Collier County Florida November 2024 Real Estate Market Report

Southwest Coast Realty presents Collier County Florida November 2024 Real Estate Market Report. Report on Highlighted Real Estate Trends for Single-Family Homes in Collier County, November 2024 The single-family home market in Collier County for November 2024 exhibits various shifts compared to November 2023. Below is an analysis of the highlighted metrics: 1. Closed Sales November 2024: 247 November 2023: 289 Change: -14.5% The number of closed sales decreased by 14.5%, indicating reduced buyer activity in the market. This could be due to economic conditions, higher mortgage rates, or affordability challenges. 2. Paid in Cash November 2024: 106 November 2023: 142 Change: -25.4% Cash transactions fell by 25.4%, signaling a decline in investor activity or fewer affluent buyers paying outright. This may reflect a shift toward buyers who rely on financing. 3. Average Sale Price November 2024: $1,567,912 November 2023: $1,098,207 Change: +42.8% The average sale price saw a significant 42.8% increase, suggesting higher-end homes dominating the sales mix. This sharp rise might indicate growing demand for luxury properties in the area. 4. Dollar Volume November 2024: $387.3 Million November 2023: $317.4 Million Change: +22.0% The total dollar volume rose by 22.0%, driven by the substantial increase in average sale prices, despite the decline in closed sales. 5. Median Time to Contract November 2024: 77 days November 2023: 56 days Change: +37.5% The median time to contract increased by 37.5%, indicating that properties are taking longer to find buyers. This could suggest cooling demand or greater selectivity among buyers. 6. Median Time to Sale November 2024: 122 days November 2023: 94 days Change: +29.8% Similarly, the median time to sale rose by 29.8%, reflecting the overall slowdown in the transaction process from listing to closing. 7. New Listings November 2024: 728 November 2023: 604 Change: +20.5% The 20.5% increase in new listings suggests more homeowners are entering the market, possibly in response to the higher average sale prices or economic pressures. 8. Inventory (Active Listings) November 2024: 3,005 November 2023: 2,393 Change: +25.6% Active listings rose by 25.6%, adding to the available supply. This increase may shift the market dynamics toward buyers by offering more choices. 9. Months Supply of Inventory November 2024: 8.3 months November 2023: 6.1 months Change: +36.1% The months supply of inventory increased by 36.1%, moving further into buyer’s market territory. A supply of over six months typically favors buyers, as it indicates less competition for available homes. Report on Highlighted Real Estate Trends for Townhouses and Condos in Collier County, November 2024 The townhouse and condo market in Collier County for November 2024 shows significant changes in key metrics compared to November 2023. Below is a detailed analysis of the highlighted figures: 1. Closed Sales November 2024: 224 November 2023: 321 Change: -30.2% The number of closed sales decreased by 30.2%, reflecting reduced buyer activity. This decline may be due to affordability challenges, market conditions, or changes in buyer demand. 2. Paid in Cash November 2024: 122 November 2023: 211 Change: -42.2% 3. Median Sale Price November 2024: $420,000 November 2023: $497,000 Change: -15.5% The median sale price fell by 15.5%, signaling a notable drop in property values. This decline suggests decreased demand for townhouses and condos or increased competition among sellers, particularly in the mid-priced segment. 4. Dollar Volume November 2024: $169.3 Million November 2023: $257.0 Million Change: -34.1% The total dollar volume of sales declined significantly by 34.1%, reflecting both fewer transactions and lower sale prices. This reduction indicates a cooling market with less overall financial activity. Southwest Coast Realty, Inc. 4100 Corporate Square 171 Naples FL 34104 Ken O'Brian, Real Estate Broker 239-229-9926 #CollierCountyRealEstate #FloridaMarketReport #CollierCountyHomes #November2024RealEstate #FloridaRealEstateUpdate #NaplesRealEstate #MarcoIslandHomes #CollierCountyMarketTrends #SouthwestFloridaHomes #LuxuryRealEstateFlorida #FloridaPropertyMarket #RealEstateMarketUpdate #CollierCountyHousing #FloridaHomesForSale #CollierCountyUpdate Links: Contact: https://www.southwestcoastrealty.com/contact.php Home Page: https://www.southwestcoastrealty.com/ Market Report: https://www.southwestcoastrealty.com/... Buyers: https://www.southwestcoastrealty.com/... Sellers: https://www.southwestcoastrealty.com/... New Home Showcase: https://www.southwestcoastrealty.com/new-homes/ © Southwest Coast Realty, Inc. All rights reserved.