Pending Sales Climbed 27.9% While $3.4 Billion in Listings Sat Stale or Overpriced
Pending and closed sales in the Naples housing market rose to their highest levels in over two years this winter, with both contract volume and dollar volume climbing well above year-ago levels. Yet beneath that activity sits billions in listings that have gone stale or returned without a meaningful price cut. Mortgage rates fell below 6% for the first time in three and a half years, though the effect is less direct in Naples, where more than half of purchases close in cash and the luxury segment operates independently of financing costs. The properly priced segment of this market moves quickly, and the community-level data below shows exactly where. For regional comparisons, see the Southwest Florida housing market update.
Key Takeaways (TL;DR)
- Naples pending sales surged 27.9% year over year to 1,037, the strongest monthly contract figure in over two years, signaling renewed buyer engagement.
- Months of supply sits at 8.8 overall, but the competitive market (listings under 90 days, first-attempts or meaningful relists) shows just 4.6, meaning well-positioned homes face materially less competition.
- The 16.6% gap between what sellers are asking per square foot ($390) and what buyers are paying ($335) is the widest in the region, concentrated in the $2 million-plus tier.
- $3.37 billion in listed value (31.9% of the total) sits stale or stubbornly priced, which makes inventory look worse than it really is for homes that are priced right.
- Relisted homes that eventually sold closed at a median of $80,500 below their original asking price after 232 total days, compared to 65 days for first-attempt sales.
The Naples Housing Market Shows Strength in Volume and Weakness in Pricing
The February numbers are straightforward: buyers are active, and sellers who overprice are paying for it in time on market. Closed sales rose from 573 to 660, pending contracts jumped from 811 to 1,037, and inventory dropped from 7,331 to 6,155. New listings fell 16.4%, which means the supply contraction is coming from both reduced inflow and rising absorption.
Prices Held Essentially Flat
Median sale price settled at $665,000, just 0.8% above February 2025’s $660,000. Price per square foot declined a modest 0.9% to $346, well above the $321 trough from July 2025. Naples prices have held better than any other Southwest Florida city on both measures, which reflects the market’s higher floor and the role of seasonal demand.
Dollar Volume Reinforces the Activity Story
Dollar volume reached $846 million, up 10.8%. More closings at stable price points produced meaningful growth. Showings per listing rose 13.3%, and median showings to pending increased from 6 to 8, suggesting buyers are viewing more properties before committing. With this much to choose from, buyers are taking their time, and they can.
Naples Carries the Region’s Deepest Inventory and Widest Ask-Bid Gap
With 6,155 active listings, Naples accounts for 42% of the five-city inventory total. Look at individual listings and you see two different markets. The homes priced right are moving. Everything else is sitting there making the inventory numbers look worse than they are.
The Relist Picture
Of 6,155 active listings, 1,815 (29.5%) have a prior failure within the past 12 months. Seventy-five percent of returning sellers reduced their price, by a median of 5.8%. Another 17% came back at the same price, and 8% actually raised it. Among the 636 relisted homes that eventually sold, the sale price landed at $732,500 against an original ask of $799,950, an $80,500 gap. Those sellers spent 232 total days across both attempts. First-attempt sales closed in 65 days.
$3.37 Billion of Inventory Sits Stale or Misaligned
Stale first-attempt listings (180-plus days) and stubborn relists (same or higher price on return) combine for $3.37 billion in listed value, representing 31.9% of Naples’ total. That figure is the largest concentration of at-risk inventory in the region by a wide margin. Removing it from the calculation drops effective months of supply to 7.2. Isolating the competitive segment, listings under 90 days that are either first-attempts or relists with a meaningful price reduction, brings it to 4.6, a figure consistent with functioning market conditions.
Where the Naples Housing Market’s Ask-Bid Gap Lives
Active listings ask $390 per square foot. Sold homes closed at $335. That 16.6% gap is the widest in the region, nearly four times the 4.5% gap in Estero and three times the 5.5% in Fort Myers. It concentrates in the upper tiers: homes above $2 million carry a 33.4% relist rate, and that segment alone accounts for the majority of the stale dollar volume. Below $500,000, the gap narrows and absorption runs closer to balanced levels.
Volume Is Strong but Buyers Are Setting the Terms in Naples Featured Communities
Community-level data across Naples shows consistent sales activity alongside deep inventory. Every featured community here has closed double-digit transactions over the past 120 days, but months of inventory range from 5.6 to nearly 10, and buyers are negotiating concessions in most price tiers. The pattern across Naples: homes are selling, but on the buyer’s timeline and closer to the buyer’s number.
