Naples Bonita Spring Estero Real Estate Market Watch May 2015
RealEstateInThe239 reports on the real estate market each month for Naples, Bonita Springs, and Estero Florida.
Single-family home prices are through the roof! As in the “crazy days” of 2005-2006, buyers are once again seeking lower prices and more value outside Naples proper.
COMBINED INVENTORY – Naples, Bonita, Estero
Combined inventory – Naples, Bonita Springs, and Estero
This month’s inventory of properties for sale has sunk to nearly the lowest level in more than five years to less than 5,000 listings despite adding almost 1,300 listings during May 2015. The number of new construction listings is fairly constant at a little more than 609 properties but, on a percentage basis new construction continues to climb and it is now 16% of all the listings.
Naples
Closed Sales Volume, Overall average price paid, overall median price paid
CLOSED SALES
Following a record month for closed sale volume numbers (closed sale volume increased in April 15% month-over-month), it’s no surprise that for May we see the number of sales pull back 17% month-over-month now but just 7% on a year-over-year basis. Sales volume decrease was noted for both single-family and condominiums.
AVERAGE PRICE PAID
The average price paid for a single-family home is through the roof! $830,000, on average, represents the price paid and a 128% increase month-over-month. The average price, overall for all properties sold, was $637,000 representing at 17% and 13% increase month-over-month and year-over-year respectively. The average price paid for a condominium decreased 3% month-over-month following a previous month 14% increase.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
Substantial changes in the median price paid were noted in May. Overall, the median price was up 25% year-over-year and 5% month-over-month. The median price paid for a single-family home jumped from $362,000 to $390,000 while the median price for a condominium was up just slightly.
Bonita Springs – Estero
Closed Sales Volume, Overall average price paid, overall median price paid
CLOSED SALES
The closed sales activity paralleled the Naples market. Following large gains in April, May pulled back 5% and 13% year-over-year and month-over-month respectively. May posted the lowest sales volume in more than 5 years.
AVERAGE PRICE PAID
The average price paid was up 5% on a year-over-year basis and down 2% month-over-month. The overall average price paid fell back from a very strong April to $402,000 in May. Large decreases were noted in single-family – $412,000 in April to $402,000 in May while condominium sales were up a modest 1%.
MEDIAN SALE PRICE
(The number where 50% of the homes sell above and below.)
The overall median price paid was unchanged from April. Single-family homes rose from $380,000 to $395,000 while condominiums fell to $230,000 from $248,000.
