Naples Real Estate Market Watch September 2016 RealEstateInThe239

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

COMBINED INVENTORY – Naples, Bonita/Estero

Bounce upward begins… – In September each year the inventory begins its climb toward the peak usually seen in January or February of the following year. The same trend is evident now in this September. However, the tick up is usually about 2% from August but this year we see the September bounce upward nearly 6% over last month.

Given the current sell rate and the current inventory, there is nearly an eight-month supply of properties on the market. This is a larger concern then simply the seasonal increase.

CLOSED SALES – Naples, Bonita/Estero

Sales volume struggling… – Despite a nice bump up in closed sale volume in August, I see September’s closed sale volume decreasing. The Naples sales volume pulled back 8% month-over-month while the year-over-year number was down some 23%.

The Bonita/Estero market faired a bit better with a 7% month-over-month decrease and an 8% decrease year-over-year.

Slowing sales activity and rising inventory should have put more pressure on the average price paid but it didn’t.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

Up and down… – Buyers are seeing opportunities in this market. Year-over-year average priced paid is down 7% bringing more buyers to the table. But, the month-over-month average price paid increased 5%.

The average price paid in September for a single-family home was $569,000 up from $542,000 in August and $371,000 for a condominium up from $344,000. The precipitous drop in the average price paid for condominium has ended. The overall average price paid for all property types in September 2016 was $486,000 up from $464,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Steady… – The overall median price paid for a property moved downward month-over-month just 1% and moved upward again year-over-year 4%.

The median price paid for a single-family home was $365,000 with no change from the previous month, and the median price for a condominium was $229,000 up from $215,000. The overall median price paid was $313,000 down from $315,000.

Bonita Springs – Estero

AVERAGE PRICE PAID

Up… – The average price paid for a property in the Bonita/Estero market was up ~5% month-over-month and down 16% year-over-year, a similar trend from the Naples market data but not quite as dramatic.

The average price paid in September for a single-family home was $436,000 up from $400,000 and $289,000 for a condominium up from $246,000. The overall average price paid for a property was $349,000 up from $331,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Down, just a bit… – The overall median price paid was down just 2% month-over-month and down ~5% on a year-over-year basis now at $280,000 down from $285,000.

The median price paid for a single-family home is now at $365,000 up from $355,000 and for a condominium $232,000 up from $225,000.