October Real Estate Trends

If you want to sum up October Real Estate Trends in Naples Florida then what you need to know is Buyers are Back! Homes Under Contract Soar nearly 24% in October. Additionally, showing activity was up more than 40 percent over last October.

Highlights for October Real Estate Trends:

• Closed sales increased from 689 during last Oct. up to 758 this Oct. which represents a 9.7 percent increase
• Pending sales skyrocketed up to 23.7 percent up from 798 pending contracts up to 987
• Days on Market increased 11 percent up to 104 days
• Overall inventory decreased 17.7 percent from 6,500 homes down to 5,331 properties for sale

Additionally, prices are starting to hold steady as we’ve seen a decline in the number of price reductions.  Only 15 percent of the properties available for sale during the month saw a price adjustment compared to September when prices were reduced by 26 percent. Price reductions are important at this time of year. Since we’re headed into season, if you see prices coming down it means the homeowner is likely eager to sell which presents a fantastic buying opportunity.

Also, we’ve seen a significant increase in new construction homes added to the market.  Builders are pricing homes aggressively and offering agents incentives to bring their potential buyers to their communities.

Overall Closed Sales Summary

The overall closed sales report for October shows there was a healthy increase in single-family homes sold compared to last year with sales increasing by 4.9 percent. Condo sales increased by double digits up 15.4 percent during the month. Additionally, overall closed sales year-to-date were similar to the same time last year.

Further, if you look at the breakdown by price range for all Naples properties you will see the biggest increase in activity was for properties priced between $300,001 and $500,000 last month compared to October of last year. In fact, there was a 9.8 percent increase in sales from 2,797 homes sold up to 3,071 properties sold. Homes priced less than $300,000 also saw a sizable increase in the number of closed sales, up 4.6 percent during the month.

Also noteworthy is the continued trend in the decrease in closed sales of luxury properties priced between $1,000,000 and $2,000,000 where there was a 7.2 percent decline in closed sales. Naples Condos in the $1 million to $2 million price category, saw the largest decline in activity with a 21.6 percent decrease in closed sales.

Although overall closed sales of Ultra Luxury homes priced above $2,000,000 decreased 6.6 percent, the bright spot was the 5.6 percent increase in condo sales compared to last year.  Ultra luxury single-family home sales fell 10 percent during October of this year compared to the same time last year.

So if you are looking to buy a luxury home or condo in Naples, it’s likely you will have more room for negotiating a good price. And, sellers will need to start adjusting their list price if they haven’t done so already to make sure they are competitive in the market.

October Real Estate Trends for Overall Days on Market:

Once again the number of days properties are on the market before they sell increased again. Overall days on market were up 11 percent for the month. This translates to an average of 104 days on the market before a home sell which is almost 3.5 months.

Also, the October 2019 ShowingTime report, a monthly supplemental report which shows the number of times properties are shown, reported over 5,000 more showing appointments last month compared to October of 2018.  Clearly buyers are back in town in full force. There were a total of 18,531  showings in October.

Naples Inventory of Homes for Sale

Finally, there were 1,454 new listings added to October’s inventory. However, overall inventory fell 18 percent in October compared to last year.

At the end of the month, there were 5,351 homes on the market compared to 6,500 in October of 2018.

The most notable decrease in inventory was single-family homes below $300,000 which decreased by 39.4 percent. On the flip side, condos priced above $2 million saw an increase of 1.6 percent for the month.

Highlights by Location:

Geographically, closed sales in October were highest (64.4 percent) in areas located in the 34109 zip code which is the area north of Pine Ridge Road, East of Goodlette Frank, South of Immokalee Rd. and West of I-75. Other areas that had increased sales over 50 percent month over month were 34117 and 34112.

View More October Real Estate Trends

Naples Area Market Report

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