May Naples Home Sales Up for the Month

May Naples Home Sales saw a double-digit increase in closed sales compared to May of last year according to the latest Market Report released by the Naples Area Board of REALTORS® (NABOR®). Overall closed sales increased 10 percent with single-family home sales leading the way up 13 percent compared to last May.  Additionally, almost 30 percent of homeowners reduced prices during the month of May which contributed to the increase in sales. Most notable were the decreases within the city of Naples (34102). The median price in the city decreased 24.9 percent in its overall median closed prices. Finally, following the normal trend for this time of year, inventory decreased 13 percent which means there are fewer Naples properties for prospective home buyers to consider.

Overall May Naples Home Sales Highlights:

• Inventory decreased from 6,785 homes in May of 2018 down to 5,905 homes in May of 2019 which was a 13 percent decrease
• Single family home sales increased by 12.8 percent up from 515 to 581 compared to May of last year
• Condo sales also increased during May, up from 546 to 584 which was a 7 percent increase
• Overall days on market increased to 107 days which is a 9 percent increase over last May
• Median closed sales price increased 7 percent over the same time last year

Buyer activity continues to remain strong. With almost 2,000 home owners adjusting their prices downwards, home buyers are in a good position to negotiate for a lower price on a property. So if you are considering buying a home, now is a great time. Contact us today to find your dream home in Naples, Florida.

Geographic Trends for May Naples Home Sales:

Home sales in East Naples (34114, 34117, 34120, 34137) saw the largest increase in activity up 21.7 percent from 1,061 homes sold up to 1,165 sales.

“I kind of see East Naples and South Naples as the last growth frontier for the Naples area,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty, Inc. “A lot of our future growth will be in these two areas. It should be noted that the zip code 34114 saw a 56.2 percent increase in closed sales in May 2019 compared to the previous May.”

On the flip side, the luxury home market continued to show a decrease in sales.  Homes priced between $1 million and $2 million decreased 8.9 percent in May. Interestingly, the decrease in closed sales for luxury real estate for the $1M to $2M price category appeared in the condominium market, which saw a 23.1 percent decrease, while its single-family homes closed sales actually increased 3.6 percent.

However, the ultra-luxury real estate market, homes priced above $2 million, saw a slight increase in closed sales with a 1.2 percent increase over May of 2018.

The NABOR® May 2019 Market Reports provide comparisons of single-family home and condominium sales, price ranges, and geographic segmentation and include an overall market summary.

May 2018 versus May 2019 Naples Home Sales By the Numbers

June 25th, 2019 Posted by NaplesGolfGuy