Naples Area Housing Activity in May Yields Solid Market

Naples Area Housing Activity - NABOR Market Report May 2018For a second consecutive year, Naples Area housing activity during May demonstrated to broker analysts that May remained a standout month. Overall closed sales were remarkable with 1,024 closed sales during May 2018 compared to 1,027 closed sales in May 2017. Closed sales in May 2018 were higher than all months following May 2017. May also saw inventory levels continue to stabilize, according to the May 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

“In 2017, May’s sales increased 23 percent over sales in May 2016,” said a local Broker. “The fact that we are keeping the same pace this year and our inventory is holding steady is good news as we move into summer.”

Closed sales of properties in the $300,000 to $500,000 price category during May increased 21 percent over May 2017, while closed sales in the $300,000 and below price category were just one sale short of the number of closed sales in May 2017.

There was very good news for buyers in the report as May’s overall median closed price dropped 5 percent to $337,000 from $355,000 in May 2017. Moreover, the overall median closed price for homes priced above $500,000 decreased 14 percent to $507,000 from $590,000 in May 2017.

On the high-end side of the market, despite an 11 percent increase in median closed prices, pending sales of properties in the $2 million and above price category increased 23 percent in May 2018 compared to May 2017.

“We haven’t seen inventory levels in May this high since 2013,” said another local Broker. “I was concerned that the low end of the market would start shrinking after season, but the May report showed inventory increased 6 percent for homes under $300,000.”

Overall inventory in May rose by 15 properties compared to May 2017. The report also showed inventory rose in May for both single family homes and condominiums priced below $500,000, which accounted for 58 percent of the available market in Collier County at the end of the month.

According to another local Broker, “both median closed prices and days on market for single family homes above $300,000 decreased in May, which may indicate sellers are pricing homes to sell.”

Geographically, North Naples continues to be a shining star as the only coastal area in Collier County to report an increase in closed sales for May. Activity in the rural Ave Maria area has increased steadily over the last year; but in May, this area saw its single-family home closed sales skyrocket to 40 percent.

“Inventory levels in other areas of the nation and Florida are very tight right now, but Naples is enjoying some renewed momentum in our inventory,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “When the market is good in other areas of the country, our home sales activity is driven up as out-of-states relocate to the Naples area. I think we’ll see a very strong summer.”

Bookmark the permalink.

Comments are closed.