Naples Real Estate Market Watch July 2017
Tidbits
Breaking the $1 billion sales mark!
Downing-Frye Realty, Inc as of July 31, 2017
COMBINED INVENTORY – Naples, Bonita/Estero
Inventory falling, still… – The combined inventory seasonal downward trend continues to what is now usually the low point for the year. Historically in September we start to see the inventory tick up a bit and will continue right through to February 2018. September through October of 2016 3,563 properties were sold. Clearly people were buying ahead of the season and I fully expect this will hold true this year as well.
The total number of active listings on the market at the end of July 2017 was 6,400 (prox.) compared to 6,745 in June.
CLOSED SALES – Naples, Bonita/Estero
Sales volume Up and Down… – Coming off June 2017 with strong sales (1,315) a drop is noted for July where the overall sales volume was 953. It is quite predictable to see July lower than June and this decrease in 2017 was just about the same as that in 2016. However, year-over-year July 2017 outperformed 2016 by about 6%.
The Naples market as well as the Bonita/Estero market mirrored the combined results closely with Bonita/Estero doing a little better year-over-year at about +10%.
NAPLES REAL ESTATE
AVERAGE PRICE PAID
Up month-over-month and On Par year-over-year… – Naples overall average price paid was up ~5%. Single-family homes improved nicely by 7% while condominiums pulled back about 9%. Year-over-year results were on par with 2016, only slight changes noted. See next.
The average price paid for a single-family home was $669,000 compared to $625,000 in the prior month and $392,000 for a condominium compared to $431,000 in the prior month.
The overall average price paid for all property types was $554,000 compared to $529,000.
Your mileage may vary… real estate is local and in southwest Florida it is very local where any given community can be dramatically affected by factors that may not follow the averages at all.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
Down month-over-month and Up year-over-year… – The overall median price paid for a property was down month-over-month just 2% but up 5%, again, year-over-year. The median price paid is a much better indicator than average price as it tells buyer’s appetite for spending. One large or small sale can skew the average where the median indicates the midpoint of buying activity.
The median price paid for a single-family home was $380,000 from $376,000 the previous month, and the median price for a condominium was $235,000 from $256,000.
The overall median price paid for all property types was $315,000 compared to $320,000 the previous month.
BONITA SPRINGS and ESTERO REAL ESTATE
AVERAGE PRICE PAID
Down … – The overall average price paid for a property in the Bonita/Estero market was down ~15% month-over-month and down ~9% year-over-year. Condominiums and single-family homes both suffered.
The average price paid for a single-family home was $431,000 compared to $503,000 and $280,000 for a condominium from $312,000.
The overall average price paid for a property was $354,000 from $416,000 the previous month.
Your mileage may vary… real estate is local and in southwest Florida it is very local where any given community can be dramatically affected by factors that may not follow the averages at all.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
Down… – The overall median price paid for a property in the Bonita/Estero market was down month-over-month and down year-over-year 6% and 7% respectively.
The median price paid for a single-family home is now at $359,000 compared to $361,000 and for a condominium $235,000 up compared to $236,000 the previous month. The overall median price paid for a property was $280,000 compared to $299,000.
The median price paid is a much better indicator than average price as it tells buyer’s appetite for spending. One large or small sale can skew the average where the median indicates the midpoint of buying activity.
