The number of Naples real estate sales through July 2016 is down 16% from the same period in 2015. Sales pace is driven by inventory, demand and pricing. During the past 12 months, closings for Naples homes priced above $2 million declined by 9.7%, 410 sales versus 454.
Inventory of homes for sale in Naples on August 1, 2016 consisted of 5,991 units, 3,222 single-family homes and 2,769 condos. This is up from 4,286 units on August 1, 2015. The number of homes for sale in the Naples real estate market on August 1, 2016 represents 6.1 months of supply based on current absorption rates.
AVERAGE/MEDIAN SALES PRICE
The Naples average sales price increased 4% over the past 12 months, and year-to-date has remained approximately the same as the prior year, $541,515 in 2016 versus $535,318 in 2015. Median price is up 5% for the first seven months of the year, $320,000 versus $305,000. Average price of closed sales priced above $2 million fell 3% over the past 12 months from $3,900,914 to $3,796,322.
Some positive points to note, despite the fact that sales have slowed from prior year:
- There were 841 closed sales in the month of July in the Naples, Bonita Springs and Estero market. With the exception of July 2013 – 2015, this is the highest number of closings for the month since July 2005, when there were 898.
- In July, there were 1,058 pended sales. This is the fourth highest number of newly pended sales for the month in the years 2007 – 2016. (The three highest are 2013-2015).
- Naples price appreciation is modest and the most stable it has been in many months.
- At 6.1 months of supply in the overall market, Naples buyers have a variety of choices. This does not account for much of the new Naples developer product which is not represented in the Multiple Listing Service, which widens their options even further.
In summary, it is a fantastic time to buy in Naples. The key for sellers is that price is once again a major factor in most areas and bringing properties to the market at current market pricing is critical.
If you are considering moving to Naples or selling your Southwest Florida home, I’d love to chat with you.