dream homes, our team is dedicated to showcasing the best that Naples has to offer. Whether youre seeking a beautiful beachfront property, a cozy home in a gated community, or an investment opportunity, we provide personalized services tailored to your unique needs. With deep local expertise and a passion for Naples living, were committed to making your real estate journey seamless and enjoyable. Explore paradise with us and find the perfect home that suits your lifestyle.
Naples Paradise Living is your go-to resource for luxury real estate and vibrant living in Naples, Florida. Specializing in helping individuals and families discover their dream homes, our team is dedicated to showcasing the best that Naples has to offer. Whether youre seeking a beautiful beachfront property, a cozy home in a gated community, or an investment opportunity, we provide personalized services tailored to your unique needs. With deep local expertise and a passion for Naples living, were committed to making your real estate journey seamless and enjoyable. Explore paradise with us and find the perfect home that suits your lifestyle.