Naples Real Estate: April Report Shows Real Estate Market in a Sweet Spot with More Choices & Steady Prices
Naples, Fla. (May 20, 2016) – As predicted by broker analysts in January, declines in home sales activity that appeared in the first quarter of 2016 were not a trend. This was further evidenced in the April 2016 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). In fact, the April report showed several signs that the Collier County residential resale market is a healthy, self-correcting machine that’s on a steady course to becoming even more balanced.
Rick Fioretti, NABOR® President and Broker Associate with Berkshire Hathaway Home said, “Closed sales have eased from April 2015 to April 2016 due to a leveling off of the market.”
Overall inventory increased 36 percent in April 2016 to 5,480 homes from 4,040 homes in April 2015. Most surprising was a 171 percent increase in inventory for condominiums in the $2 million and above price category, which resulted in 92 condominiums for sale in April 2016 from 34 condominiums in April 2015. Condominium inventory in the Naples Beach area also increased 73 percent to 683 condominiums in April 2016 from 394 condominiums in April 2015.
The NABOR® April 2016 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® April 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
- Overall pending sales decreased 10 percent to 1,084 in April 2016 from 1,210 in April 2015.
- Overall pending sales for homes in the $1 million to $2 million price category increased 4 percent to 93 homes in April 2016 from 89 homes in April 2015.
- Overall closed sales decreased 7 percent to 9,117 homes in the 12-months ending April 2016 from 9,856 homes in the 12-months ending April 2015.
- Closed sales of single-family homes in the $300,000 to $500,000 price category increased 26 percent to 881 single-family homes from 698 single-family homes in April 2015.
- Overall median closed price increased 11 percent to $314,000 in the 12-months ending April 2016 from $283,000 in the 12-months ending April 2015.
- Median closed price for single-family homes in the $300,000 and below price segment increased 25 percent to $227,000 in April 2016 from $182,000 in April 2015.
- Overall inventory increased 36 percent to 5,480 homes in April 2016 from 4,040 homes in April 2015.
- Inventory for condominiums in the $300,000 and below price category increased 33 percent to 1,181 condominiums in 1Q 2016 from 887 condominiums in the 1Q 2015.
- Inventory for condominiums in the Naples Beach area increased 73 percent to 683 condominiums in April 2016 from 394 condominiums in April 2015.
- Average days on market decreased 9 percent to 72 days in April 2016 from 79 days in April 2015.
Beside the Immokalee/Ave Maria area, inventories are the highest in the Naples Beach area, which saw a 47 percent increase in inventory to 1,276 properties in April 2016 from 868 properties in April 2015. The number of condominiums in this geographic area swelled impressively by 73 percent in April making it a buyer’s paradise once again.