September Real Estate Trends Naples Florida

September Real Estate Trends for the Naples Area: The Naples area housing market enjoyed another increase in overall closed home sales for the third month in a row. The consistent increase in home sales during the summer months suggest Collier County is becoming less seasonal.

Overall closed sales increased 7.2 percent in September, according to the recently released Naples Area Board of Realtors report. There were a total of 698 closed sales in September of this year compared to 651 in September of 2018. And, the supply of homes once again saw an 18% reduction in overall inventory compared to last year. The total supply of homes fell from 6,070 down to 4,989. Although inventory fell, it was still higher than August’s inventory by 72 homes.

Naples September Real Estate Trends:

• Overall inventory decreased 18 percent compared to September of last year
• Total closed sales increased 7 percent, up to 698 verses September of 2018
• Single family closed sales increased to 359, which was a 12 percent increase
• Condo sales increased slightly, 3 percent, compared to the same month last year
• Number of Days on Market increased by 10 percent up to 102 days
• Median Sales Price fell slightly to $325,000 which was a 0.7 percent decrease

In spight of an 18 percent decrease in overall inventory, there was only a slight impact on the median closed price for the month of September. The median closed prices ended the month at $325,000 which was only a 0.7 percent reduction compared to last year.

Closed Sales Market Review:

The overall closed sales report for September shows there was a  significant increase in single family homes sold compared to last year with sales increasing by 11.8 percent. Unlike last month when condo sales declined, sales increased 2.7 percent during September. Additionally, year-to-date sales of single family homes are up 7.6 percent. Condo sales are down lightly year-to-date with a 2.3 percent drop.

Further, if you look at the breakdown by price range for all Naples properties you will see the biggest increase in activity was for properties priced between $300,001 and $500,000 this September compared to last September. In fact, there was an 8.4 percent increase in sales from 2,788 homes sold up to 3,021 properties sold. Homes priced less than $300,000 and those priced between $500,001 to $1,000,00 saw a slight increase in the number of closed sales.

Also noteworthy is another decrease in closed sales of luxury properties priced between $1,000,000 and $2,000,000 where there was a 6.8 percent decline in closed sales. Naples Condos in the $1 million to $2 million price category, saw the largest decline in activity with a 19.4 percent decrease in closed sales.

Although overall closed sales of Ultra Luxury homes priced above $2,000,000 decreased 4.9 percent, the bright spot was the 8.6 percent increase in condo sales compared to last year.  Luxury single family home sales fell 9.6 percent in the month of September.

So if you are looking to buy a luxury home or condo in Naples, it’s likely you will have more room for negotiating a good price. And, sellers will need to start adjusting their list price if they haven’t done so already.

September Real Estate Trends for Overall Days on Market:

Usually, the reason a home remains on the market too long is due to the property being overpriced. During September, 28 percent of the homes on the market lowered their selling price.

Nationally, September is known to be the slowest month for sales. Additionally, in Southwest Florida, the time of the year may impact the length of time it takes for a property to sell.

In September, it took an average of 102 days for a property to close which was up from 10 percent during the same time last year. If your home has been on the market for a while and you have no showings or very few showings, you should talk to your realtor about your list price or other incentives to entice buyers.

Also, the September 2019 ShowingTime report, a monthly supplemental report which shows the number of times properties are shown, indicated that the number of homes shown during the month was 31 percent higher than September of last year. On average, there are 17.4 showings per listing before a home went to contract. 

Broker analysts believe the less inventory people have available to view, the more properties they want to see. This is why they believe now is a good time for sellers to enter the market so they have the opportunity to capture buyers who are looking at homes now.

Days on Market by Price Range in Naples Florida:

Even though the overall days on market increased to an average of 102 days if you look at the data based on the various price ranges you can see Ultra Luxury homes (homes priced above $2 million) remained pretty close to flat. And, if you look at luxury properties priced between $1 million and $2 million, the average days on market only increased by 3 days.

Surprisingly, homes priced below $300,000 saw the largest increase in the number of days on the market rising up to 88 days before closing.  Homes priced between $500,001 and $1,000,000 also saw a higher increase in the number of days on market with a 7.1 percent increase up to 121 days.

Across all price ranges, the amount of time it took to sell homes increased 4.1 percent which is typical for the summer months.

Naples Housing Inventory:

Finally, there were 1,050 new listings added to September’s inventory. However, the increased inventory did not keep up with the number of buyers entering the market.

At the end of September, there were 4,989 homes on the market compared to 6,070 in September of 2018.

The most notable decrease in inventory were single family homes below $300,000 which decreased by 39.4 percent. On the flip side, condos priced above $2 million saw an increase of 1.6 percent for the month.

So supply is hovering around 6.1 months worth of Naples Homes for Sale which is down almost 20 percent compared to last year. Typically, a healthy market is between 6-7 months worth of properties available for sale which means we have a healthy supply of housing available for sale. Having said that, inventory varies by price range and location. An experienced real estate professional will help you navigate the various communities and locations to ensure you are maximizing your investment your a home buyer and if you are selling property, they will help you price your home in alignment with the market.

Highlights by Location:

Geographically, closed sales in North Naples (34109, 34110, 34119) and South Naples (34112 and 34113) both saw more than a 20 percent increase in closed sales during the month. Single family homes in North Naples and South Naples both saw closed sales increase by 30 plus percent.

Naples September 2019 Real Estate Market Watch

Naples Area Market Report September 2019

Collier County Real Estate Transactions Week of September 2nd 2019

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