Naples Real Estate Market Watch May 2017 RealEstateInThe239

Naples Real Estate Market

and

Bonita Springs & Estero Real Estate Market

 Seller’s Market…?
Just maybe, indicators moving in that direction
Sale up, prices up, inventory down.

Less than 6 months of inventory Seller’s Market
Characterized by rising prices greater than inflation rate

6-7 months of inventory Neutral Market
Characterized by stable prices rising due only to inflation

May 2017 5 – 6* months of inventory
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COMBINED INVENTORY – Naples, Bonita/Estero

Inventory continues to fall… – Even with a healthy 1,457 new listings added to the market, the inventory fell again by another 2% in May following a 13% drop in inventory posted last month, April. In short, this indicates a stronger real estate market overall as noted in sales volume and price paid increase in what follows.

The total number of active listings on the market at the end of May 2017 was 7,148 down from 7,265 in April which was down from 8,383 in March 2017. Some of this is seasonal but most of it due a stronger market from a sale volume perspective.

CLOSED SALES – Naples Real Estate, Bonita Springs – Estero Real Estate

Strong sales volume… – Both the Naples and Bonita/Estero market saw an increase in sales volume in May 2017 following April when both locales fell back by 5%-6%. Total combined sales actually posted a peak in sales volume for the past 14 month period. Sales activity, while off to a slow start for the traditionally strong winter season, has taken a decided turn upward. We are anticipating a good summer season. Southwest Florida is starting a slow transition from a strong seasonal market toward a more traditional year-round market.

Naples increased 9% month-over-month and also increased a whopping 16% year-over-year. Bonita-Estero increased 3% month-over-month and a very healthy 12% year-over-year.

NAPLES

AVERAGE PRICE PAID

Up year-over-year and Up month-over-month… – Naples posted strong price-paid numbers up 10% month-over-month and 19% year-over-year overall. The price-paid for condos in Naples takes the prize. See next.

The average price paid for a single-family home was $789,000 up from $766,000 in the prior month – a healthy increase – and $568,000 for a condominium up from $469,000 or up 21% month-over-month and up 32% year-over-year! The overall average price paid for all property types was $625,000 flat from $627,000.

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.)
Steady… – The overall median price paid for a property was unchanged month-over-month but up 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 $400,000 down from $409,000 the previous month, and the median price for a condominium was $289,000 up from $285,000. The overall median price paid was $350,000 compared to $351,000 the previous month.

BONITA SPRINGS – ESTERO

AVERAGE PRICE PAID

Up … – The average price paid for a property in the Bonita/Estero market was up 6% month-over-month and up 11% year-over-year. Condominiums, again, was the big winner.

The average price paid for a single-family home was $522,000 up from $508,000 and $326,000 for a condominium up substantially from $296,000. The overall average price paid for a property was $406,000 up 6% from $381,000 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.)
Up… – The overall median price paid for a property in the Bonita/Estero market  was down 3% month-over-month and up 9% on a year-over-year basis now at $300,000 up from $290,000 the previous month.

The median price paid for a single-family home is now at $375,000 from $385,000 and for a condominium $252,000 up from $245,000 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.