December 17, 2015 Posted by Matt

 Naples Golf Guy – Naples Real Estate Market News

As we head into season, inventory remains pretty tight in Collier County.  The good news is single-family home inventory increased 4% from 2,128 homes in October 2014 to 2,210 in October of this year according to NABOR’s latest statistics.  However, the condo market saw a 7% decrease in inventory from 1,811 in October of last year compared to 1,693 during the same month this year.

The $300K – $500K price category saw a significant amount of activity.  Pending sales were up 21% in the 12-months ending October 2015 and closed sales were up 25% during the same time period.  Overall closed sales increased 1% from 9,746 to 9,828 for the 12-months ending in October of this year.

Additional market highlights for October year-over-year:

• Pending sales decreased 11% from 911 to 807
• Inventory decreased 1% from 3,939 to 3,903 homes
• There is a 4.63 months supply of inventory
• Average days on market increased 3% to 73 days

As expected, the Federal Reserve raised its key interest rate on Wednesday from a range of 0% to 0.25% to a range of 0.25% to 0.5% which will likely result in higher mortgage rates.  All indications are rates will rise gradually over the next year.  For those looking to purchase a home, now is a good time to move forward with a purchase before another rate increase.

November market data is expected to be released during the third week in December.  If you would like updated information sooner, contact Matt Klinowski.

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