September Home Sales Meager

Home sales in September were meager when you compare last year to this year, according to the latest market reports released by the Naples Area Board of Realtors® (NABOR®). Due to Hurricane Irma, activity during the month of September was significantly impacted. Closed sales fell 30 percent down to 398 closings. The decline in activity was primarily due to three weeks of minimal activity during the month. Both homeowners and agents were on hold while the county repaired infrastructure damaged by the storm. Additionally, due to the storm, insurance companies put all insurance policy purchases on hold which delayed closings during the same time period.

However, if you look at year-to-date numbers and the third quarter, activity exceeded last year’s numbers!

2017 September Home Sales

Year over Year Highlights for Naples September Home Sales:

Closed sales fell 30 percent from 566 in September 2016 down to 398 in 2017
Pending sales fell 55 percent to 299 this September compared to 661 in 2016
Overall Inventory decreased by 9 percent down from 5,044 in September 2016 to 4,608 in September of 2017
Average Days on Market increased 4 percent up from 92 days to 96 compared to last year
Overall Median Price decreased 3 percent down from $318,000 to $310,000 in September 2017d

On the positive side, we saw an increase of the median sales in several price categories when you compare September of 2016 versus 2017. The median price for homes priced between $300,000 and $500,000 increased 5 percent. Also, for homes priced between $1 million and $2 million there was a 7 percent increase. Finally, we saw an increase of 8 percent for homes priced over $2 million.

Single Family Home Statistics for 12 Months Ending September 2017:

Closed sales increased 2 percent from 4,283 last year up to 4,351 this year
Pending sales decreased 1 percent from 4,552 in 2016 down to 4,526 in 2017
Median sales price increased 1 percent from $404,000 to $410,000 in September of this year
Inventory decreased double digits from 2,669 to 2,314 which is a 13 percent decrease
Average days on market increased 11 percent from 91 last year to 101 this year

So, although September activity was week, overall year-to-date single family home sales continue with their upward trend for closed sales and the median price. And, even though inventory continued to fall, the decrease was likely larger than normal due to many clients who removed their properties from the market to clean up debris and minor damage due to the storm.

Condo Statistics for 12 Months Ending September 2017:

Closed sales increased 4 percent from 4,303 last year up to 4,502 this year
Pending sales increased 3 percent from 4,450 in 2016 up to 4,587 in 2017
Median sales price increased 5 percent from $253,000 to $265,000 in September of this year
Inventory changed slightly from 2,375 to 2,294 which is a 3 percent decrease
Average days on market decreased 7 percent from 100 last year to 93 this year

As you can see, the condo market continues to be strong year-to-date. Overall, closed sales, pending sales and the median price increased for the 12 months ending in September of 2017.

Begin Your Own Property Search:

So, if you’re ready to 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!