Naples Real Estate Market Watch July 2016 RealEstateInThe239

Naples Real Estate including Bonita Springs Homes for Sale and Estero Homes for Sale

COMBINED INVENTORY – Naples, Bonita/Estero

Inventory continues downward but it’s up… – Still fewer new listings are being added to the overall inventory which is typical with the seasonal trends and the month-over-month inventory is down almost 4%. But, compared to last year the overall inventory of homes is up substantially at about 40% from one year ago. Since December 2015 the inventory of homes on the market compared to the same period one year prior has been rising. Rising prices, slower sales, inventory grows. It’s that simple.

The amount of new construction inventory is increasing also as a percentage of listing in the MLS. This is indicative of slower new construction sales and developers sitting on more inventory than they would like to have. Partly, this time of year developers will build additional inventory in anticipation of the upcoming strong selling Fall and Winter season.

CLOSED SALES – Naples, Bonita/Estero

Sales volume dropped like a rock… – The combined Naples and Bonita/Estero sales overall volume fell to 875 properties in July 2016 or ~27% drop. Rising prices, slower sales, inventory grows. It’s that simple. There is no question, buyers are holding back. The most active segment right now is the under $500,000 segment and more specifically $200,000 – $300,000.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

Up a bit… – The average price paid was up ~6% month-over month and pretty much flat from one year ago. Single-family homes increased substantially while condominiums declined a bit. Rising prices, slower sales, inventory grows. It’s that simple.

The average price paid in July for a single-family home was $685,000 up from $637,000 in June and $388,000 for a condominium down from $393,000. The price paid for condominiums has been dropping since April 2016. The overall average price paid for all property types in July 2016 was $555,000 up from $523,000.

MEDIAN SALE PRICE

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

Down a bit, also… – The overall median price paid for a property was down month-over-month but up year-over-year, -2% and +5% respectively.

The overall median price paid was $300,000 down from $306,000, the median price paid for a single-family home was $366,000 down from $380,000, and the median price for a condominium was $232,000 down from $229,000.

BONITA SPRINGS REAL ESTATE / ESTERO REAL ESTATE

Naples prices are pushing buyers north into Bonita Springs, Estero, and Fort Myers. This is driving the prices in these areas upward and still, by comparison, Lee County is a bargain.

AVERAGE PRICE PAID

Down but up… – The average price paid for a property in the Bonita/Estero market was down ~4% month-over-month but up 4% year-over-year, a contrast from the Naples market data. Rising prices, slower sales, inventory grows. It’s that simple.

The average price paid in May for a single-family home was $442,000 down from $491,000 and $321,000 for a condominium down from $331,000. The overall price paid for a property was $391,000 down from $410,000.

MEDIAN SALE PRICE

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

Down… – The overall median price paid was down 7% month-over-month and it was down 2% on a year-over-year basis now at $304,000 down from $328,000.

The median price paid for a single-family home is now at $345,000 down from $396,000 and for a condominium $229,000 up from $252,000.