RealEstateInThe239 Naples Bonita Springs Estero Real Estate Market Watch July 2015

COMBINED INVENTORY – Naples, Bonita/Estero

Naples Real Estate Combined Inventory

Lowest point since the peak. June 2015 was the lowest MLS inventory level since the peak. Wait, no, July was the lowest point since the peak with just 4,431 listings including 593 new construction home listings which now comprise 17% of all listings. To put this into perspective, at the current (July) sale volume it will take less than 4.5 months to sell all the properties on the market. Are we running out of inventory to sell? Yes. The past six months have been quite a struggle to find acceptable properties for all those in the market to purchase.

What happens now, in August? Generally August is not a remarkable month. Judging by the first ten days, I don’t expect that we will see an uptick in new properties coming on the market. Those who are interested and selling and list in August could get a jump on the market and fill some demand. Historically, the inventory begins to grow starting in September.

Naples Homes for Sale – Total Sales Volume, Average Price Sold, Median Price Sold

CLOSED SALES – Naples, Bonita/Estero

As we continue through the summer and despite very strong activity at Downing-Frye – pending sale contracts in July 2015 are up a remarkable 30% over July 2014 at Downing-Frye  – we do see the continued overall volume for closed sale contracts to decline. Naples pulled back 10% month-over-month and Bonita/Estero pulled back 20% month-over-month. Both locales, though, held very true to year-over-year numbers within a few percent.

August is an up or down month for closed sale volume within a few percent of July typically. Based on Downing-Frye data, maybe we’ll see a nice uptick in sales volume.

Naples

AVERAGE PRICE PAID

It’s all good news regarding the average property price, if you are selling. The overall price paid was up 24% year-over-year and up 8% month-over-month. The overall average was pulled up by significant increase in single-family homes – up 37% year-over-year and up 21% month-over-month. Condo did not fair nearly as well – dead even year-over-year and down 16% month-over-month. The overall upward trend continues and it is steady.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
The overall median price paid for a property was up 11% year-over-year and down less 9% month-over-month. Condominiums fell back from $249,000 to $225,000 while single-family homes dropped just a bit from $354,000 to $350,000. The overall upward trend continues and it is steady.

Bonita Springs Homes for Sale Estero Homes for Sale – Total Sold Volume, Average Price Sold, Median Price Sold

Bonita Springs – Estero

AVERAGE PRICE PAID

The Bonita/Estero market faired reasonably well. It’s important to reiterate that this market has a relatively low volume level, now approaching just 200 properties sold in July so one must approach the trends with caution. The numbers are reported without rigorous statistical analysis as that’s well beyond the scope of this Market Watch. That said the Bonita/Estero market average price increase 18% year-over-year and decreased 7% month-over-month. The average price for a single-family home is $450,000 and for a condo it is $296,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Median prices held strong. The overall median price paid was up 25% year-over-year and down just 1% month-over-month. The year-over-year increase, however, is quite significant and it is the largest year-over-year increase in 17 months. The median price for a single-family home is $375,000 and for a condominium $239,000.