Naples July Home Sales Increase

Overall, Naples July home sales increased compared to the same time last year. The total number of homes sold during July of 2017 was 682 compared to 627 in July of 2016 according to the latest real estate market report released by the Naples Area Board of REALTORS (NABOR).

Additionally, the median close sales price in July was $319,000, up from $300,000 during the same month last year. Unlike previous months, the average days on market increased significantly. Naples homes and condos were on the market 105 days, up from 65 days in July 2016. However, this is typical of the summer months in the Naples area.

Year over Year Highlights:

Pending Sales increased 3% in the 12-months ending July 2017
Closed Sales increased 3% in the 12-months ending July 2017
Median Closed Price increased 4% in the 12-months ending July 2017
Inventory increased 3% in July 2017 from July 2016
Average Days on Market increased 40% in July 2017 from July 2016

Homes Below $500,000

Moreover, overall closed sales between $300,000 and $500,000 increased significantly for single family homes, up 32 percent year-over-year. At the same time, homes priced below $300,000 saw pending sales fall 24 percent, closed sales decrease 19 percent and inventory decrease 2 percent. Ultimately, the entire single-family home market continues to see reduced inventory. The reduced supply of Naples homes, has resulted in the highest median price for homes under $300,000 since 2008.

On the flip side, homes priced above $300,000 saw an increase in the media closed price fall 7 percent from $524,000 to $485,000 compared to the same time last year.

Homes Above $500,000

Additionally, activity in the $500,000 to $1 million price category saw overall pending sales increase 44 percent in July from July 2016. This is likely the result of the decrease in median closed price which decreased 16 percent for condos in this $500,000 to $1 million price category. Homeowners are becoming more realistic, lowering prices and they’re more willing to negotiate.

Overall, inventory increased 3 percent, however, for single family homes it actually decreased 1 percent. The result is prices continue to rise at the low end of the market.

First Time Home Buyers

Also, there is good news on the first-time buyer home front. Many analysts reviewing the July report agreed that an increase in conventional sales (homes purchased with financing) is a good sign that first-time homebuyers are entering the market. Unlike previous months, the July Market Report showed total closed sales were split almost equally between cash sales and conventional sales.

Marco Island July Sales

Also, on Marco Island, there was a total of $48 million dollars worth of real estate closed during July of 2017 compared with $55 million dollars worth in July 2016. However, the number of Single-family home sales on Marco Island last month totaled 33 which was the same as in July 2016. And, Marco condo sales in July slipped 29 percent to 30 vs. 42 during the same month last year.

To view the entire Naples July Home Sales report, visit www.NaplesArea.com

Begin Your Own Naples Property Search:

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Bottom Line:

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