Naples Real Estate Market Watch October 2016 RealEstateInThe239

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

COMBINED INVENTORY – Naples, Bonita/Estero

Upwards by Leaps & Bounds… – The average inventory for twelve months ending October 2016 was 6,484 properties active for sale. For the same twelve month period ending October 2015 the average inventory was 5,114 properties active for sale. That represents a more than 25% increase for the same period year-over-year! For 2015 over 2014 we see only and 8% increase. Sharply rising inventory levels is a clear indicator of a slowing market.

The total number of active listings on the market ending October 2016 was 6,949.

Slow sales volume and new listings added is quickly bloating the inventory of available properties.

CLOSED SALES – Naples, Bonita/Estero

Sales Volume Hit Hard… – The combined sales volume for Naples, Bonita, and Estero dropped 11% month-over-month and 15% year-over-year.

The Naples area fell back 14% and 11% year-over-year and month-over-month respectively while the Bonita/Estero area fell back 17% and 11% year-over-year and month-over-month respectively.

Slowing sales activity and rising inventory should have put more pressure on the average price paid but it didn’t, again, based on month-over-month numbers. See next.

NAPLES

AVERAGE PRICE PAID

Up and down again… – Small gains are being made on a month-over-month basis for the second month in a row. Year-over-year average priced paid is down 7% bringing more buyers to the table. But, the month-over-month average price paid increased 3% following a 4% month-over-month gain.

The average price paid in October for a single-family home was $615,000 up from $572,000 in September and $353,000 for a condominium down from $365,000. The overall average price paid for all property types in October 2016 was $500,000 up from $485,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Steady, still… – The overall median price paid for a property didn’t change month-over-month but moved upward again year-over-year by 7%.

The median price paid for a single-family home was $309,000 with essentially no change from the previous month, and the median price for a condominium was $229,000 down from $239,000. The overall median price paid was $309,000 essentially unchanged from the previous month.

BONITA SPRINGS – ESTERO

AVERAGE PRICE PAID

Up & Up… – The average price paid for a property in the Bonita/Estero market was up 8% month-over-month and up 10% year-over-year.

The average price paid in October for a single-family home was $452,000 up from $432,000 and $312,000 for a condominium up from $293,000. The overall average price paid for a property was $379,000 up from $350,000 the previous month.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Fared well… – The overall median price paid was down less than 1% month-over-month and up ~2% on a year-over-year basis now at $278,000 down from $280,000 the previous month.

The median price paid for a single-family home is now at $365,000 up from $355,000 and for a condominium $232,000 up from $225,000 the previous month.