Naples Real Estate Market Watch June 2017
Naples Real Estate Market, Bonita Springs & Estero Real Estate Market
Tidbits
Seller’s Market… yes!
Less than 6 months of inventory
New construction developments, no end in sight
Lee County Property Values up 9%
Based on property appraiser’s initial estimate
2017 tax year
COMBINED INVENTORY – Naples, Bonita/Estero
Inventory falling, still… – Four consecutive months now with inventory declining each month even with 1,280 new listings added. New listings added, too, have been declining over the past three months. Sellers stepping out of the market could well be missing opportunities.
The total number of active listings on the market at the end of June 2017 was 6,745 compared to 7,148 in May compared to 7,265 in April 2017. This now is a seasonal effect as sellers let listings expire.
CLOSED SALES – Naples, Bonita/Estero
Sales volume dips… – Both the Naples and Bonita/Estero markets saw decreases in closed sales volume by ~16% combined month-over-month. This is largely due to May closed sales volume banner results. The sales volume in June was on par with April 2017 numbers and equal on a year-over-year basis.
Naples declined 17% month-over-month and also 3% year-over-year. Bonita-Estero declined 6% month-over-month but improved year-over-year by 5%.
NAPLES
AVERAGE PRICE PAID
Up year-over-year and Down month-over-month… – Naples overall average price paid was off by 20%. Both single-family homes and condos were off by the same amount. However year-over-year single-family was stable and condos increased 12%. See next.
The average price paid for a single-family home was $632,000 compared to $786,000 in the prior month and $436,000 for a condominium compared to $559,000 month-over-month and up 32% year-over-year! The overall average price paid for all property types was $538,000 compared to $675,000.
Your mileage may vary… real estate is local and in southwest Florida it is very local where any given community can be dramatically affected by factors that may not follow the averages at all.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
Up year-over-year and Down month-over-month… – The overall median price paid for a property was down month-over-month 6% but up 5% year-over-year. The median price paid is a much better indicator than average price as it tells buyer’s appetite for spending. One large or small sale can skew the average where the median indicates the midpoint of buying activity.
The median price paid for a single-family home was $375,000 from $393,000 the previous month, and the median price for a condominium was $258,000 from $285,000. The overall median price paid for all property types was $323,000 compared to $345,000 the previous month.
BONITA SPRINGS – ESTERO
AVERAGE PRICE PAID
Up, but just slightly … – The overall average price paid for a property in the Bonita/Estero market was up 1% month-over-month and up 2% year-over-year. Condominiums, again, were the big winner.
The average price paid for a single-family home was $514,000 compared to $548,000 and $307,000 for a condominium from $324,000. The overall average price paid (including manufactured homes) for a property was $419,000 from $413,000 the previous month.
Your mileage may vary… real estate is local and in southwest Florida it is very local where any given community can be dramatically affected by factors that may not follow the averages at all.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
Flat month-over-month but down year-over-year… – The overall median price paid for a property in the Bonita/Estero market was flat month-over-month and down 10% on a year-over-year basis now at $295,000.
The median price paid for a single-family home is now at $369,000 compared to $375,000 and for a condominium $235,000 up compared to $249,000 the previous month.
The median price paid is a much better indicator than average price as it tells buyer’s appetite for spending. One large or small sale can skew the average where the median indicates the midpoint of buying activity.
