Naples & Southwest Florida Real Estate
Bob Pisa, REALTOR® at 239 898-6865 direct!

Naples Real Estate Market Watch November 2017

Posted:

 COMBINED INVENTORY – Naples, Bonita/Estero


homes for sale in naples


UP!… – The combined inventory for Naples, Bonita Springs, and Estero showed the continuing seasonal bounce upward by nearly 6% in November (following 7% increase in October) which is very much typical and expected this time of year.


The total number of active listings on the market was 6,999 (prox) compared to the prior month at 6,608 (prox) and compared to one year ago at 7,454 (prox).


There still could be a delay readying some homes for listing and we may see larger bumps for December and January…remains to be seen.


The combined markets inventory absorption rate ticked up again from 6.5 months to 7.8 months of inventory using sales trends for the previous six month period. This trend is moving more and more in the buyer’s favor.


CLOSED SALES – Naples, Bonita/Estero


Sales volume retreats… –Naples sales volume was down ~9% month-over-month and it remained behind year-over-year also by 14%. The Bonita/Estero market was down ~6% month-over-month but was behind a whopping ~25% year-over-year.


Expectations…compared to annual sales volume for the period since 2006 it looks like 2017 may finish out in the #4 spot, 2014 was the peak sale volume year in the same period.


NAPLES REAL ESTATE

 1711NaplesReportTN-HOR


AVERAGE PRICE PAID

Steady, more or less… – Naples overall average price paid was down month-over-month with ~2% decrease and down year-over-year with ~2% decrease also. November broke the three month streak of year-over-year price increases that ranged from 9% in October to 21% in August.


The average price paid for a single-family home was $654,000 compared to $622,000 in the prior month and $336,000 for a condominium compared to $387,000 in the prior month. The overall average price paid for all property types was $520,000 compared to $529,000 in the prior 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 and trends at all.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Up and down… – The overall median price paid for a property was down month-over-month ~4% but up year-over-year ~7%. 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 $413,000 from $400,000 the previous month, and the median price for a condominium was $230,000 unchanged from $230,000. The overall median price paid for all property types was $326,000 compared to $339,000 the previous month.


BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

1711BonitaReportTN-HOR

AVERAGE PRICE PAID

Up… – The overall average price paid for a property in the Bonita/Estero market was up month-over-month ~8% and down ~2% year-over-year. Condominiums led the way with strong increase in price paid while single-family homes suffered again, three months in a row now.


The average price paid for a single-family home was $454,000 compared to $462,000 and $353,000 for a condominium from $297,000. The overall average price paid for a property was $401,000 from $371,000 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 up month-over-month ~5% and about even year-over-year.


The median price paid for a single-family home was at $386,000 compared to $385,000 and for a condominium $232,000 compared to $225,000. The overall median price paid for a property was $295,000 compared to $281,000.


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.


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