Naples Latest Real Estate Trends

The latest real estate trends for Naples Florida shows realistic home values led to strong March sales. According to the 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), the median closed price of homes decreased 5.6 percent to $340,000 in March 2019 from $360,000 in March 2018. Broker analysts reviewing the report clarified that the median closed price decrease was due, in part, to an increase in the number of closed sales of homes priced under $500,000 during the last year.

Another reason for the decrease in median home price is due to sellers pricing their homes appropriately. Homeowners priced or modified their list prices to fall in line with the values of homes recently sold.

March 2019 Real Estate Trends

Closed Sales Real Estate Trends:

The March 2019 Market Report shows overall closed sales decreased 1.7 percent to 973 in March 2019 compared to 990 in March 2018. This decrease was isolated to the single-family home market, whose sales in March of this year fell by just 17 total properties compared to March of last year. The condominium market during the same time period ended with 499 closed sales, the same number reported during March of last year.

However, if you compare closed sales in March this year to February of this year, sales increased from 595 closed sales to 973 which represents a significant increase of 64 percent.

Inventory and Pending Sales:

Several brokers have reported an increase in contracts pending sale during March. According to industry analysts, the increase in pending sales contributed to the 10 percent decrease in overall inventory for the month.

Inventory of single family homes only fell 5.2 percent while the condo inventory fell 14.6 percent during the same time period. Most notable was the reduction in inventory of homes below $300,000 which decreased 16.6 percent year-over-year. Luxury homes above $1,000,000 remained relatively similar to last March.

NABOR’s March 2019 Statistics Show the Comparison of Single-Family Homes and Condominiums

CATEGORIES	MAR 2018	MAR 2019	CHANGE
Total closed sales (month/month)	990	973	-1.7%
Median closed price (month/month)	$360,000	$340,000	-5.6%
Total active listings (inventory)	7,593	6,829	-10.1%
Average days on market	96	107	+11.5%
Single-family closed sales (month/month)	491	474	-3.5%
Single-family median closed price (month/month)	$450,000	$415,000	-7.8%
Single-family inventory	3,701	3,507	-5.2%
Condominium closed sales (month/month)	499	499	0%
Condominium median closed price (month/month)	$287,000	$280,000	-2.4%
Condominium inventory	3,892	3,322	-14.6%

Geographic Real Estate Trends:

Geographically, the largest increase in median closed price was for condominiums in the Naples Beach area (34102, 34103, 34108) which increased 13 percent to $805,000 in March 2019 compared to $711,500 in March 2018.

Also, the median closed price for single-family homes increased the most in South Naples (34112, 34113) by 2.6 percent to $410,000 in 2019 compared to $400,000 in 2018.

Finally, East Naples (34114, 34117, 34120, 34137) showed the largest increase in closed sales which increased 11.9 percent over the same month last year. On the other hand, the area which had the largest decrease in closed sales was the Immokalee / Ave Maria area with 23.1 percent fewer closings.

Inventory only increased in one area during the month. The highlight was single-family homes in the Naples Beach area which increased by 4.1 percent. Coincidentally, this is the area where the largest number of “spec” home building is taking place.

Rental Real Estate News:

The county recently made an abrupt decision to modify the rental rules for homeowners. After the local real estate and the business community turned out in droves to protest the abrupt change in rental regulations, the county is reconsidering the change recently implemented.

According to Mike Hughes, Vice President and General Manager for Downing-Fryie Realty, Inc., “If the county puts limits on rentals we may see a spike in inventory.”

Limits on the number of times a property may be rented in a year would be bad news for a good portion of our seasonal residents and the homeowners and investors who benefit from a healthy rental market in unincorporated Collier County. If the new suggested limits are imposed, many homeowners have already indicated they will sell their property which will lead to a spike in inventory and downward pressure on prices.

View Additional March Real Estate Trends:

NABOR March 2019 Market Statistics

Begin Your Own Search for Southwest Florida Properties:

So, if you’re ready to begin your search for a Southwest Florida Luxury Golf Property or your dream home or condo, we encourage you to explore our website to find information about homes in the area. If golf is your game, we specialize in golf community real estate and would be happy to help you navigate the more than 150 different golf communities to find the best golf properties available. If you prefer a more direct approach, we will provide a list of golf homes that meet your criteria and/or communities that meet your needs. For more information about the golf homes or golf condos in southwest Florida please reach out to us directly!

Considering Selling your home?

If you are looking to sell a home in Bonita Springs, Estero, Naples or Ft. Myers, we encourage you to work with a REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. If you live in a golf community in southwest Florida, you are competing with more than 150 other golf communities. Contact us today to learn how your home or condo stacks up against the competition and how we can position your property to sell quickly and for a fair price.

Bottom Line:

If you’re looking for a focused and goal-oriented Realtor in southwest Florida who will help you achieve your Real Estate needs, please reach out to me directly. Additionally, if you are looking for a golf community expert or you are considering buying or selling a home, a luxury home, luxury vacation home, luxury golf home or dream home, call me or text me on my mobile phone at 239-370-0892 or email me at Matt@NaplesGolfGuy.com