Naples 2017 Real Estate Sales Finish Strong

A year end review of the Naples 2017 Real Estate Market shows we finished the year up over last year despite the disruption of Hurricane Irma. Overall, closed sales increased 4 percent in 2017, up to 8,815 from 8,510 in 2016 according to the latest Market report released by the Naples Area Board of REALTORS® (NABOR®). Additionally, the median closed price increased 3 percent for the year. Sales in the luxury real estate market saw significant activity. For homes in the $2 million and above price category, closed sales increased double digits, up 20 percent in 2017. Also, pending sales also showed a modest increase up to 9,121 in 2017, or 2 percent, from 8,903 in 2016.

Naples 2017 Real Estate Market Review

Naples 2017 Real Estate Sales Year-Over-Year

Annual Pending Sales increased 2 percent in 2017 from 2016
Annual Closed Sales increased 4 percent in 2017 from 2016
Annual Median Closed Price increased 3 percent in 2017 from 2016
Annual Inventory decreased 8 percent in 2017 from 2016
Annual Average Days on Market increased 17 percent in 2017 from 2016

Ultimately, pending sales, closed sales and the median sales price were up for the year. At the same time, inventory continued to decline, down 8 percent compared to last year. Analysts said the strong market was positively influenced by above average employment rates, low inflation, positive stock market activity, and increased consumer confidence. Considering we lost a full months worth of activity due to the storm, the Naples 2017 Real Estate Market was very strong overall.

Other key highlights include:

Single-family home sales rose 2 percent year-over-year in 2017, increasing to 4,347
Condo sales were up 5 percent, growing to 4,468
Condo sales between $300,000 to $500,000 saw a 14 percent rise in new contracts over the year
Pending Condo sales between $1 million to $2 million saw a 28 percent increase in activity
Closed Condo sales between $1 million to $2 million increased 14 percent compared to 2016

Also, North Naples saw the most activity last year, with a total of 2,447 sales representing a 6 percent increase from 2016. Geographically inventory shrank the most in the areas of Naples Beach, North Naples, Central Naples and the Immokalee and Ave Maria, which all saw double-digit declines.

Finally, during the fourth quarter, closed sales fell by 4 percent and new contracts fell by 2 percent compared to the previous year. However, real estate experts attribute the 4th quarter decline to the aftermath of the hurricane. In December, sales decreased 1 percent over the year, with 657 sales made in 2017 compared to 663 in 2016.

View Detail Naples 2017 Real Estate Market Reports:

View the 2017 Annual Market Report
View the 2017 Annual Statistics
View the 2017 December Statistics
View the 2017 Fourth Quarter Statistics

So what about 2018? Activity for this year is off to a great start. Showings are increasing and pending contracts are off to a phenomenal start. So, why is Florida a hot real estate market?

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Begin Your Own Property Search:

So, if you’re ready to move to Naples and begin your property search, I encourage you to explore my website to find information about communities in Southwest Florida. If golf is your game, I specialize in golf community real estate and would be happy to help you navigate the more than 100 different golf communities in our area. If you prefer a more direct approach, I will provide a list of properties that meet your criteria and/or communities that meet your needs.

Bottom Line:

If you are buying a home in a golf community, you will find it’s more complex than a typical home purchase. As you can probably imagine, there are significant differences between golf communities. There are many different fee structures, membership options, pet restrictions, demographics and many other details that apply to the SWFL golf communities.

Also, 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 may be able to help you save money and negotiate for extras which the builder may not let you know about.

If you’re looking for information about a specific community in Bonita Springs, Estero or Naples, please contact me and I will prepare a custom market report for you. I will provide the market information and insights to help make sure you select your dream home!

Lastly, I will handle all contract negotiations for your property from offer to close!