August Market Report

NABOR’S AUGUST MARKET REPORT

Summer is heating up and the Naples Area Board of REALTORS (NABOR) August Market Report backs it up. Both buyers and sellers should expect a busy season. Overall, inventory has increased and the median price has remained virtually unchanged.

August Highlights:

1. Luxury Condos in Naples

Overall activity of properties in the $2 million and above price category failed to perform as well in August compared with other price categories. However, condominium inventory in this luxury segment of the market increased 84 percent to 81 condominiums in August 2016 from 44 condominiums in August 2015.

At the same time, the overall median closed price fell 19 percent (year over year) to $2.537 million in August 2016 from $3.132 million in August of last year.

2. Affordable Condos in Naples

The median closed price for affordable condos in Naples was $193,000 during August. During the same time, we also saw a 50 percent increase in inventory for condos priced at $300,000 and below. Inventory jumped from 648 condos to 974 condos for sale.

3. Overall Inventory in Naples

Overall inventory increased 36 percent for the second month in a row to 4,787 homes in August 2016 from 3,525 homes in August 2015. In fact, while inventory rose in all price categories for both single-family homes and condos, the overall median closed price remained flat during the same time period. There was one exception which pertained to single-family homes in the $300,000 and below price category, which increased 9 percent to $210,000 in August 2016 from $192,000 in August 2015.

Summer Activity Indicates Promising Season

Pending Sales were down 14 percent overall for the 12-months ending in August 2016
Closed Sales were down 11 percent overall for the 12-months ending August of this year
Median Closed Price was up 6 percent overall for the 12-months ending in August
Inventory was up 36 percent overall for the past 12-months
Average Days on Market was up 13 percent overall in August