Naples Real Estate Market Watch September 2018

Tidbits

September 2017 – Remember what happened?

HURRICANE IRMA

Many people in the area are still recovering one year later.

COMBINED INVENTORY – Naples, Bonita/Estero

Beginning the seasonal climb… – The combined inventory for Naples, Bonita Springs, and Estero was up 7% from August to September and it is up some 10% year-over-year. Remember, though, September 2017 the SWFL region was hosting a not so friendly guest, Hurricane Irma.

A pull back in sales volume in September combined with steady new listings bumped up the inventory. The combined inventory is now at 6,825 listings. I fully expect this upward inventory trend to continue through January or February 2019,

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, again this due to the artificially significantly reduced closed sale activity in September 2017.

Compared to two years ago, the sales volume for September 2018 is on par. However, September 2018 did fall back some 20% from the previous month. Algae and red tide is keeping visitors (and buyers) from the area. The region’s hotel receipts were down some 16% last month. Sadly, this has created terrific opportunities that are not being taken advantage of.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

Price paid up and UP… – Naples overall average price paid was up year-over-year about 6% and it was up 14% from the previous month. The year-over-year overall average price paid has increased 8 out of the last 9 months. This is a good indicator of a strong steadily rising-price market.

The overall average price paid for all property types was $567,000 compared to $535,000 one year ago and compared to $498,000 in the prior month. The average price paid for a single-family home was $700,000 compared to $694,000 one year ago and $620,000 in the prior month. For a condominium the average price paid was $405,000 compared to $372,000 one year ago and $360,000 in the prior month.

For 2017 the overall average monthly closed sale price was $568,000 and now 2018 through September the overall average monthly closed sale price is $631,000!

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up and up…– The overall median price for all property types was up about 7% year-over-year and up about 5% month-over-month. The overall median price paid was $333,000 compared to $313,000 one year ago and $319,000 one month ago. In September 50% of all properties sold were less than $333,000 and 50% of all properties sold were more than $333,000.

Single-family homes median price was $388,000 and condominiums median price was $233,000.

BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

AVERAGE PRICE PAID

Down… – The overall average price paid for a property in the Bonita/Estero market decreased about 2% month-over-month and decreased about 12% year-over-year.

The overall average price paid for all property types was $329,000 from $337,000 the previous month and $376,000 the previous year. The average price paid for a single-family home was $415,000 compared to $405,000 the prior month and $486,000 the prior year. For condominiums the average price paid was $255,000 from $259,000 the prior month and $271,000 one year ago.

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

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Down, just a bit… – The overall median price paid for all property types in the Bonita/Estero market was down 2% year-over-year and down about 3% month-over-month. The overall median price paid for all property types was $280,000 compared to $285,000 one year ago.

The median price paid for a single-family home was at $354,000 compared to $388,000 one year ago, and for a condominium $229,000 compared to $229,000 one year ago.