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Naples Real Estate Market Watch August 2016 RealEstateInThe239

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Naples Real Estate Market Watch August 2016 RealEstateInThe239

Naples Real Estate including Bonita Springs Homes for Sale and Estero Homes for Sale


COMBINED INVENTORY – Naples, Bonita/Estero

naples real estate home inventoryInventory decline slows… – The total combined inventory typically continues downward through the end of the year however, the rate at which it is declining was reduced to less than 2%. The total inventory is about 37% above what it was one year ago compared to recent months that were hovering at ~40% above the previous year.

Compared to July, August brought 1,249 new listings to the market or 6% more than was posted in July.

CLOSED SALES – Naples, Bonita/Estero

Sales volume rebounding… – The combined Naples and Bonita/Estero sales overall volume increased to 920 properties in August 2016 which is a 4% improvement over July. Price reductions and incentives are taking hold with measurable results.


August was down 4% on a year-over-year basis while July was down 16% year-over-year. Sales volume has improved dramatically, at least based on the most recent numbers. Will it last? I believe we will see a very stable market through the upcoming elections and perhaps through the end of the year.


The Bonita/Estero market decidedly improved with month-over-month and year-over-year numbers 10% and 14% respectively. The Naples market improved just 2% month-over-month and is still lagging year-over-year at 9%. But, August  is much improved over July.


Naples Real Estate

naples real estate market report


AVERAGE PRICE PAID

Down, down, down… – Reduced prices accepted by sellers drove the sale prices in August down 8% year-over-year and down ~18% month-over-month. Despite the month-to-month ups and downs, over the past 20 months the average prices have been stable.


The average price paid in August for a single-family home was $531,000 down from $692,000 in July and $347,000 for a condominium down from $390,000. The price paid for condominiums has been dropping steadily since April 2016. The overall average price paid for all property types in August 2016 was $457,000 down from $559,000.


MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up… – The overall median price paid for a property was up month-over-month and up year-over-year, 5% and 6% respectively.


The overall median price paid was $315,000 up from $300,000, the median price paid for a single-family home was $365,000 down from $367,000, and the median price for a condominium was $217,000 down from $232,000.


Bonita Springs – Estero

bonita springs and estero market trends


A continuing trend… Naples prices are pushing buyers northward to Bonita Springs, Estero, and Fort Myers. This is driving the prices in these areas upward and by comparison Lee County is still a bargain.


AVERAGE PRICE PAID

Down… – The average price paid for a property in the Bonita/Estero market was down ~15% month-over-month and down 13% year-over-year, a similar trend from the Naples market data but not quite as dramatic.


The average price paid in August for a single-family home was $396,000 down from $443,000 and $249,000 for a condominium down from $315,000. The overall price paid for a property was $329,000 down from $388,000.


MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Holding… – The overall median price paid was down just 6% month-over-month but it was up ~1% on a year-over-year basis now at $285,000 down from $302,000.


The median price paid for a single-family home is now at $350,000 up from $345,000 and for a condominium $227,000 up from $226,000.


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