Naples Real Estate Market Watch November 2018

Tidbits

2018 Continues an UP year

Naples Sales Volume UP YEAR-OVER-YEAR 13%
Bonita-Estero Sales Volume UP YEAR-OVER-YEAR 31%

 COMBINED INVENTORY – Naples, Bonita/Estero

Seasonal climb is off and running and running… – The combined inventory for Naples, Bonita Springs, and Estero was up ~12% 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 three 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 swinging the market in favor of the buyer with now more than seven 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 ~7,852 properties for sale. New construction properties typically make up 12% – 15% of the listings.

CLOSED SALES – Naples, Bonita/Estero

Sales volume Up and Down… –The combined overall closed sales volume for the Naples and Bonita-Estero markets showed a marked increase year-over-year of ~18%. However 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. The year-over-year number, though, has been consistently positive from 4% – 43% for the past five months.

The total combined sales volume for November was 892 properties (Naples: 649, Bonita-Estero: 243) up ~18% year-over-year and down  ~2% month-over-month.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

Price paid Up and UP… – Naples overall average price paid was up year-over-year ~12% and it was up ~3% from the previous month. The year-over-year overall average price paid has now increased 10 of the last 11 months. This is a good indicator of a strong steadily rising-price market.

The overall average price paid for all property types was $580,000 compared to $517,000 one year ago and compared to $563,000 in the prior month. The average price paid for a single-family home was $696,000 compared to $645,000 one year ago and $664,000 in the prior month. For a condominium the average price paid was $442,000 compared to $334,000 one year ago and $421,000 in the prior month.

For 2017 the overall average monthly closed sale price was $568,000 and now 2018 year to date the overall average monthly closed sale price is $620,000!

MEDIAN SALE PRICE

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

[corrections 12/16/2018]
Up and down…– The overall median price for all property types was up ~3% year-over-year and down ~3% month-over-month. The overall median price paid was $335,000 compared to $325,000 one year ago and $345,000 one month ago. For the month, 50% of all properties sold were less than $335,000 and 50% of all properties sold were more.

Single-family homes median price was $400,000 from $414,000 and for condominiums the median price was $240,000 from $250,000 compared to the previous month.

BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

AVERAGE PRICE PAID

About Even and Up… – The overall average price paid for a property in the Bonita/Estero market increased ~9% month-over-month and was up just ~1%  year-over-year.

The overall average price paid for all property types was $401,000 from $398,000 the previous year and $368,000 the previous month. The average price paid for a single-family home was $457,000 compared to $449,000 year-over-year and $455,000 the prior month. For condominiums the average price paid was $339,000 from $355,000 year-over-year and $282,000 the prior month.

For 2017 the overall average monthly closed sale price was $390,000 and now 2018 year to date the overall average monthly closed sale price is $379,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up… – The overall median price paid for all property types in the Bonita/Estero market was up ~2% year-over-year and up ~2% month-over-month. The overall median price paid for all property types was $300,000 compared to $294,000 one year ago.

The median price paid for a single-family home was at $369,000 compared to $385,000 one year ago, and for a condominium $230,000 compared to $235,000 one year ago.