When you want to know what’s really happening in the Naples real estate market, national headlines won’t give you the full picture. To get the truth, you have to look closer at what’s actually selling right now.

Last week alone, our local market recorded 177 closed sales, bringing in a massive $255,469,412 in total volume. But here’s the real story: the market is moving at two completely different speeds depending on whether you’re looking at a single-family home or a condo. Let’s look at the numbers from last week to see what this means for you.

Single-Family Homes: The Luxury Market is Moving Fast

Single-family homes made up the biggest piece of the pie last week, with 101 total closings.

• Number of Sales: 101
• Median Sold Price: $710,000
• Median Days on Market: 63 Days

The Insider Take: A 63-day average tells us that the market is in a healthy, stable place. However, if a luxury home is dialed-in and priced right, it is flying off the market. In fact, more than a quarter of all single-family homes sold in less than 30 days last week.

Look at highly sought-after neighborhoods like Park Shore, where a gorgeous home on Willowhead Drive found a buyer in just 17 days for $6.5 Million. Over in Quail West, a luxury estate on Mashie Court was locked down in just 23 days for $8.45 Million.

We also saw massive milestone closings last week, including a $13 Million sale in Olde Naples and a jaw-dropping $24 Million closing on Gin Lane in Port Royal. Demand for prime Naples acreage and high-end luxury isn’t slowing down anytime soon.

Condominiums: More Breathing Room for Buyers

The condo market had a steady week with 76 closed sales, but the timeline here gives buyers a distinct advantage right now.

• Number of Sales: 76
• Median Sold Price: $525,000
• Median Days on Market: 88.5 Days

The Insider Take: With condos sitting on the market for a median of nearly 90 days, buyers finally have the luxury of time. You don’t have to rush into a decision, and you have room to negotiate.

That being said, ultra-luxury, low-density buildings on the water still command top dollar and move quickly. The highest condo sale last week was a spectacular penthouse at Aqua at Pelican Isle that closed for $8,250,000. Pelican Bay also saw high demand, with a unit at Carlysle closing in just 17 days for $6.25 Million, and a luxury condo at Montenero trading immediately at $3.8 Million with zero days on the market.

What This Means For You

• If you are thinking of selling: Buyers are active and ready to make a move, but they are discerning. If you want a fast sale, your home needs to look its absolute best and be priced strategically out of the gate to beat the neighborhood averages.
• If you are thinking of buying: The current leveling out of the market gives you a rare window of opportunity. This is the perfect time to target specific condo buildings or neighborhoods where you can leverage your buying power.

Broad market averages can only tell you so much—what’s happening on your specific street is what actually matters.

Want to know exactly what your Naples home is worth in today’s shifting market? Contact Denny Bowers at the Bowers Group at Compass for a private, data-driven strategy session.