Naples Real Estate Market Watch December 2018

Tidbits

2018 Comes to an end, Very Good Year for Real Estate

Naples Sales Volume UP 5.0% 2018 over 2017

Bonita-Estero Sales Volume UP 8.4% 2018 over 2017

COMBINED INVENTORY – Naples, Bonita/Estero

Seasonal run up in available inventory continues… – The combined inventory for Naples, Bonita Springs, and Estero was up ~10% year-over-year and on a month-over-month basis it was up nearly 5%. This time of year, month-over-month inventory increases about 5% – 10% each month until the peak which is typically in February. It is more important to note, though, that the year-over-year number is up 10% – 13% for the past four months. Buyer’s market… This was not the case in 2017.

New listings added to the market are still outpacing the otherwise strong closed sale activity by a wide margin swinging the market in favor of the buyer with now nearly nine months of inventory available. This will continue to grow deeper into a buyer’s market.

The combined inventory for Naples, Bonita Springs, and Estero is now ~8,200 properties for sale. New construction properties typically make up 12% – 15% of the MLS listings.

CLOSED SALES – Naples, Bonita/Estero

Sales volume Down abit… –The combined overall closed sales volume for the Naples and Bonita-Estero markets showed a decrease year-over-year of ~6% and the month-over-month number was down just a bit ~2%. The month-over-month change continues to swing back and forth from positive to negative change. This is the first time since June 2018 that the year-over-year monthly number has been negative, but just a touch.

The total combined sales volume for December was 897 properties (Naples: 686, Bonita-Estero: 211). The Naples market was strong month-over-month with increased closed sale volume while the Bonita-Estero market numbers pulled back.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

Price paid Down… – Naples overall average price paid was down year-over-year ~2% and it was down ~6% from the previous month. Even through December is down, the year-over-year overall average price paid has now increased 10 of the last 12 months (each month in 2018). This is a good indicator of a strong steadily rising-price market.

The overall average price paid for all property types was $543,000 compared to $554,000 one year ago and compared to $576,000 in the prior month. The average price paid for a single-family home was $658,000 compared to $644,000 one year ago and $692,000 in the prior month. For a condominium the average price paid was $402,000 compared to $452,000 one year ago and $437,000 in the prior month.

For 2017 the overall average monthly closed sale price was $568,000 and now for 2018 the overall average monthly closed sale price is $613,000! That is nearly an 8% increase.

MEDIAN SALE PRICE

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

Up and Even…– The overall median price for all property types was up ~3% year-over-year and about even month-over-month. The overall median price paid was $330,000 compared to $320,000 one year ago and $331,000 one month ago. For the month, 50% of all properties sold were less than $330,000 and 50% of all properties sold were more.

Single-family homes median price was $395,000 from $392,000 and for condominiums the median price was $235,000 from $240,000 both compared to the previous month.

BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

AVERAGE PRICE PAID

UP and UP!… – The overall average price paid for a property in the Bonita/Estero market increased ~20% month-over-month and was up ~128%  year-over-year.

The overall average price paid for all property types was $479,000 from $375,000 the previous year and $398,000 the previous month. The average price paid for a single-family home was $573,000 compared to $452,000 year-over-year and $454,000 the prior month. For condominiums the average price paid was $373,000 from $327,000 year-over-year and $339,000 the prior month.

For 2017 the overall average monthly closed sale price was $388,000 and now for 2018 the overall average monthly closed sale price is $388,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up and Up… – The overall median price paid for all property types in the Bonita/Estero market was up ~4% year-over-year and up ~9% month-over-month. The overall median price paid for all property types was $325,000 compared to $313,000 one year ago.

The median price paid for a single-family home was at $418,000 compared to $390,000 one year ago, and for a condominium $265,000 compared to $230,000 one year ago.