Home Showings Lead to Increased Sales
Naples, Fla. (October 25, 2019) – The Naples area housing market enjoyed another 7 percent increase in overall closed home sales for the third month in a row. This trend leads a Broker to suggest that the consistent uptick in summer home sales illustrates that Collier County is becoming less seasonal.
According to the September 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showings in September 2019 were up 31 percent over September 2018. This translated into a 13.7 percent increase in pending sales (written contracts) or 823 pending sales in September 2019 compared to 724 pending sales in September 2018. Strong showing activity during the summer resulted in 698 closed sales during September 2019.
The September report showed median closed prices remained stable during the third quarter (July, August & September). In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7 percent decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed price in January 2019 was $325,000.
With over 500 listings pulled from the MLS in September, it is no surprise that overall inventory for the month fell. However, even though it decreased 17.8 percent to 4,989 homes compared to 6,070 homes in September 2018, inventory for September was higher than August by 72 homes.
The NABOR® September 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
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CATEGORIES
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SEPT 2018
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SEPT 2019
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CHANGE
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Total closed sales (month/month)
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651 | 698 | +7.2% |
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Median closed price (month/month)
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$327,408 | $325,000 | -0.7% |
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Total active listings (inventory)
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6,070 | 4,989 | -17.8% |
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Average days on market
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93 | 102 | +9.7% |
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Single-family closed sales (month/month)
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321 | 359 |
+11.8%
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Single-family median closed price (month/month)
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$395,000 | $405,000 | +2.5% |
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Single-family inventory
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3,208 | 2,567 | -20.0% |
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Condominium closed sales (month/month)
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330 | 339 | +2.7% |
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Condominium median closed price (month/month)
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$242,250 | $245,000 | +1.1% |
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Condominium inventory
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2,862 | 2,422 | -15.4% |
As noted by brokers reviewing the housing data, September had a 6-month supply of inventory.
Geographically, condominiums in South Naples (34112, 34113) saw a 22.1 percent spike in its median closed prices to $213,000 in September 2019 from $174,500 in September 2018. Alternately, condominiums in North Naples saw a 16.4 percent decrease in median closed prices to $242,500 in September 2019 from $290,000 in September 2018.