Eye on Naples, Florida

A Quick Glance at the Market

It has been a busy summer, as we predicted at the end of the winter season. Median price of closed sales continues to increase moderately. Inventory remains healthy with 6.6 months of supply in the Naples/Bonita/Estero markets. Both remain in the “balanced market” range. All of this is good news for sellers and buyers. Some areas are beginning to experience increasing inventory, and this will be a trend to monitor as we move into the fall when pre-season inventory historically increases.

NAPLES, BONITA SPRINGS AND ESTERO

Closed Sales

The number of closed sales year-to-date remained stable when compared to the same period last year with 7,139 closings vs. 7,010 in 2017. Meanwhile, closed sales priced above $2 million increased 21.6 percent over the first six months of 2017 to 354 sales compared to 291 during the prior year.

New Listings/Inventory

Available inventory on July 1, 2018 was 6,608 residential units compared to 6,443 a year ago. This represents 6.6 months of supply based on the current sales pace. During the 12 months ending June 30, 2018 there were 17,474 new listings added to the market, a decrease of 14 percent over the prior 12 months.

Average and Median Sales Price

The average sales price increased 8 percent over the past 12 months to $566,277. The median sales price for the period is up 2.8 percent to $328,563. Average sales price on a year-to-date basis for properties priced above $2 million is up 11.6 percent, impacted by a number of higher-priced sales during the first six months; however, a $48 million beachfront sale that closed in June was excluded so as not to skew the average. The average price of sales above $2 million is up 3.4 percent over the 12 months ending June 30, 2018 to $3,798,800.

MARCO ISLAND

Closed Sales

There were 497 closed sales during the first six months of 2018 compared to 531 for the same period last year. During the past 12 months the number of closed sales declined 12 percent to 819 closings, down from 929 during the same period in 2017.

New Listings/Inventory

Available inventory on July 1, 2018 consisted of 612 residential units down from 683 on July 1, 2018. During the 12 months ending June 30, 2018 there were 1,292 new listings added to the market, down from 1,472 during the previous 12 months.

Average and Median Sales Price

The average sales price over the past 12 months remained static with prior 12 months at $738,724 compared to $741,255 a year ago. The median price for the past 12 months declined slightly to $563,931 down from $576,381 a year ago.

*Marco Island statistics are obtained from the Marco Island MLS system and include only those sales and current listings on Marco Island and Key Marco.

For more information, contact Jodee Bennett,  real estate professional, to answer all your property and real estate questions.

You can also schedule your private consultation at our North office located below.

1185 Immokalee Rd, Ste. #300

Naples, FL 34110

Please don’t hesitate to call me at 239.631.2561, email jbennett@johnrwood.com, or visit coastalhome4you.com.

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