May Market Update

MAY MARKET UPDATE

According to the May market update released by Naples Area Board of REALTORS (NABOR), home sales are down, however prices remained steady in the Naples and Marco Island areas.

GOOD NEWS FOR BUYERS

New inventory has flooded the marked. NABOR’s report showed overall inventory levels increased 37 percent from 3,800 to 5,207 at the same time a year ago. The condo market saw the biggest increase in inventory up 51 percent to 2,463 from 1,632 compared to last year. Single-family home supply was up 27 percent to 2,744 from 2,168. With the increased inventory buyers will have a much larger pool of properties to choose from. Analysts expect prices to start dropping this summer as a result of the increased inventory.

ITS NOT TOO LATE TO SELL

The good news for sellers is prices haven’t started dropping yet. Prices remained steady during May. The median closed price in the Naples Area was $338,000 this year compared with $332,000 in May 2015 which was a 2 percent increase. Additionally, strong demand for properties in our area pushed the number of days a property remained on the market down from 75 to 73 days.

MAY OVER MAY HIGHLIGHTS

Overall Closed sales dropped 17 percent from 1,010 to 838 compared to May of last year.
Single-family home closed sales decreased 8 percent, with the biggest drop in the central Naples area.
Condominium closed sales fell 22 percent. The upper-end condos along the beach saw the biggest drop.
Overall pending sales fell 6 percent, to 921 from 977. The one bright spot was East Naples with a 12 percent increase in pending sales.

May Market Update

MORE MARKET HIGHLIGHTS

Pending Sales decreased 18% in the $0-$300K category 12-months ending 05/2016
Closed Sales decreased 17% in the $0-$300 category 12-months ending 05/2016
Median Closed Price increased 12% in the $0-$300K category 12-months ending 05/2016
Inventory increased over 40% in the $300K-$1M categories, May 2016 from May 2015
Average Days on the Market decreased 23% in the $1M-$2M category and increased 33% in the $2M+ category 12-months ending 05/2016

Are you considering purchasing a home or condo in Naples or Bonita Springs? If so, let us be your guide!