2016 February Market Report – Naples Florida

Good news for buyers! Based on statistics from the Naples February Market Report recently released by NABOR (Naples Area Board of Realtors) inventory is up for both single-family homes and condos.  February 2016 saw a decrease of 16.8 percent in single family homes sales for Naples as compared to a year earlier. Single Family Home sales increased 0.4 percent from 18,078 to 18,159 this year for the entire state of Florida.  According to Brad O’Connor, chief economist for NABOR, the decline in closed sales in our area is largely due to lack of inventory in the lower price ranges.

The good news is the overall inventory has increased significantly since this time last year, up 27 percent.  With rising inventory and an 8.4 months supply of properties on the market, Naples has shifted to a buyers market.  Lee county is a more balanced market with a 5.4 months worth of supply of inventory.  So is the rest of the state which also has 5.4 months worth of inventory on the market.  A balanced market will have four to six months supply of inventory.  The lower end is more advantageous for sellers and the higher end is better for buyers.

Overall pending sales decreased 22 percent and closed sales decreased 23 percent compared to the same time last year.  However, if you look at the performance of the market for the past 12 months the change in the number of closed sales was minor.  There was only a 2 percent decrease in overall closed sales from 9,791 to 9,595 ending in February 2016.

Activity was strongest in the condo market between the $300,000 and $500,000 price level.  Closed sales were up 21 percent.  At the same time inventory increased 54 percent at this price category.  With the additional inventory coming onto the market, buyers will have more to choose from than they had during this same time last year.

Another bright spot was the the median closed price in the $2 Million plus category. The median price increased 13% for the 12-months ending in February of this year.

February Market Report Highlights Year-Over-Year:

• Overall pending sales decreased 22 percent from 1,280 units in February 2015 to 993 units in February 2016.
• Overall closed sales decreased 23 percent from 672 homes February 2015 to 518 in February 2016.
• Average days on market decreased 15 percent from 93 days in February 2015 to 79 days in February 2016.
• Overall inventory increased 27 percent from 4,406 units in February 2015 to 5,577 units in February 2016.
• Overall median closed price increased 8 percent from $315,000 to $340,000 in the 12-months ending February 2016.

View Full Report – NABOR February 2016 Market Stats

Are you interested in market analysis for a specific community? Do you plan to buy a home in Naples, FL?  Or perhaps Bonita Springs?  Let me be your guide.

About Matt Klinowski
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