RealEstateInThe239 Naples Bonita Springs Estero Real Estate Market Watch October 2015

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

COMBINED INVENTORY – Naples, Bonita/Estero

Combined Inventory for Naples Bonita Springs and Estero Florida

On the way to the peak… Total inventory continues to climb and will likely peak in January as it does each year. But, in today’s seller’s market some may choose to get out in front of the demand which may bring peak inventory as early as December. October posted the largest month-over-month increase at 9.1%. Only once in the last 57 months has the month-over-month increase been higher and that was November 2014

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CLOSED SALES – Naples, Bonita/Estero

Tempered closed sale volume in both the Naples and Bonita/Estero markets – The overall sales volume for Naples and Bonita/Estero declined both month-over-month and year-over year. The Naples market retreated 7% and 11% while the Bonita/Estero market retreated 14% and 16% respectively.

I believe that there are two factors in play. 1) low inventory levels in any given price range especially under $300,000 and $300,000-$500,000 are pushing home buyers to the sideline, and 2) new home pricing is moving out of reach as an alternative. Right now builders have standing inventory or pipeline inventory unspoken for and discounting is available. This may all change come January.

Naples

AVERAGE PRICE PAID

Up and up – the overall price paid for a property in Naples was up 16% year-over-year, again, and up 3% month-over-month. This represents 14 consecutive months of year-over-year price increases. In short, purchasing a home in 2015 cost 12% more than it did in 2014. No wonder closed sales volume is tempered.

The average price paid for a single-family home was $701,000 up from $671,000 and $354,000 for a condominium up from $338,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up and down. – The median price paid for a property rose 12% year-over-year but declined 5% month-over-month to $290,000. The median price paid has increased each month on a year-over-year basis for 39 consecutive months.

The median price paid for a single-family home was $369,000 and for a condominium it was $223,000.

Bonita Springs – Estero

AVERAGE PRICE PAID

Up and down. – Year-over-year and month-over-month we see a 3% price paid increase and a 15% price paid decrease respectively. Year-over-year comparisons really tell the story, show the trends, and smooth out the bumps in the monthly numbers. 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 $449,000 down from $530,000 and $270,000 for a condominium which is unchanged.

Correction to last month’s report where I reported a “large decrease” in the average price for a condominium to $270,000 from $408,000, this should have read large decrease in the average price for a condominium to $270,000 from $360,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up and down – The overall median price paid was up 6% year-over-year and down 3% month-over-month to $285,000. The year-over-year increase continues its streak with 31 consecutive months at or above 100% on a year-over-year basis.

The median price paid for a single-family home remains at $365,000 and for a condominium $235,000.