Marco Island & Naples Area Update JANUARY 2024

SERVING MARCO ISLAND, NAPLES, PORT OF THE ISLANDS & GOODLAND

WHAT'S INSIDE: JANUARY 2024 P.2 MARCO ISLAND MARKET STATS P.3 NAPLES AREA MARKET STATS P.4 SPOTLIGHT: 2023 YEAR-END RE-CAP P.5 WHAT'S HAPPENING MARCO & NAPLES!

JEFF JONES Keller Williams Broker Jeff Jones is a graduate of Duke University.

With several local attorneys, Broker Jeff is instrumental in writing and updating all the real estate contracts used in the Naples and Marco Island area. He is a past president and long-time board member of the Naples Area Board of Realtors. He has been a Florida Broker and Realtor since 2007.

The Southwest Florida real estate market remains stable with prices holding firm showing no signs of any significant downturn.

This contrasts with inventory levels that have risen considerably over the past few months.

Furthermore, the average days on the market has increased steadily because of many more choices for Buyers being added to the market.

Locally our Closed Sales average 68% in Cash. However, the recent Fed decision not to increase their rates has already caused Mortgage interest rates to drop into the 6% range. This rate reduction will help to encourage previously hesitant Buyers to consider purchasing in the first quarter of 2024.

MARCO ISLAND STATS

Our local Market activity for Marco Island and surrounding areas has continued its slower pace in the last quarter of 2024 with an increase in Inventory Levels and Days on Market. New Listings, and Price Reductions have exceeded Closed and Pending sales and thus the rate of absorption of our residential home and condo inventories has continued to remain at lower-than-normal levels. Sellers are encouraged to work closely with their Realtor® to ensure their home pricing is truly appropriate and effective for the current market conditions.

Our Market is significantly neighborhood dependent and thus using a Realtor® familiar with local conditions is essential to listing or buying your Home with the best possible value and results!

34145 Dec. 2023 compared to Dec. 2022

LAND

HOMES

CONDO

NEW LISTINGS

8

-47%

48

30%

53

6%

PENDING SALES

2

100%

29

123%

20

-9%

DAYS ON MARKET

100

-44%

118

93%

91

18%

LAND MEDIAN SALES PRICE $840,000 ▲ 0.25

HOME

CONDO

$1,657,500 ▲ 0.12

$757,500 ▲ 0.12

CLOSED SALES

1 ▼ -67%

22 ▲ 38%

28 ▲ 12%

INVENTORY

53 ▲ 86%

7.5 ▲ 9%

8.8 ▲ 115%

DECEMBER CASH SALES VS FINANCING MARCO ISLAND 69% CASH

2 Marco Island Market Stats

EAGLE CREEK, ARTESIA, ISLES OF COLLIER TO LELY AREA

34113 Dec. 2023 compared to Dec. 2022

HOMES

LAND

CONDO

NEW LISTINGS

2

100%

29

-3%

51

24%

PENDING SALES

2

0%

15

-29%

26

24%

DAYS ON MARKET

38

-92%

78

30%

63

70%

LAND

HOMES

CONDO

MEDIAN SALES PRICE

0

0%

$1,450,000 ▲ 73%

$510,000 ▲

14%

CLOSED SALES

0

0%

13 ▼ -41%

31 ▲

55%

INVENTORY

15 ▲ 37%

5.1 ▲ 42%

4.7 ▲

52%

62% CASH

DECEMBER CASH SALES VS FINANCING

FIDDLER'S CREEK, PORT OF ISLES, NAPLES RESERVE, REFLECTION LAKES TO VERONA WALK AREA 34114 Dec. 2023 compared to Dec. 2022 LAND

HOMES

CONDO

NEW LISTINGS

17

70%

53

15%

45

36%

PENDING SALES

10

150%

33

-6%

16

-39%

DAYS ON MARKET

206

134%

59

28%

79

132%

LAND

SINGLE FAMILY

MEDIAN SALES PRICE $200,000 ▼ -7%

CONDO

$803,928 ▲ 4%

$570,000 ▲

9%

CLOSED SALES

5 ▲ 66%

42 ▲ 56%

23 ▼

-32%

INVENTORY

19 ▲ 14%

5.7 ▲ 63%

5.3 ▲

71%

DECEMBER CASH SALES VS FINANCING 72% CASH Naples Area Market Stats 3

2023 YEAR-END MARKET REPORT RECAP 2023 Year-end report for 34145, 34113 and 34114 combined.

This is Marco Island, Port of the Isles north on 41 past Naples Reserve, Lely, and Fiddlers Creek to Verona Walk area.

