2Q 2017 Market Report Shows Home Sales Activity is Hotter than 2Q 2016

1786 Hummingbird Court Marco Island Florida contact david@davidflorida.com for purchase detailsNaples, Fla. (June 16, 2017) – Record-breaking rain fall in June did not dampen buyer interest in the Naples housing market as evidenced in the Second Quarter and June 2017 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island). The 2Q report showed strong and steady sales activity leading into summer with a 7 percent increase in overall closed sales to 2,880 closed sales in 2Q 2017 from 2,704 closed sales in 2Q 2016, and a 9 percent increase in overall closed sales for the month of June to 907 closed sales from 832 closed sales in June 2016.

There were many remarkable areas of activity in the 2Q Market Report. For example, condominiums in the $2 million and above price category saw an 86 percent increase in closed sales and a 38 percent decrease in median closed price in 2Q 2017 from 2Q 2016. Similarly, pending sales (homes under contract) in the North Naples market increased 20 percent during 2Q 2017 from 2Q 2016, and was the only geographic area that reported a decrease in median closed price (-1 percent).

As reflected in the 2Q Market Report, pending sales of condominiums in North Naples increased 30 percent to 428 condominiums in 2Q 2017 from 329 condominiums in 2Q 2016. Closed sales of condominiums in North Naples increased 29 percent to 463 condominiums in 2Q 2017 from 358 condominiums in 2Q 2016. Condominium sales moving into summer look very good for North Naples too as June’s Market Report showed a 30 percent increase in pending sales.

Overall inventory during the 2Q of 2017 rose a respectable 4 percent to 5,189 homes in 2Q 2017 from 4,983 homes in 2Q 2016.  This is very evident in the Report for homes in the $2 million and above price category, which only saw a 1 percent increase in inventory, yet a 43 percent increase in closed sales.

Despite a 12 percent increase in inventory for the $300,000 and below price category, there was a 4 percent decline in overall closed sales in this low-end price category. Interestingly, while inventory for condominiums in the $300,000 and below price category saw the highest increase (17 percent) in the 2Q of 2017, the number of closed sales for condominiums in this category did not change quarter over quarter.

The NABOR® Second Quarter 2017 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® 2Q 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

CATEGORIES
2Q 2016
2Q 2017
CHANGE
Total homes under contract (pending sales)
2,541
2,770
9%
Total closed sales
2,704 2,880 7%
Median closed price
$325,000 $340,000 5%
Median closed price >$300K
$540,000 $535,000 -1%
Total active listings (inventory)
4,983 5,189 4%
Average days on market
76 97 28%
Single-family closed sales
1,263 1,349 7%
Single-family median closed price
$421,000 $418,000 -1%
Single-family inventory
2,674 2,654 -1%
Condominium closed sales
1,399 1,531 9%
Condominium median closed price
$259,000 $282,000 9%
Condominium inventory
2,309 2,535 10%
Closed sales in the $2 million and above price category are poised to remain strong through the summer as this category experienced a 30 percent increase in pending sales during the 2Q of 2017.
Broker analysts reviewing the June 2017 Market Report acknowledged that the first two weeks of June started out a little slow, but the month ended strong with 907 closed sales, up 9 percent from 832 in June 2016. Sales of condominiums on the Naples Beach took center stage in June with a 50 percent increase over June 2016. June’s pending sales activity may set the tempo for a promising summer, as pending sales increased 16 percent in June 2017 from June 2016.
The NABOR® June 2017 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® June 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES
JUNE 2016
JUNE 2017
CHANGE
Total homes under contract (pending sales)
720 837 16%
Total closed sales 832 907 9%
Median closed price $315,000 $325,000 3%
Median closed price >$300K $521,000 $499,000 -4%
Total active listings (inventory) 4,983 5,189 4%
Average days on market 82 97 18%
Single-family closed sales 421 434 5%
Single-family median closed price $400,000 $404,000 1%
Single-family inventory 2,674 2,654 -1%
Condominium closed sales 420 473 13%
Condominium median closed price $243,000 $263,000 8%
Condominium inventory 2,309 2,535 10%
At the end of June 2017, the Naples market contained 7.86 months of inventory, which is considered to be normal, indicating that the June market is neither a sellers’ nor a buyers’ market. Inventory has not been this robust for the month of June since 2011.

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