Naples Real Estate Market Watch March 2017 RealEstateInThe239

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

COMBINED INVENTORY – Naples, Bonita/Estero

Relentless inventory growth abates… – Based on one month sales volume – March –, the absorption rate has moved dramatically to 6.4 months. This would be considered a neutral market. But, if you average the sales volume data for the most recent 12-month period the absorption rate is 8.2 months. An improvement over the same number computed in February where the 12-month rate was 8.4 months. This is a result of generally sluggish and weak sales activity for some time and a banner closed sales volume in March.

The total number of active listings on the market at the end of March 2017 was 8,383 down from the recent peak, February 2017, which was 8,486.

CLOSED SALES – Naples, Bonita/Estero

Hughe increase… – Both the Naples and Bonita/Estero market saw large closed sales volume increase in March. Overall, the sales volume jumped 39% year-over-year and 12% month-over-month. This follows a month of sales volume improvement also, albeit a bit more modest. Two months of good closed sales has resulted in knocking down the inventory a bit.

Naples improved 35% month-over-month and 10% year-over-year with the overall volume at 944. Bonita-Estero improved 53% month-over-month and 21% year-over-year with the overall volume at 356.

NAPLES

AVERAGE PRICE PAID

Priced paid is up… – March 2017 – Naples showed a healthy increase in average price paid – up 18% year-over-year and up 13% month-over-month.

The average price paid for a single-family home was $788,000 up from $728,000 in the prior month  – a healthy increase –  and $500,000 for a condominium up from $390,000 – a healthy increase, too. The overall average price paid for all property types was $640,000 up from $567,000.

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.)
Modest improvement continues… – The overall median price paid for a property was up 2% month-over-month and 6% 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 $406,000 up from $385,000 the previous month, and the median price for a condominium was $268,000 up from $250,000. The overall median price paid was $338,000 up from $330,000 the previous month.

Bonita Springs – Estero

AVERAGE PRICE PAID

Significant improvement … – The average price paid for a property in the Bonita/Estero market was up 17% month-over-month and down 14% year-over-year.

The average price paid for a single-family home was $524,000 up from $509,000 and $348,000 for a condominium up substantially from $277,000. The overall average price paid for a property was $431,000 up from $368,000 the previous month about 17%.

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 nicely… – The overall median price paid was up 10% month-over-month and up 6% on a year-over-year basis now at $315,000 from $285,000 the previous month. This represents a solid swing toward higher priced properties.

The median price paid for a single-family home is now at $397,000 down from $459,000 and for a condominium $245,000 down from $247,000 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.