Naples, Fla. (September 14, 2018) – Closed sales of properties during August increased 5 percent to 719 homes from 685 homes in August 2017 according to the August 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Inventory during August also rose by 2 percent and was driven by a surge of 218 more properties added to the market in the two lowest price categories reported, compared to August 2017.
As to whether heightened Red Tide activity affected the Naples housing market in August, a Broker, responded by stating, “There were only 14 fewer pending sales in August compared to last year. And remember, we are still working with only 11 months of data since Hurricane Irma essentially halted activity for nearly a month last year.”
Overall pending sales in August fell 3 percent; but pending sales of condominiums in the $500,000 to $1 million price range soared 28 percent in August. And pending sales for single family homes above $300,000 increased as well, with an impressive 62 percent increase for single family homes in the $2 million and above price category.
The NABOR® August 2018 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® August 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
|
CATEGORIES
|
August
2017
|
August 2018
|
CHANGE
|
|
Total homes under contract (pending sales) (month/month)
|
829
|
806
|
-3%
|
|
Total closed sales (month/month)
|
685 | 719 | +5% |
|
Median closed price (month/month)
|
$328,000 | $319,000 | -3% |
|
Median closed price >$300K (month/month)
|
$510,000 | $446,000 | -13% |
|
Total active listings (inventory)
|
4,807 | 4,913 | +2% |
|
Average days on market
|
95 | 120 | +26% |
|
Single-family closed sales (month/month)
|
378 | 348 |
-8%
|
|
Single-family median closed price (month/month)
|
$422,000 | $405,000 | -4% |
|
Single-family inventory
|
2,446 | 2,560 | +5% |
|
Condominium closed sales (month/month)
|
307 | 371 | +21% |
|
Condominium median closed price (month/month)
|
$250,000 | $250,000 | 0% |
|
Condominium inventory
|
2,361 | 2,353 | 0% |
Overall median closed prices fell 3 percent in August to $319,000 from $328,000 in August 2017, and it fell 13 percent for properties above $300,000 to $446,000 from $510,000 in August 2017. The only place prices increased was in the $500,00 to $1 million condominium market, which saw a 13 percent increase to $672,000 from $595,000 in August 2017.
Geographically, the median closed price increased 16 percent for homes in the South Naples area. This increase was reflected in a combined 37 percent increase in the single-family home market and 21 percent increase in the condominium market.
If you are looking to sell a home in Naples, email David Critzer,, or call him at 239-285-1086. David is a REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. David can also ensure your next purchase in the Naples area is a success.
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.