Naples Real Estate Market Watch October 2018

Tidbits

Fall Season Kicks Off the High Season Early

Downing-Frye Reporting October year-over-year Results:

Pending Sales – UP 18%

Dollar Volume – UP 9%

Closed Sales – UP 4%

COMBINED INVENTORY – Naples, Bonita/Estero

Seasonal climb is off and running… – The combined inventory for Naples, Bonita Springs, and Estero was up nearly 10% from September to October and it is up 10% year-over-year.

New listings added to the market are outpacing the otherwise strong closed sale activity swinging the market in favor of the buyer with nearly seven months of inventory available. This will continue to grow and move more and deeper into a buyer’s market.

The combined inventory for Naples, Bonita Springs, and Estero is now ~7,500 properties for sale. New construction properties typically make up 12% – 15% of the listings.

CLOSED SALES – Naples, Bonita/Estero

Sales volume Up and UP… –The combined overall closed sales volume for the Naples and Bonita-Estero markets showed a marked increase year-over-year. Do recall, though, that October 2017 was just one month post hurricane Irma.

Nevertheless, the total combined sales volume for October was 890 properties (Naples: 681, Bonita-Estero: 209) up 10% year-over-year and up 5% month-over-month.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

Price paid looking upward… – Naples overall average price paid was up year-over-year about 7% and it was even from the previous month. The year-over-year overall average price paid has now increased 9 out of the last 10 months. This is a good indicator of a strong steadily rising-price market.

The overall average price paid for all property types was $565,000 compared to $527,000 one year ago and compared to $563,000 in the prior month. The average price paid for a single-family home was $665,000 compared to $619,000 one year ago and $695,000 in the prior month. For a condominium the average price paid was $425,000 compared to $385,000 one year ago and $403,000 in the prior month.

For 2017 the overall average monthly closed sale price was $568,000 and now 2018 through September the overall average monthly closed sale price is $624,000!

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up and up…– The overall median price for all property types was up about 2% year-over-year and up about 5% month-over-month. The overall median price paid was $345,000 compared to $339,000 one year ago and $330,000 one month ago. In September 50% of all properties sold were less than $345,000 and 50% of all properties sold were more than $345,000.

Single-family homes median price was $414,000 from $385,000 and condominiums median price was $250,000 from $230,000 compared to the previous month.

BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

AVERAGE PRICE PAID

About Even and Up… – The overall average price paid for a property in the Bonita/Estero market increased about 13% month-over-month and was about even year-over-year.

The overall average price paid for all property types was $370,000 from $328,000 the previous month and $373,000 the previous year. The average price paid for a single-family home was $457,000 compared to $413,000 the prior month and $466,000 the prior year. For condominiums the average price paid was $283,000 from $253,000 the prior month and $297,000 one year ago.

For 2017 the overall average monthly closed sale price was $390,000 and now 2018 through October the overall average monthly closed sale price is $378,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Just up!… – The overall median price paid for all property types in the Bonita/Estero market was up 4% year-over-year and up 5% month-over-month. The overall median price paid for all property types was $295,000 compared to $285,000 one year ago.

The median price paid for a single-family home was at $375,000 compared to $386,000 one year ago, and for a condominium $230,000 compared to $225,000 one year ago.