Buyers Will Find More Homes for Sale This Summer
Naples, Fla. (June 17, 2016) – As predicted by the area’s leading broker analysts, activity in the real estate market for the month of May continued to follow a distinct and successive self-correcting path with areas of impressive growth and opportunity. Buyers and sellers alike will find the numbers encouraging. As identified in the May 2016 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), evidence of increasing consumer confidence is becoming more apparent as sellers returned to the market in May, resulting in a 37 percent increase in overall inventory.
May’s pending and closed sales activity also continued on a trajectory of improvement with a mere 6 percent and 5 percent decrease, respectively, as compared month to month over last year’s very strong results. As summer approaches, buyers will be happy to learn that median closed prices in May continued on the same trend seen in recent months, and remain steady in all price segments above $300,000 (12-months ending May 2016). The median closed price was $338,000 in May 2016 compared to $332,00 in May 2015.
“The properties selling now are homes by owners who have priced their properties realistically,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “These home sellers have either been watching the market closely themselves or, more likely, have an ally, like a REALTOR®, whose keen eye and experience is helping them price their home competitively to sell.”
There is good news for buyers who previously found it difficult to find a home to buy in our market. Several broker analysts remarked that median closed prices earlier this year were reflective of sellers “testing the ceiling.” But May’s 37 percent climb in inventory coupled with steady prices in most price segments indicates a stable and inviting market environment going into summer.
The report showed condominium inventory increased in every corner of Naples. In fact, there was a huge surge in May listings for condominiums in both the Naples Beach and North Naples areas. The rising inventory offers buyers a wider selection of homes this summer. There were 5,207 homes on the market for sale in May 2016 compared to 3,800 in May 2015.
The NABOR® May 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® May 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
|Total homes under contract (pending sales)||921||977||-6%|
|Total closed sales||838||1,010||-17%|
|Median closed price||$338,000||$332,000||2%|
|Total active listings (inventory)||5,207||3,800||37%|
|Average days on market||73||75||-3%|
|Single-family closed sales||396||430||-8%|
|Single-family median closed price||$432,000||$427,000||1%|
|Condominium closed sales||442||570||-22%|
|Condominium median closed price||$276,000||$268,000||3%|
Additional activity of interest in the NABOR® May 2016 Market Report includes:
- Overall pending sales in the $300,000 to $500,000 price segment increased 1 percent to 258 in May 2016 from 256 in May 2015.
- Overall pending sales for single-family homes in the East Naples geographic area (34114, 34117, 34120, 34137) increased 14 percent to 129 in May 2016 from 113 in May 2015.
- Overall closed sales in the Immokalee/Ave Maria geographic area (34142) increased 26 percent to 48 homes in the 12-months ending May 2016 from 38 homes in the 12-months ending May 2015.
- Median closed price for condominiums in the $2 million and above price category decreased 19 percent to $2,275,000 in May 2016 from $2,800,000 in May 2015.
- Inventory for single-family homes under $300,000 decreased 5 percent to 291 homes in May 2016 from 307 homes in May 2015.
- Inventory for condominiums in the $1 million to $2 million price category increased 92 percent to 190 in May 2016 from 99 in May 2015.
- Inventory for condominiums in the Naples Beach geographic area (34102, 34103, 34108) increased 71 percent to 638 condominiums in May 2016 from 373 condominiums in May 2015.
- Inventory for condominiums in the North Naples geographic area (34109, 34110, 34119) increased 66 percent to 673 condominiums in May 2016 from 406 condominiums in May 2015.
- Average days on market for single-family homes in the $1 million to $2 million price category saw the largest decrease, 38 percent, to 81 days in May 2016 from 130 days in May 2015.
Contact David for information and listings of homes for sale in Naples – Bonita Springs – Marco Island, Florida.