Monthly Market Report

Month Ending November 2018

Market statistics in Southwest Florida continue to be indicative of a stable and balanced market. In November, average prices and the rate of sales continued to grow at a steady yet modest rate, and 7.2 months of supply as of December 1st demonstrates an equilibrium in the marketplace.

The normal seasonal increase in listing inventory is in play, giving buyers a better selection of homes from which to choose. If historical trends are repeated, the seasonal increase in buyer activity will soon follow, absorbing most of the increased inventory during the early months of 2019. Buyers need to be aware of this dynamic so they can take advantage of the seasonal selection of properties, and sellers who seek a short marketing time should also take heed so they can be positioned to attract offers before the season comes and goes.

NAPLES, BONITA SPRINGS AND ESTERO

Closed Sales
During the 12 months ending November 30, 2018, a total of 12,519 sales were reported, an increase of 4.6% over the prior 12 months when there were 11,968 sales. Closed sales priced above $2 million increased by 15.9% to 525 sales compared to 453 during the preceding 12-month period.

New Listings/Inventory
Available inventory on December 1, 2018, consisted of 7,540 residential units compared to 6,692 a year ago. This represents 7.2 months of supply based on the current sales pace. During the 12 months ending November 30, 2018, there were 18,549 new listings added to the market, a decrease of 3.8% from the prior 12 months when 19,290 listings were added.

Average and Median Sales Price
At $568,756 the average sales price over the past 12 months was 6.2% above the same period last year. The median price rose 1.7% from $325,250 to $330,874. The average sales price over the past 12 months for properties priced above $2 million was $3,801,632, an increase of 2% from the prior year.

MARCO ISLAND

Closed Sales
There were 858 closed sales during the 12-month period ending November 30, 2018, compared to 867 for the same period last year, a decrease of 1%. Year-to-date closed sales were nearly static with the same period last year, up from 785 to 790.

New Listings/Inventory
Available inventory on December 1, 2018, consisted of 694 residential units, up 12.7% from 616 last year. This represents 9.7 months of supply at the current pace of sales. During the 12 months ending November 30, 2018, there were 1,368 new listings added to the market, up 5% from 1,303 during the prior 12 months.

Average and Median Sales Price
The average sales price over the past 12 months increased by 6.7% to $774,096 compared to $725,372 a year ago. The median price for the past 12 months was essentially unchanged at $580,534, up from $576,944 last year.

*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.

JODEE BENNETT, REALTOR® | JOHN R. WOOD PROPERTIES 239.631.2561 

jbennett@johnrwood.com | coastalhome4you.com