Naples 2019 January Real Estate Review

The latest statistics for Collier County, including Naples, show 2019 Real Estate activity for January is off to a very good start for single family home sales. Closed sales for the month were up double digits. Also, the average sales price increased by almost 30 percent for the month. Additionally, inventory was up almost 20 percent which means there are more options available for buyers.  With the increase in inventory, we now have over 9 months worth of single family homes to sell. Similarly, there is more than 7 months supply of condos available for sale. A balanced market typically has 6-7 months supply of properties available for sale. At this point, we are now in a buyers market for single family homes and condos in the greater Naples area.

2019 Real Estate Activity in January for Single Family Homes

January 2019 Real Estate Highlights for Collier County Single Family Homes:

• Closed sales increased 10.5 percent up to 327 from 296 homes sold
• Inventory rose 18.1 percent up to 3,851 compared to the previous year when there were 3,262 homes for sale
• Median days to contract increased to 103 days which represented a 19.8 percent increase
• Average sales price rose up to $930,320 from $717,316 which was a 29.7 percent increase over last year
• The total months’ supply of inventory increased by 13.3 percent compared to January of last year

While the average sales prices rose this January compared to last year during the same time, both the median home sales price and pending sales have decreased. Finally, in addition to increased inventory, the median days to contract and the median days on market increased significantly. Therefore, it is taking much longer for individuals to sell their homes compared to last year.  As we head into the height of season, home sellers should reassess their sales price if they want to sell their home before season comes to an end.

2019 Real Estate Activity in January for Condos

January 2019 Real Estate Highlights for Collier County Condos:

• Closed sales decreased by 18.3 percent down to 309 from 378 condos sold
• Inventory rose 14.2 percent up to 4,121 compared to the previous year when there were 3,610 condos for sale
• Median days on market increased slightly to 118 days which represented a 1.7 percent increase
• Average sales price rose 1.2 percent to $481,468 from $475,521 last year
• The total months’ supply of inventory increased by 8.3 percent compared to January of 2018

Condo sales in January were slower than single-family homes. Similar to single family homes, both inventory and the total supply of condos for sale put us in a buyers market. Additionally, both closed sales and pending sales showed double-digit decreases for the month. However, the average days to contract and average days to close only rose slightly.  Provided your home is priced correctly, you should expect it to take just over 2.5 months to enter into a contract. Now is the time to evaluate your listing price if you are selling to make sure you are competitive with other properties if you want to sell your home in the near future.

Bottom Line:

If you are a buyer, now is a great time to move forward and buy your dream home or dream condo. If you are selling a home, review your sales price with your agent to be sure you are priced competitively.