"Historically, declining inventory puts upward pressure on home values, but that's not happening right now." That line comes from Cindy Carroll of Carroll & Carroll Appraisers & Consultants, quoted in the Naples Area Board of Realtors August 2026 market report. For condos, the headline numbers seem to agree with her. Through August 2026, the year-to-date condo median in the Naples market was $440,000, down 4.3% from the same stretch of 2025. Over that same period, single-family homes rose 4.1% to $765,000.
If you're comparing a condo in Pelican Bay with a single-family home in North Naples, the obvious reading is that condos are getting cheaper. NABOR's price-band tables say something different. Prices for most Naples condos stayed close to flat over the past year. The median fell because the mix of condos that sold moved toward the cheapest units.
The median measures what sold, not what condos are worth
A median tells you the price of the middle sale. If many more inexpensive units sell this year than last, the middle shifts down even when no individual condo lost value.
NABOR's rolling 12-month figures through August 2026 show this happening. Condo sales at $300,000 and below rose from 840 to 1,171, up 39.4%. All condo sales rose 22.1%, from 3,686 to 4,502. As a result, the lowest tier grew from about 23% of condo sales to about 26%. A larger share of sales at the bottom pulls the median down whether or not the price of a given unit changed.
Here is the condo market by band, from the same August 2026 report. Sales, medians and days on market cover the 12 months ending in August of each year. Inventory is the count of active listings at the end of August, and the totals are as NABOR reports them.
| Condo price band | 12-month sales | 12-month median price | Active listings, August | Days on market |
|---|---|---|---|---|
| $300,000 and below | 840 → 1,171, +39.4% | $250,000 → $237,000, −5.2% | 426 → 437, +2.6% | 95 → 114 |
| $300,001 to $500,000 | 1,289 → 1,501, +16.4% | $396,000 → $395,000, −0.3% | 916 → 780, −14.8% | 89 → 100 |
| $500,001 to $1.5 million | 1,206 → 1,350, +11.9% | $697,000 → $700,750, +0.5% | 905 → 595, −34.3% | 86 → 102 |
| $1.5 million to $5 million | 309 → 437, +41.4% | $2,200,000 → $2,200,000, 0.0% | 364 → 227, −37.6% | 109 → 108 |
| Over $5 million | 42 → 43, +2.4% | $6,500,000 → $6,300,000, −3.1% | 68 → 59, −13.2% | 102 → 146 |
| All condos | 3,686 → 4,502, +22.1% | $450,000 → $435,000, −3.3% | 2,679 → 2,099, −21.6% | 91 → 105 |
The three bands from $300,000 to $5 million cover most of the condo market. Their medians moved by less than one percent, and one did not move at all. The overall condo median fell 3.3% anyway.
Two condo markets with opposite pressure
The table describes two different markets under one label.
At $300,000 and below, buyers have the advantage. The median price in that band fell 5.2%. Days on market rose from 95 to 114. It is also the only condo band where active listings grew. More of these units are selling, but sellers are getting less for them and waiting longer.
Between $500,000 and $5 million, supply is shrinking fast. Listings fell by about a third in both of those bands, and $1.5 million to $5 million had the largest increase in sales of any condo band. Prices have not risen yet. That is the point Carroll made in the NABOR report, and it applies most directly to these middle and upper bands. Days on market still rose in the $500,000 to $1.5 million band, so a well-priced listing has not turned into a bidding war. With a third fewer listings to choose from, though, a buyer in that range has less negotiating leverage than the overall condo median suggests.
In that same price range, Gulfshore Business reported this spring that a $1.35 million low-rise condo in Pelican Bay's Breakwater building went under contract on its first day on the market, with backup offers. The same article described a $3.4 million sale in the Carlysle at Bay Colony that closed after the sellers adjusted their price. A local Realtor quoted in that piece said condo prices under $5 million had not started to rise, even with demand up and supply down. The August numbers point the same way.
