Happy New Year everyone! 2025 is here, and with that our market analysis of 2024 has come to a close with this post (don't worry, 2025 analysis will be coming in hot once we get some data in). A recurring theme the last couple months, season represents a substantial factor when analyzing the current market, and it looks like some metrics from last month have continued. We can tell you right now that there has not been a dull moment in our office the last couple months, and these numbers should go a long way in explaining why!
This graph truly speaks for itself: inventory is climbing at a remarkable rate. Last month, our inventory sat at 584 properties, and with another month gone by (and a little bit of January data), that number is now up to 648, which amounts to about an 11% increase. Single-family homes ended the year at the highest count throughout 2024, while condominiums reached their early-2024 highs once again. There isn't much to say at this point in terms of analysis; sellers see the opportunity of people visiting, and they are pulling the trigger on listing. The questions is - will the buyers follow suit?
December's data provides an initial answer to the buyer question, as the number of closed sales in December 2024 outpaced the closed sales of 2023. This accounts for more evidence that the market is picking up the pace, and given the fact that there's typically a delay between a home going under contract and closing, the effects of homebuying during season are only just getting picked up. You will also notice disparities in days on market between single-family homes and condominiums. In previous blogs, the topic of waiting for questions to be answered before making a move got brought up; with condos, there are still a few questions being answered in the form of new budgets, reserves, and other association-related matters. Add on the fact that there's more for buyers to choose from in the condo world, and that offers up a solid explanation to the days on market difference. Again, happy 2025, let's see how the market continues to handle the busy season, and as always, call us if you have any questions!
Hello, we are The Waldren Team (Christine, Michael & Farrah) and we are happy to assist you with all your Marco Island & Naples real estate needs. Whether you're in the research phase at the beginning of your real estate search or know exactly what you're looking for, you'll benefit from having a real estate professional team by your side. We'd be honored to put our real estate experience to work for you. Let Our Knowledge Be Your Guide.
