Naples January Market Report

The Naples real estate market continues to move into a stable, balanced market between buyers and sellers, according to the latest real estate report released by NABOR (Naples Area Board of Realtors). Pending sales fell 23 percent from 1,103 last January to 847 this January. Likewise, closed sales also dropped year over year falling from 645 units down to 571 which represents an 11 percent decrease. The one exception was north Naples where closed sales increased 8 percent from 159 last year to 171 this year.

The good news for buyers is inventory levels increased 13 percent year over year from 4,515 units up to 5,091 units. The good news for sellers is the median home prices increased 8 percent from $315,000 to $340,000. Single family homes saw a larger increase in median price which was up from $372,000 up to $425,000 for a total increase of 14 percent. The median price for condos rose 5 percent from $265,000 up to $278,000 when compared to this time last year. Properties below $300,000 saw the largest increase in median price at a 21 percent increase. The significant increase in the lower priced homes is largely due to the dwindling inventory below $300,000.

For sellers, not only has the median price increase, the average days on market has also fallen 14 percent from 87 days to 75 days. So sellers are getting more for their homes and in a shorter amount of time.

January Market Report Highlights:

Overall pending sales decreased 23 percent from 1,103 homes in January 2015 to 847 homes in January 2016.
Overall closed sales decreased 11 percent from 645 homes January 2015 to 571 in January 2016.
Average days on market decreased 14 percent from 87 days in January 2015 to 75 days in January 2016.
Overall inventory increased 13 percent from 4,515 units in January 2015 to 5,091 units in January 2016.
Overall median closed price increased 8 percent from $315,000 to $340,000 in the 12-months ending January 2016.