Why the monthly number points the other way
The same mix effect works month to month. For August alone, the condo median rose 2.7% to $417,500. Condo sales that month fell 3.5% to 272. When one month has a different mix of sales, its median can rise while the year-to-date median falls. Single-family homes showed the reverse pattern, down 1.7% for August and up 4.1% for the year.
The monthly condo medians over the past year moved a lot. NABOR shows $399,500 in July 2026 and $499,000 in February 2026. A gap that size mostly reflects which buildings happened to close in each month. Rolling 12-month figures broken out by price band are a steadier guide.
The same pattern near the beach
NABOR groups the 34102, 34103 and 34108 ZIP codes as Naples Beach. Year-to-date condo sales there rose 28.5% through August 2026, from 627 to 806. Months of supply fell from 10.9 to 6.3. The area's year-to-date condo median still slipped 3.9% to $1,091,250. The August median was $852,500, up 13.7% from a year earlier. NABOR warns that percent changes in small samples can look extreme, and one month of beachfront closings is a small sample. Months of supply near the beach fell by about four in a year, so the slower supply shown in the median does not match conditions in these ZIP codes.
What changes when season listings arrive
Supply in Naples is seasonal, which matters for buyers now. In NABOR's August release, Ryan Bleggi noted that from August 2025 to January 2026, new listings pushed overall supply from 7.6 to 9.2 months. He said that if the pattern repeats, the market would have more than 7 months of inventory in the new year. Overall supply was 5.4 months in August 2026.
For a condo buyer looking between $500,000 and $5 million, that is the range where listings fell the most, and the winter increase in new listings is when that buyer has the most to choose from. For a buyer under $300,000, the season adds more units to the one band where listings were already growing.
Price cuts are also less common than they were. NABOR counted 790 price decreases in August 2026, down 30.2% from 1,132 a year earlier. Sellers are listing closer to what the market will pay, so waiting for a reduction is a less reliable strategy than it was last year.
The paperwork that comes with a lower price
Condo buyers in every band now receive more documents than they did a few years ago. Under Florida Statute 553.899, condo and cooperative buildings of three or more habitable stories need a milestone inspection at 30 years old and every 10 years after that. A local agency can set the first inspection at 25 years. A visual Phase 1 inspection leads to a Phase 2 inspection if it finds substantial deterioration. In unincorporated Collier County, a Phase 2 report that calls for repairs starts two deadlines: a permit application within 150 days and the start of repairs within 365 days.
The structural integrity reserve study, or SIRS, covers roofs, structure, fireproofing, plumbing, electrical, waterproofing, windows and doors. According to the state's condominium division, an association whose reserves fall short may need special assessments, loans or lines of credit to cover the gap. The 2025 changes in HB 913 raised the SIRS component threshold to $25,000 and moved the deadline to December 31, 2025. The bill also lets qualifying owner-controlled associations vote to pause or reduce reserve contributions for up to two budgets after a recent milestone inspection while they pay for repairs. Starting July 1, 2025, Naples Press reported, buyers got seven business days to review condo documents, up from three. Two 2026 condo bills, HB 657 and HB 1497, died in committee.
These reports are the most direct way to see what a particular building is likely to cost after closing. In the band where prices are falling and listings are growing, that review deserves all seven business days. This is general information, not legal or financial advice, so please confirm your own situation with a Florida real estate attorney or your lender.
FAQ
Is the overall Naples market getting cheaper? Not by much. The overall median in August 2026 was $575,000, the same as in August 2022. Year to date through August, it was down 0.8%.
What area do these numbers cover? NABOR's Naples market covers Collier County, excluding Marco Island.
When will September figures come out? NABOR has scheduled its September report for October 23. When it comes out, compare the price-band tables first, before the headline median.
If you are pricing a Naples condo above $500,000 using a median that falls because of sub-$300,000 sales, I'm glad to pull the band-level numbers for the buildings you're considering and go through their milestone and SIRS documents with you. Hunter Kent can help you weigh what a building's numbers mean for you. Let's Connect.