Lely Resort
- Active Listings: 168
- Sold (Last 120 Days): 68
- Homes Pending: 45
- Previously Listed Share of Active: 32.1%
- Months of Inventory: 9.9
- Median Sold Price: $765,000
- Sellers Received: 93.6% of asking price
Lely Resort carries one of the larger inventory positions in Naples at 168 active listings and nearly 10 months of supply. About one-third of active homes are returning from a prior attempt, with those sellers adjusting by a median of about 7%. More than a dozen sub-communities range from Peridot at Sunstone near $364,000 to Classics Plantation Estates above $2.3 million. The active median ($644,000) sits below the sold median ($765,000) because recent closings included more of the larger estate-level homes. At 93.6%, the sold-to-list ratio is the lowest in the Naples group, meaning buyers are negotiating the largest discounts here. Comparable sales within your specific sub-community are a far better guide than Lely-wide numbers. The depth and variety of inventory make this one of the broadest selections in Naples.
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The Vineyards
- Active Listings: 103
- Sold (Last 120 Days): 43
- Homes Pending: 28
- Previously Listed Share of Active: 20.4%
- Months of Inventory: 9.6
- Median Sold Price: $850,000
- Sellers Received: 94.2% of asking price
The Vineyards maintains 103 active listings across more than a dozen sub-communities, with 9.6 months of supply. A 20.4% relist share is the second-lowest in Naples, with returning sellers adjusting by a median of about 5%. The median active DOM of 98 is among the highest here, and 20% of inventory has crossed 180 days. February recorded 16 closings at a $950,000 median, well above prior months, and pending homes carry a $1,000,000 median. The active median ($609,000) sits well below the sold median because of the range of product across sub-communities. February’s 16 closings and 28 pending homes both exceeded recent months, and the low relist share shows most listings are being positioned reasonably. For buyers, the 98-day median DOM and 94.2% sold-to-list ratio both point toward room to negotiate.
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Esplanade
- Active Listings: 35
- Sold (Last 120 Days): 25
- Homes Pending: 9
- Previously Listed Share of Active: 25.7%
- Months of Inventory: 5.6
- Median Sold Price: $1,685,000
- Sellers Received: 96.0% of asking price
Esplanade shows the tightest inventory in the Naples group at 5.6 months, with sales volume (25) well-supported relative to active supply (35). About one-quarter of active listings are returning from a prior attempt, and every returning seller came back lower with a median adjustment of about 6%. The active median ($739,900) sits far below the sold median ($1,685,000), reflecting a product mix split: the 2+den segment (13 active at $465,000) anchors the lower tier while recent closings skewed toward 3+den and larger homes above $1.6 million. Pending homes carry a $1,749,900 median at 28 DOM, pointing toward that upper range for the next closings. The 96.0% sold-to-list ratio and steady volume remain consistent with recent contract activity. Only 9% of inventory has crossed 180 days, less stale product than in other Naples communities.
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Isles of Collier Preserve
- Active Listings: 74
- Sold (Last 120 Days): 30
- Homes Pending: 19
- Previously Listed Share of Active: 39.2%
- Months of Inventory: 9.9
- Median Sold Price: $955,000
- Sellers Received: 96.6% of asking price
Isles of Collier Preserve carries 74 active listings with the second-highest relist share in Naples at 39.2%. Returning sellers adjusted by a modest median of about 4%. The other side of the data: 37% of recent sales closed at or above asking, the highest rate in Naples, showing variation between homes closing at or above list and those returning to market. February recorded 12 closings at a $2,150,000 median. The 2+den segment (26 active, $839,250, 38 DOM) is the most affordable entry, while the 3+den tier (28 active, $1,872,500) offers more space. A 96.6% sold-to-list ratio and 37% at-or-above closing rate align with accurate pricing, though the relist share shows the line between well-priced and overpriced is thin. The range across condos and single-family gives buyers wide selection.
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Pelican Bay
- Active Listings: 212
- Sold (Last 120 Days): 115
- Homes Pending: 53
- Previously Listed Share of Active: 29.2%
- Months of Inventory: 7.4
- Median Sold Price: $1,575,000
- Sellers Received: 92.9% of asking price
Pelican Bay holds the largest inventory of any featured community at 212 active listings and the highest sales volume at 115 closings over four months. The range is vast, from $560,000 condos to a $38 million estate, so community-wide statistics are starting points rather than conclusions. The 92.9% sold-to-list ratio is the lowest in Naples, meaning buyers are securing roughly 7% off asking. About 29% of active listings are returning from a prior attempt with a median adjustment of about 7%, and 24% of inventory has been on market past 180 days. Pending homes carry a $2,125,000 median, pointing higher than the current sold median. Sub-community data is essential here, as Pelican Bay-wide numbers obscure more than they reveal. The depth of inventory across dozens of buildings and neighborhoods gives buyers unmatched selection.
