Naples Real Estate Market Watch August 2018

Tidbits

Downing-Frye Realty year-over-year numbers blow away 2017

Closed Sales Dollar Volume August Year to Date

2017: $1,045,589,650

2018: $1,089,215,711 Up – Up 4%

COMBINED INVENTORY – Naples, Bonita/Estero

At the bottom… – The combined inventory for Naples, Bonita Springs, and Estero was stable from July to August. Steady month-over-month sales activity coupled with new listings added about the same month-over-month and lead to the steady state condition relative to available inventory. The combined inventory is now at 6,366 listings, the lowest point, again, in 2018 year to date but only by about one tenth of 1%.

A small reduction was noted in the Naples market and a small increase was noted in the Bonita-Estero market.

CLOSED SALES – Naples, Bonita/Estero

Sales volume up year-over-year, again… –The combined overall sales volume for the Naples and Bonita-Estero markets shows a busy summer season still holding with sales volume 2% above August 2017. The Naples market was down about 6% while the Bonita-Estero area was up some 29% both compared with one year ago same period numbers.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

Price paid pulls back… – Naples overall average price paid was down year-over-year about 11%. The year-over-year average price paid has increased 9 out of the last 12 months. This is a good indicator of a strong steadily rising price market although down about 10% month-over-month. The condominium market is down about 9% year-over-year while single-family homes were down 10% year-over-year.

The overall average price paid for all property types was $503,000 compared to $562,000 one year ago and compared to $561,000 in the prior month. The average price paid for a single-family home was $628,000 compared to $700,000 one year ago and $707,000 in the prior month. For a condominium the average price paid was $361,000 compared to $372,000 one year ago and $398,000 in the prior month.

For 2017 the overall average monthly closed sale price was $568,000 and now 2018 through August the overall average monthly closed sale price is $641,000!

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Down a bit…– The overall median price was down about 3% year-over-year and down about 3% month-over-month. Single-family homes were down $390,000 from $411,000 year-over-year and condominiums were down $238,000 from $242,000 on a year-over-year basis.

The overall median price paid for all property types was $319,000 compared to $328,000 one year ago.

BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

AVERAGE PRICE PAID

Down… – The overall average price paid for a property in the Bonita/Estero market decreased about 11% month-over-month and decreased about 14% year-over-year. Most of the decrease was in single-family homes with condominiums down a bit.

The overall average price paid for a property was $340,000 from $381,000 the previous month and $380,000 the previous year. The average price paid for a single-family home was $405,000 compared to $488,000 the prior month and $508,000 the prior year. For condominiums the average price paid was $259,000 from $270,000 the prior month and $295,000 one year ago.

For 2017 the overall average monthly closed sale price was $388,000 and now 2018 through August the overall average monthly closed sale price is $386,000.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
Steady… – The overall median price paid for a property in the Bonita/Estero market was even year-over-year and down about just 2% month-over-month. The median price paid for a single-family home was at $355,000 compared to $375,000 one year ago, and for a condominium $240,000 compared to $210,000 one year ago.

The overall median price paid for a property was $292,000 compared to $291,000 one year ago.