Naples Real Estate Market Watch March 2019

Tidbits

“March was a huge month for high end pending sales,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “We had 61 pending sales contracts above $1,000,000 and a sales volume for March of over $264,000,000. That is a 14 percent increase in volume over last March with slightly less pending sales contracts. We had 393 pending sales contracts this March compared to 402 last March. The high end market has shown great momentum over the last month. It’s been a solid winter season so far. Now we’re coming into a busy period where a lot of decisions will be made prior to winter visitors going back home.” Mike Hughes, Downing-Frye Broker. Excerpted from the April 2019 Downing-Frye Newsletter.

COMBINED INVENTORY – Naples, Bonita/Estero

Beginning the seasonal march downward… The inventory decreased month-over-month however, on a year-over-year basis it is ~9% higher. The overall high level of inventory is holding prices down, longer days on market are evident, and good opportunities exist for buyers.

CLOSED SALES – Naples, Bonita/Estero

Sales volume Up … – Following a very slow January, late month contracts and a rebound in new contracts for February resulted in a substantial jump up in March closed sales numbers. The combined overall closed sales volume for the Naples and Bonita-Estero markets showed an increase of 56% month-over-month but decrease of 4% on a year-over-year basis. The line charts for closed sales in both markets over a four year period clearly show a declining trend in sales activity.

The total combined sales volume for March was 1289 properties from 822 the prior month.

NAPLES REAL ESTATE

 AVERAGE PRICE PAID

Naples overall average price paid was down year-over-year ~11% and it was down ~8% from the previous month.
The overall average price paid for all property types was $594,000 compared to $669,000 one year ago and compared to $642,000 in the prior month. The average price paid for a single-family home was $729,000 compared to $817,000 one year ago and $802,000 in the prior month. For a condominium the average price paid was $443,000 compared to $493,000 one year ago and $478,000 in the prior month.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below and a more sane way to measure the market.)

 
The overall median price for all property types was down ~6% year-over-year and up month-over-month ~1%. The overall median price paid was $341,000 compared to $363,000 one year ago and $337,000 the month prior. For March, 50% of all properties sold were less than $341,000 and 50% of all properties sold were more.

Month-over-month single-family homes median price was $391,000 from $400,000 and for condominiums the median price was $270,000 from $256,000.

BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

AVERAGE PRICE PAID

The overall average price paid for a property in the Bonita/Estero market increased ~2% year-over- and was down ~10% month-over-month

The overall average price paid for all property types was $413,000 from $405,000 the previous year and $460,000 the previous month. The average price paid for a single-family home was $500,000 compared to $528,000 year-over-year and $630,000 the prior month. For condominiums the average price paid was $339,000 from $299,000 year-over-year and $315,000 the prior month.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below and a more sane way to measure the market.)

Thank you for reading!