Naples November Market Report
Naples November Market Report
The latest market report by NABOR (Naples Area Board of Realtors) confirms the market continues to stabilize. Other than inventory levels, the market looks remarkably similar to the same time the previous year. Overall inventory decreased 1 percent in November 2015 when compared to November of 2014 falling from 4,136 homes down to 4,095 homes. The good news is single-family home inventory increased 5 percent from 2,217 single-family homes in November 2014 to 2,319 single-family homes in November 2015. The downside is inventory for condos has decreased slightly.
Closed sales remained consistent increasing 1 percent from 9,724 homes to 9,800 for the 12-months ending November 2015. Overall pending sales in all price categories about $300,000 increased in November with the $1 million to $2 million price category showing the largest increase at 27 percent.
Overall inventory for homes priced at $300,000 and below decreased 20 percent from 1,372 homes in November 2014 to 1,103 homes in November 2015. Inventory over the past 2 years has dropped at total of 42 percent from 1,917 in November 2013 to 1,103 in November 2015. Inventory is really tight below $300,000 and will continue to shrink due to the high demand.
Another indication the market continues to stabilize is the inventory of foreclosures. There were only 34 foreclosures and 8 short sales recorded during the month which is the lowest activity since NABOR® has been tracking the information.
November Market Report Highlights:
- Overall pending sales decreased 3 percent from 825 homes in November 2014 to 804 homes in November 2015.
- Overall closed sales increased 1 percent from 9,724 homes to 9,800 in the 12-months ending November 2015.
- Average days on market decreased 1 percent from 78 days in November 2014 to 77 days in November 2015.
- Overall inventory decreased 1 percent from 4,136 in November 2014 to 4,095 in November 2015.
- There is a 5 months supply of inventory.
- Single-family closed sales in the $300,000 to $500,000 price category increased 23 percent from 1,163 to 1,430 single-family homes in the 12-months ending November 2015.
- Closed sales for condos in the $300,000 to $500,000 price category increased 32 percent from 734 condominiums in the 12-months ending November 2014 to 968 condominiums in the 12-months ending November 2015.
- Overall median closed price increased 15 percent from $265,000 to $305,000 in the 12-months ending November 2015.
- Overall median closed price for homes $2 million and above increased 10 percent from $2,950,000 to $3,250,000 in the 12-months ending November 2015.
View Full Report – NABOR November 2015 Market Stats
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About Matt Klinowski
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