Naples Home Sales Report 2016

What a year of unexpected and unpredictable housing market influences.  The year started with a stock market slump, fluctuating exchange rates, increasing interest rates, Brexit, and a controversial presidential election.  All of these factors influenced Naples home sales in 2016.

However, despite all of the factors impacting the market last year, December and the 4th Quarter of 2016 finished strong. According to the latest figures released by the Naples Area Board of REALTORS® (NABOR®) all indications are 2017 will be a busy year for real estate.

Year-Over-Year Highlights

• Both Pending Sales (-14 percent) and Closed sales (-13 percent) were down double digits for the year.
• Overall inventory increased 34 percent from 4,426 homes to 5,946 homes in year ending 2016
• The Naples Beach area had the highest number of new listings with 437 homes added to its inventory
• Average Days on Market increased by 14 percent year over year
• Overall median price closed sales price increased by 4 percent for the past 12 months

The NABOR® Annual 2016 sales statistics are presented in chart format for both single-family and condominiums:

December Naples Homes Sales 2016 Highlights

As the year came to an end, the number of days on market for the month of December fell by 8 percent.  Properties on the market dropped from 96 days in December of last year down to 88 days.  In addition, pending sales remained virtually unchanged from last year.  Most importantly, the good news is the median price increased 3.8 percent from $308,000 last December up to $320,000 this December. So if you are thinking about selling your home, now is a great time.

Analysts indicate all the statistics show the market is healthy and should continue to grow at a reasonable rate over the next year.

View December 2016 Market Statistics

View 4Q 2016 Market Statistics

Bottom Line For Sellers

Although inventory has increased, it is still low if you compare it to historical averages.  Additionally, median prices continue to rise and the days on market are dropping.  In the past month, two buyers I’ve worked with have purchased homes site unseen.  So if you are thinking of selling your home, call me and I’ll ensure you sell it quickly and for maximum value.

Bottom Line For Buyers

Finally, when you are ready to buy a condo or home in Naples, you will find it is more complex than a typical home purchase. Some communities have various fees and assessments that are not always obvious when you begin your property search.  Also, if you have pets, there are often restrictions on what type of pets and how big your pet can be. Lastly, demographics vary significantly in each community.

So when you are looking for information about a specific community in Southwest Florida, contact me. I will prepare a custom market report for you.  And I will help provide insights gained through 15 years of experience, to help ensure you select the best community to match your needs.