First Quarter Housing Market Shows Strong Year

First Quarter Housing Market Shows Strong Year Ahead

Overall, the housing market for the first quarter of 2018 in the Naples area exceed expectations. Luxury homes above $1 million during Q1 led the market with an astounding 61 percent increase compared to the first quarter of last year according to the latest Market Report released by the Naples Area Board of REALTORS (NABOR).

There were 672 closed sales in January compared to February which also had 672 closed sales. And March had 942 closed sales, which was primarily driven by a strong high end new construction condos. Additionally, pending sales in the first quarter of 2018 increased 3 percent to 3,177 compared with 3,097 in the first quarter of 2017. Also, pending sales for both single-family homes and condominiums over $1 million increased by double digits. Finally, closed sales of condominiums in the $2 million and above market increased by 69 percent in the 12-months ending in the first quarter of 2018, versus the 12-months ending in the first quarter of 2017.

2018 First Quarter Housing Market for Greater Naples

First Quarter Naples Housing Market Highlights:

Pending Sales increased 3 percent in Q1 2018 compared to Q1 2017
Overall closed Sales increased 5 percent in in Q1 2018 compared to Q1 2017
Median Closed Price increased 12 percent in Q1 2018 compared to Q1 2017
Inventory decreased 4 percent in Q1 2018 compared to Q1 2017
Average days on market had zero change in Q1 2018 compared to Q1 2017

Overall, pending sales in the first quarter of 2018 increased 3 percent to 3,177 compared to 3,097 in the first quarter of 2017. Although pending sales for both single-family homes and condominiums over $1 million increased by double digits, it was the $2 million and above condominium market that made the biggest statement during the quarter.

Ultimately, inventory continues to remain tight and prices continue to rise. If you’re looking to purchase a home, now is the time to purchase. Industry analysts expect prices to continue to rise. So, I encourage you to move forward quickly with a property you are interested in purchasing if it’s priced right. And, if you’re interested in selling, I would start planning now. In most communities, with low inventory and rising prices, you are definitely in the drivers seat. Call today if you are ready to start your journey to purchase or sell your dream home!

Begin Your Own Property Search:

So, if you’re ready to begin your Southwest Florida Real Estate search for your dream home, I encourage you to explore my website to find information about communities in Southwest Florida. If golf is your game, I specialize in golf community real estate and would be happy to help you navigate the more than 100 different golf communities in our area. If you prefer a more direct approach, I will provide a list of properties that meet your criteria and/or communities that meet your needs.

Bottom Line:

If you are buying a home in a golf community, you will find it’s more complex than a typical home purchase. As you can probably imagine, there are significant differences between golf communities. There are many different fee structures, membership options, pet restrictions, demographics and many other details that apply to the SWFL golf communities.

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost to you to have an agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about.

If you’re looking for information about a specific community in Bonita Springs, Estero or Naples, please contact me and I will prepare a custom market report for you. I will provide the market information and insights to help make sure you select your dream home!

Lastly, I will handle all contract negotiations for your property from offer to close!