Naples Bonita Spring Estero Real Estate Market Watch September 2014
Naples Bonita Spring Estero Real Estate Market Watch September 2014
Naples
COMBINED INVENTORY – Naples, Bonita, Estero
The combined overall inventory remains at a very low level. However, it continues to inch up as it does each year as we work our way toward the winter season. At the current sales rate there are about 5.7 months of inventory. This represents a one month increase in inventory based on a slightly increased overall absorption rate and a 3% increase in available inventory.
CLOSED SALES
The month-over-month sales activity decreased in the Naples market by 15%. Sales decreased some 6% on a year-over-year basis. The decrease is largely due to slower buyer activity in August, low inventory levels, and new construction sales, most of which are not reported in the multiple listing service.
AVERAGE PRICE PAID
The average price paid is up and up. Up 4% year-over-year and up 2% month-over-month, clearly indicative of a seller’s market due to the reduced inventory. The average price paid was $459,000 – $548,000 for a single-family home and $350,000 for a condominium.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
The overall median price paid jumped 6% to $259,000 on a year-over-year basis and held steady month-over-month.
Bonita Springs – Estero
COMBINED INVENTORY – Naples, Bonita, Estero
The combined overall inventory remains at a very low level. However, it continues to inch up as it does each year as we work our way toward the winter season. At the current sales rate there are about 5.7 months of inventory. This represents a one month increase in inventory based on a slightly increased overall absorption rate and a 3% increase in available inventory.
CLOSED SALES
September was an off month for the Bonita-Estero market also. Closed sale transactions were down 9% year-over-year and down some 12% month-over-month. The reduced inventory and new construction availability are affecting this as well as lower buyer activity during August.
AVERAGE PRICE PAID
The average price paid for a home dropped about 1% year-over-year and 13% month-over-month. This is not too surprising as the numbers in August were quite the opposite with 30% and 20% price-paid increases respectively over the July. The average price paid was $304,000 – $357,000 for single-family homes and $257,000 for condominiums. NOTE: The total volume in the Bonita-Estero market is relatively small and it can affect the numbers dramatically.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
The median price paid fell back about the same, percentage wise, as the average price paid. The median price paid was $229,000 – $271,000 for single-family homes and $194,000 for condominiums. The same note applies regarding the overall sales volume.
