This is the time of year when inventory begins to build in the Naples real estate market. With overall inventory up in Naples, Bonita Springs, Estero and Marco Island over last year, it will only get higher over the next 4 to 5 months. This means that some Naples communities are already back to a buyer’s market, while some remain balanced.
The key to creating a successful sale this season is understanding which of these categories applies to your Naples home, and then, working with your Realtor to price your property accordingly. One of the most important things you can do as a seller is to talk with your Realtor about the months of supply in your area and how that affects the price range of your property.
The good news for Naples home buyers is that the choices continue to be the best we’ve seen in a long time, and prices remain stable. As we head into season, both buyers and sellers are positioned to benefit from the current market conditions.
During the 12 months ending September 30, 2016, Naples real estate sales totaled 11,578, which is 14% lower than the prior 12-month period when there were 13,388 sales. The largest sales declines were in the price segments below $250,000 (-25%) and above $5 million (-31%).
The year-to-date closed sales for Naples, Bonita Springs and Estero were 8,928 at an average price of $522,404 versus the comparative year-to-date-closed sales we saw in 2015 of 10,443 at an average price of $527,022. This represents a 15% sales pace reduction from last year, with stable pricing.
Closed sales priced above $2 million year-to-date fell 24% for the Naples, Bonita Springs and Estero markets, when compared to the same period in 2015. Over the past 12 months, sales in this price category are down 17% (387 versus 469).
The number of homes for sale in Naples on October 1, 2016 consisted of 6,081 units, up from 5,839 units last month and an increase of 43% from October 1, 2015. During the 12 months ending September 30, 2016, there were 19,974 new listings added to the Naples, Bonita Springs and Estero markets, which is 7.6% more than the same period in 2015.
AVERAGE/MEDIAN SALES PRICE
The Naples average sales price during the month of September was slightly lower year-over-year, while the median closed price was up 5%.
The average price of sales above $2 million fell 3.6% over the past 12 months, from $3,876,415 to $3,736,205. The decrease in the number of sales above $5 million likely impacted this average.
If you are considering moving to Naples or selling your Southwest Florida home, I’d love to chat with you.