RealEstateInThe239 Naples Bonita Springs Estero Real Estate Market Watch January 2016

Naples Homes for Sale – Bonita Springs Homes for Sale – Estero Homes for Sale

COMBINED INVENTORY – Naples, Bonita/Estero

Combined Inventory: Naples, Bonita Springs, Estero

Peak inventory… The new year started with the total combined inventory growing by 17% thanks to more than 2,000 new listings added in December. January new listings however showed a 75% decline to only 545 new listings indicative of the beginning for overall inventory reduction moving forward. Given the current sell rate there is about an eight month supply of inventory available. This will change dramatically once February numbers are in.

Do you have a southwest Florida property ready to sell? Call me now. The dwindling inventory can put your listing in a position to stand out.

CLOSED SALES – Naples, Bonita/Estero

Large decreases in closed sale volume in both the Naples and Bonita/Estero markets – The overall sales volume for Naples and Bonita/Estero decreased dramatically – Naples was down 26% and Bonita/Estero was down 31% month-over-month. The decline in closed sale volume is typical for any January in southwest Florida but, it has to make sellers a bit nervous. Is this a good time to pull the trigger on a purchase?

On a year-over-year basis Naples is behind by 13% and Bonita/Estero is behind 14% for the total volume of closed sales in each geographical area.

What’s going on? Southwest Florida, despite low interest rates, sees around 60% or more of real estate sales in cash. The cash comes from selling primary residences up north and from securities and we all are painfully aware of the stock market as of late… This does put a damper on activity.

Naples

Naples Homes for Sale: Closed sales volume, Average Price Pail, Median Price Paid

AVERAGE PRICE PAID

UP 26%! – Do you want to know one other reason sales volume flattened out? It’s the price! The overall price paid for a home in January 2016 was 26% higher that it was in December of 2015. That will make buyers stop and think. There are now 17 consecutive months of year-over-year gains in the average price paid for a home…up 13% year-over-year.

The average price paid for a single-family home was $815,000 up from $605,000 and $453,000 for a condominium up from $398,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
UP and Up. – The overall median price paid for a property rose 9% year-over-year and rose 7% month-over-month and it is now at $338,000 up from $315,000. The median price paid has increased each month on a year-over-year basis for 42 consecutive months.

The median price paid for a single-family home was $402,000 up from $380,000 and for a condominium it was $270,000 up from $251,000.

Bonita Springs – Estero

Bonita Springs/Estero Homes for Sale: Closed Sales Volume, Average Price Paid, Median Price Paid

AVERAGE PRICE PAID

UP 26% and Up. –We see a 26% increase year-over-year and a 14% increase month-over-month. Year-over-year comparisons really tell the story, show the trends, and smooth out the bumps in the monthly numbers when the overall volume of data is relatively small as is the Bonita-Estero market. The numbers I use are all raw data and no attempt is made to seasonally adjust.

The average price paid for a single-family home was $611,000 up from $483,000 and $345,000 for a condominium up from $328,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
UP 19% and Up – The overall median price paid was up 19% year-over-year and it was up 4% on a month-over-month basis now at $312,000 for January up from $300,000. The year-over-year increase continues its streak now with 34 consecutive months at or above 100% on a year-over-year basis.

The median price paid for a single-family home is now at $395,000 up from $392,000 and for a condominium $266,000 up from $231,000.