Naples Real Estate Market Watch December 2018
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.