Naples Bonita Spring Estero Real Estate Market Watch November 2014
Naples Bonita Spring Estero Real Estate Market Watch – Bob Pisa
COMBINED INVENTORY – Naples, Bonita, Estero
The combined overall inventory exhibited a rather large bump in November up about 25% from the previous month. Compared to a recent few Novembers where the inventory usually increased 5% or less relative to the previous October, the increase this year for November is indeed significant. Sellers monitor the real estate market as much as buyers, perhaps even more. With the favorable market some sellers chose not to wait and tried to get the jump on the competition. Historically, the largest inventory jump usually hits in October each year with inventory gains during generally each month September through January.
NAPLES
CLOSED SALES
Naples closed sales transactions slowed in November. The volume pulled back some 20% month-over-month and about 11% year-over-year. These numbers track sales that are recorded in the multiple listing service (MLS) only and are valid comparisons, however due to the large amount of new construction sales now in the area, it doesn’t necessarily reflect the total number of properties changing hands.
AVERAGE PRICE PAID
The average price paid jumped 31% on a year-over-year basis and 6% month-over-month. This clearly indicates slow and steady price increases that amount to a significant amount over a 12-month period. Single-family home prices increased 45% year-over-year clearly driving the overall average number. Condominiums were up 12% month-over-month and 6% year-over-year.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
The overall median price paid jumped 15% to $265,000 on a year-over-year basis and rose just 2% month-over-month.
BONITA SPRINGS – ESTERO
CLOSED SALES
Closed sales volume in the Bonita-Estero market retreated 5% year-over-year and 12% month-over-month. October posted a large month-over-month increase of 18% so this decrease in November, when averaged, is just a blip in the data and there really doesn’t seem to be much change.
AVERAGE PRICE PAID
On a year-over-year basis the average price paid jumped a healthy 18%. However, following a large 13% increase month-over-month in October, we see November’s month-over-month performance to retreat about 2%. That means all the gains in October basically still hold true.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
The median price paid for a home was up 3% year-over-year and down 8% month-over-month. But, October did post a 14% month-over-month gain so some of that was given back.
