Naples Home Sales Sizzling Hot
Second Quarter Naples Home Sales Are Sizzling Hot
Naples home sales are just as hot as the weather! Second quarter property sales increased 7 percent over the same time last year according the latest statistics from The Naples Area Board of REALTORS (NABOR). In all, there were 2,880 closings during Q2 of this year versus 2,704 last year. Additionally, the median sales price for the quarter rose 5 percent during the same time period.
Also, there were several areas with significant activity during the quarter. For example, closed sales for condos above $2 million increased 86 percent. In addition, pending condo sales in the North Naples area increased 30 percent to 428 condos in the second quarter 2017 from 329 condos in 2016. And, closed sales of North Naples Condos increased 29 percent up to 463 condos in the second quarter of 2017 compared to 358 condos sold in the second quarter of last year.
Overall, inventory during the quarter rose 4 percent. However, the inventory of Naples homes and condos are selling quickly. For example, in the $2 million and higher price range, there was a 1 percent increase in inventory and a 43 percent increase in closed sales.
Highlights for Second Quarter Home Sales
- Closed sales increased 7 percent in Q2 2017 versus Q2 of 2016
- Median Closed sales price increased 5 percent from $325,000 up to $340,000 for the quarter
- Inventory increased 4 percent from 4,983 properties up to 5,189 during the second quarter
- Average Days on market increased 28% overall in Q2 2017 compared to Q2 2016
Highlights for June Home Sales
- Closed sales increased 9 percent from 832 closing in June 2016 up to 907 in 2017
- Pending sales increased 16 percent from 720 to 837 properties in June of last year versus June of this year
- Median sales price for the 12 months ending June 2017 increased 3 percent
- Closed sales for the 12 months ending in June increased just under 1 percent
- Pending sales for the 12 months ending in June of this year increased 1 percent
Naples Homes Sales Below $300,000
Homes below $300,000 showed a double digit increase in inventory, or 12 percent during the quarter. At the same time, there was a 4 percent decline in closed sales. Unfortunately, many of the homes or condos on the market in this price range are also associated with high homeowners association fees (HOA). As a result, even though buyers can afford the home itself, they are unable to afford the fees and therefore, they are unable to afford the home or condo.
Finally, the Naples market had 7.86 months of inventory at the end of the month. We haven’t seen this level of inventory since June of 2011. Moreover, this level of inventory is considered normal, which means we are in a neutral market. This is good news for both buyers and sellers. One last point worth noting, with the increased inventory, we also saw an increase in the number of days on market.
Mike Hughes, vice president and general manager for Downing-Frye Realty Inc., said, “the Days on Market increase of 18 percent could be due to overpriced listings.”
Begin Your Own Naples Property Search:
So, if you are ready to begin your own property search, I encourage you to explore this website to find information about communities in Southwest Florida. If you are a golfer, I specialize in golf community real estate and would be happy to help you navigate over 100 different golf communities to get you started. Or, if you would rather, I will provide a list of properties that meet your criteria.
If you are buying a home in a golf community, you will find it is more complex than a normal home purchase. As you can probably imagine, there are significant differences between golf courses. Also, there are hidden fees, different membership fees, pet restrictions and very different demographics in each community.
Or, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost to you to have an agent represent you. In fact, I can help you save money and negotiate for extras which the builder may not let you know about.
So, if you are looking for information about a specific community in Bonita Springs, Estero or Naples, contact me and I will prepare a custom market report for you. Most importantly, I can provide the market information and insights to help make sure you select your dream home.
Lastly, I will handle all of the contract negotiations for your property from the first offer to close.
About Matt Klinowski
Contact Matt: Matt@NaplesGolfGuy.com
August 8, 2017 Posted by Matt