RealEstateInThe239 Naples Bonita Springs Estero Real Estate Market Watch May 2016

Naples Homes for Sale – Bonita Springs Homes for Sale – Estero Homes for Sale

COMBINED INVENTORY – Naples, Bonita/Estero

Inventory continues downward…! – New listings coming on the market are falling off as we head into the summer months as is typical this time of year. The month-over-month decrease for May is on par with previous years in the range of minus 5%-6%. However, comparing May of 2016 to May of 2015 we see the inventory up some 40%. The year-over-year inventory has been higher each month since January 2016.

CLOSED SALES – Naples, Bonita/Estero

Sales volume struggles to gain traction…  – The Naples and Bonita/Estero market both reversed course in May from April posting a decrease in sales volume of about 14% overall. This is not unusual for May. However, both markets are off 20%-24% year-over-year. Closed sale transactions in Naples were 860 and in the Bonita/Estero market it was 281. 2016 real estate activity, in general, is tempered compared to recent years gone by. But, we are not even half way through the year yet.

Naples

AVERAGE PRICE PAID

Decreased… – Tempered sales activity (stock market, mild winter, election year…whatever…) caused inventory to build and that puts pressure on price paid for properties. This is evident in the May data, a turnaround from April.

The average price paid in May for a single-family home was $728,000 down from $766,000 in April and $437,000 for a condominium down from $459,000. The overall average price paid for all property types in May 2016 was $580,000 down from $606,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)

Increased again… – The overall median price paid for a property was up month-over-month and year-over-year, 2% and 3% respectively.

The overall median price paid was $330,000 up from $325,000, the median price paid for a single-family home was $410,000 down from $413,000, and the median price for a condominium was $270,000 up from $245,000.

Bonita Springs – Estero

AVERAGE PRICE PAID

Decreased… – The average price paid for a property in the Bonita/Estero market was down 14% month-over-month and down 11% year-over-year.

The average price paid in May for a single-family home was $435,000 down from $535,000 and $296,000 for a condominium down from $332,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)

Decreased… – The overall median price paid was down 10% year-over-year and it was down 8% on a month-over-month basis now at $270,000 down from $330,000. The year-over-year increase breaks its 37 consecutive month streak at or above 100% on a year-over-year basis. All streaks come to an end sooner or later.

The median price paid for a single-family home is now at $340,000 down from $410,000 and for a condominium $246,000 down from $259,000.