RealEstateInThe239 Naples Bonita Springs Estero Real Estate Market Watch November 2015

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

COMBINED INVENTORY – Naples, Bonita/Estero

Combined inventory for Naples homes for sale, Bonita Springs, and Estero

On the way to the peak… Historically, the peak inventory each year occurs in January as sellers seek to capture sales during the time where seasonal visitors flock to southwest Florida. I expect this will hold true come January 2016. The inventory increased in November 2015 by 6% from October. This is in stark contrast to November 2014 when the inventory jumped an unprecedented and anomalous 25.4% on a month-over-month basis. November 2015 saw weaker sales on a month-over-month basis which is not all that unusual however, the year-over-year sales volume was off about 15% which is much more of a concern.

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CLOSED SALES – Naples, Bonita/Estero

Soft closed sale volume in both the Naples and Bonita/Estero markets – The overall sales volume for Naples and Bonita/Estero declined both month-over-month and year-over year. The Naples market retreated 12% and 12% respectively while the Bonita/Estero market retreated 16% and 24% respectively.

What’s driving reduced sales volume? One or more of i) stock market pull back, ii) holiday season, iii) impending threat of rising interest rates, iv) low inventory, v) rising homes prices in the new construction and resale property segments. I suspect that it’s a combination of all these factors.

Naples

Naples homes for sale Closed Sale Volume, Average Price Paid, and Median Sale Price

AVERAGE PRICE PAID

UP! – prices surged in November with the average price paid jumping 21% on a year-over-year basis and 9% on a month-over-month basis. The biggest increase noted was single-family homes up 30% from November 2014.

The average price paid for a single-family home was $766,000 up from $691,000 and $408,000 for a condominium up from $350,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
UP! – The median price paid for a property rose 18% year-over-year and 8% month-over-month to $314,000. The median price paid has increased each month on a year-over-year basis for, now, 40 consecutive months.

The median price paid for a single-family home was $383,000 and for a condominium it was $250,000.

Bonita Springs – Estero

Bonita Springs Homes for sale and Estero: Closed Sales Volume, Average Price Paid, and Median Price

AVERAGE PRICE PAID

UP! – Year-over-year and month-over-month we see a 20% increase and an 18% increase month-over-month. Year-over-year comparisons really tell the story, show the trends, and smooth out the bumps in the monthly numbers. The numbers I use are all raw data and no attempt is made to seasonally adjust.

The average price paid for a single-family home was $483,000 up from $443,000 and $344,000 for a condominium up from $266,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
UP! – The overall median price paid was up 10% year-over-year and there was no change on a month-over-month basis at $275,000. The year-over-year increase continues its streak now with 32 consecutive months at or above 100% on a year-over-year basis.

The median price paid for a single-family home is now at $347,000 and for a condominium $237,000.