Naples Bonita Springs Estero

Real Estate Market Watch February 2018

COMBINED INVENTORY – Naples, Bonita/Estero

up,but just a little…  – The combined inventory for Naples, Bonita Springs, and Estero has increased once again month-over-month but just 1% or so from January. The total inventory now sits at about 8,200 properties, pretty much on par with February 2017 with 8,486 properties or less than 3% off that mark.

Most all of the inventory gain was seen in the Naples market now just over 6,300 listings while Bonita-Estero remained flat at just over 1,900 listings.

More than 2,100 properties were added to the combined inventory while the combined sales volume was just a little more than 910 properties hence the overall inventory increase again.

The combined markets’ absorption rate index has really increased over the past several months moving squarely into buyer’s market territory. Given a six month rolling average sales per month, there is now nearly ten months of inventory on the market.

CLOSED SALES – Naples, Bonita/Estero

Sales volume retreats, again… –The overall sales volume for Naples and Bonita-Estero pulled back a few percent month-over-month and year-over-year. Naples and Bonita-Estero both posted a similar reduction in sales volume.

NAPLES REAL ESTATE

AVERAGE PRICE PAID

up, generally… – Naples overall average price paid was even month-over-month and up again year-over-year with another ~25% increase. WOW! Those are whopping numbers, again. Read on.

The overall average price paid for all property types was $709,000 compared to $708,000 in the prior month. The average price paid for a single-family home was $897,000 compared to $681,000 in the prior month and $534,000 for a condominium compared to $743,000 in the prior month.

WHAT? February was a special month again in Naples, however not quite like January was. The overall average price paid barely changed but the median price sure did. The high-end in Naples is going great guns, two single-family home sales over $10 million, one was more than $15M and 100 single-family homes closed over the $1M mark. Yes, I did say 100.

Condos were off the chart again with the highest sale at $6.2M in Moraya Bay on Vanderbilt Beach and 71 condos closed over the $1M mark. Nineteen additional new condo units closed in the newly opened Kalea Bay tower at Wiggins Pass.

MEDIAN SALE PRICE

(The number where 50% of the homes sell above and below.)
up, and down! – The overall median price could not keep pace with the breakneck numbers from January and were down ~2% while the year-over-year numbers were up again this time ~9%. Remember, in January year-over-year and month-over-month number were both up ~15% so the February numbers are still very strong.

The overall median price paid for all property types was $357,000 compared to $365,000 the previous month. The median price paid for a single-family home was $437,000 from $410,000 the previous month, and the median price for a condominium was $260,000 from $324,000.

BONITA SPRINGS REAL ESTATE and ESTERO REAL ESTATE

AVERAGE PRICE PAID

Up and Up… – The overall average price paid for a property in the Bonita/Estero market was up month-over-month ~2% and up ~9% year-over-year.

The overall average price paid for a property was $401,000 from $392,000 the previous month. The average price paid for a single-family home was $548,000 compared to $545,000 and $287,000 for a condominium from $267,000.

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.)
Down… – The overall median price paid for a property in the Bonita/Estero market was up slightly month-over-month ~1% and even year-over-year.

The overall median price paid for a property was $288,000 compared to $285,000. The median price paid for a single-family home was at $394,000 compared to $364,000 and for a condominium $228,000 compared to $235,000.

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.