More choices and better prices
MORE CHOICES AND BETTER PRICES IN NAPLES
Overall, the Naples market is seeing better prices due to additional inventory of homes on the market. According to the latest reports recently released by the Naples Area Board of REALTORS® for February, prices do continue to remain stable despite the fact inventory continues its upward trend. In addition, activity has picked up for both pending sales and closed sales.
Market Trends:
- Overall pending sales are down 8 percent for the 12-months ending Feb. 2017
- Overall closed sales are down 10 percent for the 12-months ending Feb. 2017
- Overall median closed price is up 3 percent for the 12-months ending Feb. 2017
- Inventory is up 16 percent from February 2016 to February 2017
- Average Days on Market is up 25 percent from February 2016 to February 2017
Inventory
As you can see, overall inventory rose 16 percent. Inventory increased from 5,577 homes in February of 2016 up to 5,466 homes in 2017. Overall, if you look at this same time last year, we’ve added almost 1,000 new listings to the market. Additionally, the largest increase in inventory during February was for condos. Inventory increased 23 percent from 2,599 condos last year up to 3,207 this year. In particular, condo inventory between $1 million and $2 million went up significantly at 43 percent. So, this is good news for buyers who have more to chose from at better prices. However, if you are selling your home, it does mean it might take longer to sell your home.
Pending and Closed Sales
In addition, overall pending sales increased 10 percent from 993 properties sold up to 1,092 sales when you compare February of this year to last year. Similarly, overall closed sales increased 18 percent to 613 closed sales in February 2017 up from 518 closed sales in February 2016. On the positive side, the condominium market had the highest increases in both pending and closed sales. For example, pending sales of condominiums in the $300,000 to $500,000 price category had the highest increase of all other home types and price points in February with a 53 percent increase. And closed sales of condominiums in the $500,000 to $1 million price category had the highest increase of all other home types and price points in February with a 75 percent increase.
Median Sales Price
Overall the median sales prices remained stable at a 3 percent increase compared to the same month last year. The median price increased from $323,000 to $333,000 during February. However, when you dig into the numbers, prices dropped for single-family homes by 5 percent from $425,000 down to $402,000. Additionally, as season progresses, anticipate further price reductions. For example, during one week in February, there were 400 price reductions in just one week.
February 2017 sales statistics for all single-family homes and condominium:
| CATEGORIES | Feb 2016 | Feb 2017 | CHANGE |
| Total homes under contract (pending sales) | 993 | 1,092 | 10% |
| Total closed sales | 518 | 613 | 18% |
| Median closed price | $323,000 | $333,000 | 3% |
| Total active listings (inventory) | 5,577 | 6,466 | 16% |
| Average days on market | 79 | 99 | 25% |
| Single-family closed sales | 261 | 294 | 13% |
| Single-family median closed price | $425,000 | $402,000 | -5% |
| Single-family inventory | 2,978 | 3,259 | 9% |
| Condominium closed sales | 257 | 319 | 24% |
| Condominium median closed price | $260,000 | $270,000 | 4% |
| Condominium inventory | 2,599 | 3,204 | 23% |
Bottom Line More Choices and Better Prices
Now is the time to buy property if you are considering a purchase in Naples, Bonita Springs or Estero. With prices showing signs of dropping, I will help you negotiate the best price for the home of your dreams.
About Matt Klinowski
