Naples Florida August Real Estate Updates
The Experts Report 2Q 2016 Real Estate Market Remains Balanced Naples, Fla. (July 21, 2016) – These statistics and reports are brought to you courtesy of NABOR (Naples Area Board of Realtors).
As Collier County’s resale housing inventory levels continue to outpace last year’s levels, median closed sale prices for homes over $300,000 remain fairly unchanged. Several brokers believe the 2Q real estate market’s behavior is reminiscent of how the local housing market behaved in 2003.
“Sellers who anticipated a continued increase in the value of their homes are getting a dose of new reality,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. “The report showed virtually no increase in closed sale prices in the second quarter versus the first quarter so sellers need to reset their thinking because we have entered a new cycle that looks a lot more like where we were in 2003 and 2004.”
The NABOR® 2Q 2016 Market Report provides comparisons of single family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The sales statistics are presented in chart format, including these overall (single family and condominium) findings:
CATEGORIES 2Q 2016 2Q 2015 CHANGE
- Total homes under contract (pending sales) – 2,541 2,843 DOWN 11%
- Total closed sales – 2,662 3,109 DOWN 14%
- Median closed price – $325,000 $318,000 UP 2%
- Total active listings (inventory) – 4,983 3,698 UP 35%
- Average days on market – 76 75 UP 1%
- Single family closed sales – 1,263 1,388 DOWN 9%
- Single family median closed price – $421,000 $399,000 UP 6%
- Single family inventory – 2,674 2,133 UP 25%
- Condominium closed sales – 1,399 1,721 DOWN 19%
- Condominium median closed price – $259,000 $263,000 DOWN 2%
- Condominium inventory – 2,309 1,565 UP 48%
Additional activity of interest in the NABOR® 2Q 2016 Market Report includes:
• Overall pending sales in the East Naples geographic area (34114, 34117, 34120, 34137) increased 2 percent to 511 pending sales in 2Q 2016 from 501 pending sales in 2Q 2015.
• Closed sales for single family homes in the $1 million to $2 million price category increased 10 percent to 131 single family homes in 2Q 2016 from 119 single family homes in 2Q 2015.
• Median closed prices for condominiums in the $2 million and above price category increased 28 percent to $3,875,000 in 2Q 2016 from $3,022,000 in 2Q 2015.
• Overall inventory for homes in the $500,000 to $1 million price category increased 40 percent to 846 homes in 2Q 2016 from 604 homes in 2Q 2015.
• Inventory for condominiums in the $1 million to $2 million price category increased 69 percent to 189 condominiums in 2Q 2016 from 112 condominiums in 2Q 2015.
NABOR® also released its June 2016 Market Report, which included these overall month over month (single family and condominium) findings:
CATEGORIES June 2016 June 2015 CHANGE
Total homes under contract (pending sales) 720 882 18%
Total closed sales 832 875 DOWN 5%
Median closed price $315,000 $315,000 0%
Total active listings (inventory) 4,983 3,698 UP 35%
Average days on market 82 73 UP 12%
Single family closed sales 412 431 DOWN 4%
Single family median closed price $400,000 $397,000 UP 1%
Single family inventory 2,674 2,133 UP 25%
Condominium closed sales 420 444 DOWN 5%
Condominium median closed price $243,000 $260,000 DOWN 7%
Condominium inventory 2,309 1,565 UP 48%
We want you, our sellers, to have good information regarding local market trends and how they may affect your property values. If you’d like more personalized and in depth analysis, please email or call us and we’d be happy to get that to you.