These numbers are compared to 2022. The real estate market in this SW Florida area has been experiencing some interesting trends recently, which can be summarized as follows: Decrease in Residential Sales: There has been a decrease in residential sales in terms of units, with a 3.2% decline. This indicates a slight cooling in the market in terms of the number of properties sold.

Sales Volume Remains Stable: Despite the decrease in the number of units sold, the total sales volume (in dollars) has remained relatively flat. This suggests that while fewer properties are being sold, the overall value of the properties sold is maintaining its level.

Condominium Market Decline: The condominium segment has experienced a more notable decrease. The number of units sold dropped by about 12%, and the sales volume decreased by around 8%. This indicates a higher level of cooling in the condo market compared to single-family homes.

Inventory Changes: There has been a significant increase in the inventory of available properties.

The inventory of single-family homes increased by 39%, while the inventory of condos increased by 70-100%, varying with the building style. This increase in inventory provides more options for buyers but also indicates a slower absorption rate in the market.

Single-Family Homes Market: The market for single-family homes has seen a modest increase. Both the number of units sold and the sales volume have gone up by approximately 4%. This contrasts with the overall trend and indicates a steady demand for single-family homes. *Data provided from NABOR and MIAAOR MLS.

4 Spotlight: 2023 Year-end market report recap

These trends reflect a mixed picture of our real estate market in Marco Island and surrounding areas.

While certain segments like single-family homes are showing resilience, others, like condominiums, are experiencing more significant declines. The increase in inventory across the board could lead to more competitive pricing and potentially more opportunities for buyers.

For an in-depth understanding and current updates, reach out to one of our professional REALTORS at Keller Williams.

Every situation is unique, therefore consulting an expert will help you make the best decision for you and your specific needs.

WHAT'S HAPPENING MARCO ISLAND & NAPLES Rock Marco Island! Veteran's Park. Three awesome bands at the new bandshell starting at 4 PM. Moonstone Riders, Coastal Cowboys and Rock Republic. Tickets almost sold out. www.RockMarcoIsland.com

Marco Island Center for the Arts now also manages the theater next to Marco Island Brewery in Towne Center called Arts Center Theater.

On February 7 - February 25 Comedy The Queen of Bingo explores the worlds of Bingo, family ties, diet crazes, widowhood, hot flashes and winning! ‘Sis’ and ‘Babe,’ two sisters on the other side of 50, want to add a little fun and excitement to their lives…but where to find it? BINGO!

Be sure to check out the upcoming comedians. The shows sell out quickly so book ahead!

For more information on all of these and many more Arts events and shows visit https://www.marcoislandart.org

For up-to-date live music, events and restaurant information on Marco Island...Download the convenient Marco Review app on your cell phone from the app store:

Have you been to Goodland Island on a Saturday or the famous Sunday Funday? Stan's, Little Bar, Paradise Found & Crabby Lady all have great live music, food and fun! The 39th Annual Mullet Festival starts February 2-4th.

Naples Philharmonic Pops: In celebration of the 100th anniversary of George Gershwin’s Rhapsody in Blue, the Naples Philharmonic presents a program of two versions of the masterpiece: first in its original form for piano and jazz band and then in full symphony orchestra. Esteemed guest conductor David Robertson makes his Naples Philharmonic debut. (artisnaples.org) The Naples Big Band is comprised of 19 professional musicians under the skillful musical direction of James (Jim) Castaldi, seasoned trumpet and flugelhorn player. We love to delight SWFL audiences with our concerts at Cambier Park. January 28, 2 PM. More information on other shows: naplesbigband.com

Organize your family portraits now!

Year end and January events are here! Click for many more events and things to do on Marco Island and in the Naples area!

Page 1 photo courtesy of Joey Waves. To purchase his beautiful photography, art and books or to schedule a personalized photography session visit www.JoeyWaves.com What's Happening Marco & Naples! 5