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Grey Oaks
- Active Listings: 24
- Sold (Last 120 Days): 10
- Homes Pending: 9
- Previously Listed Share of Active: 20.8%
- Months of Inventory: 9.6
- Median Sold Price: $4,500,000
- Sellers Received: 92.3% of asking price
Grey Oaks operates in a different tier, with a $4.5 million median sold price and an active range from $1.9 million to $12.9 million. The 92.3% sold-to-list ratio is consistent with the broader Naples luxury trend: buyers at this level negotiate firmly. With only 10 closings over four months, any single sale moves the numbers. A notable data point: 9 homes are pending against 24 active, with a $4,500,000 median at just 13 DOM. The relist share (20.8%) is relatively low, with returning sellers adjusting by a median of about 6%. The small transaction volume argues for pricing grounded in the most recent comparable sales within your sub-community. Nine pending at 13 DOM says the rest.
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How Naples Compares Across the Region
The table below places Naples alongside the four other major Southwest Florida markets. Naples commands the highest price point and the deepest inventory, with the most months of supply in the region. Closed sales still grew 15.2%, and the $620,000 median reflects relative price stability compared to the sharper corrections seen in Fort Myers and Estero.
| City | Median Sold Price | Price/SF | Active Listings | Months of Supply | Sold-to-List | Closed Sales YoY |
|---|---|---|---|---|---|---|
| Fort Myers | $325,000 | $202 | 3,506 | 7.9 | 95.6% | +9.6% |
| Cape Coral | $375,000 | $218 | 3,091 | 6.3 | 97.0% | +16.0% |
| Estero | $425,000 | $252 | 753 | 6.3 | 96.4% | +18.1% |
| Bonita Springs | $565,000 | $308 | 1,245 | 8.4 | 95.5% | +23.0% |
| Naples | $665,000 | $346 | 6,153 | 8.8 | 95.2% | +15.2% |
Source: FGCMLS. All metrics reflect February 2026 single-month data unless otherwise noted. The sold-to-list ratio reflects the most recent list price at the time of contract, not the original asking price. The listing-level analysis sections (community profiles, competitive inventory, relist data) use 120-day snapshots to capture enough transactions for meaningful analysis.
For the full regional analysis, see the Southwest Florida housing market update.
What Naples Homeowners Are Asking
Buyers are showing up. Pending sales rose 27.9% year over year, closed sales climbed 15.2%, and dollar volume increased 10.8%. Prices haven’t followed yet: the median held nearly flat at $665,000, and price per square foot dipped 0.9%.
Naples carries 6,155 active listings, but a significant portion (31.9% by dollar value) has been sitting for 180 or more days or returned to market without a meaningful price adjustment. Competitive inventory, listings under 90 days that are either first-attempts or relists with a meaningful price reduction, shows just 4.6 months of supply. The apparent oversupply is concentrated in stale and overpriced listings, many in the $2 million-plus range.
Across all recent closings, buyers paid a median of 95.1% of list price. The range varies by community: Esplanade sellers received 96.0%, Pelican Bay sellers received 92.9%, and Grey Oaks sellers received 92.3%. Properties past 180 days on market tend to close at 92% to 93% of asking.
February 2026 recorded the strongest pending month in over two years. The winter quarter (December through February) consistently produces the highest buyer traffic in Naples, and this winter’s pending and showing data were the strongest in three years. Sellers benefit from listing during peak season with pricing that reflects where the market actually trades.
Naples carries the highest price point ($665,000 median), the deepest inventory (6,155 listings), and the widest ask-bid gap (16.6%) in the region. It also generated the most dollar volume ($846 million in February) and the second-highest pending growth (27.9%). The luxury segment above $2 million, which accounts for 19% of active listings, moves differently than the rest of Southwest Florida.
Final Thoughts on the Naples Housing Market
Naples presents a clear duality. Pending contracts, closings, and showings all rose year over year. Yet $3.4 billion in listed value sits stale or stubbornly priced, largely in the luxury segment, creating the illusion of a saturated market. Sellers who price to the most recent comparable sales within their specific sub-community are finding receptive buyers. Sellers who aim for what they believe the market should support are joining the 30% of inventory that has already failed.
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Explore the March 2026 Southwest Florida Market Series
- Southwest Florida Housing Market Update
- Fort Myers Housing Market Update
- Cape Coral Housing Market Update
- Estero Real Estate Market Update
- Bonita Springs Housing Market Update
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