Naples Florida Real Estate Market News – May 2015
12 MONTH COMPARISON AS OF May 31, 2015
12 MONTH COMPARISON AS OF MAY 31, 2015
Although closed sales for the past twelve months remain slightly ahead of the prior year, year-to-date closings are down slightly with 6,091 closings this year vs. 6,202 for the same period in 2014. The reduction in sales pace is more reflective of the reduced supply. However, some portion may be due to the increasing prices seen in some areas over the past several years.
Closed sales above $2 million are consistent with last year on a year-to-date basis with 257 sales in this category in 2014 and 253 this year. During the past twelve months 435 sales occurred in this price segment vs. 432 in the prior 12 months, revealing a stable market and consistent demand.
On June 1, 2015, there were 4,755 available residential properties in the Naples, Bonita Springs, Estero combined market (2,845 single family homes and 1,910 condominiums). This represents a 5% decline from 2014 when there were 5,024 total units (2,714 single family and 2,310 condominiums).
In the Naples market, the supply of condominiums decreased 12%, while single family homes inventory grew 6%. In Bonita/Estero available condominiums decreased by 33% from prior year while single family home inventory remained approximately the same.
- The rolling 12-month weighted average list price is $605,459 vs. $535,276 for the prior 12 months, a 13% increase in seller expectations.
The rolling 12-month weighted median list price is $335,758 vs. $291,325 for the prior 12 months, a 15% increase in seller price expectations.
AVERAGE SALES PRICE
Weighted average price for closed sales in May 2015 increased 14.9% year-over-year from $519,795 in May 2014 to $597,112 currently. Median closed price year-to-date through May increased 15% year-over-year, up from $265,000 in 2014 to $305,000 in 2015.
The weighted average price for closed sales above $2 million for the past 12-month period ending May 2015 was consistent with the prior 12-month period, ($3,526,400 in 2014 vs. $3,525,229 in 2015), indicating that this segment may have achieved price stability.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2015 Southwest Florida MLS. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.”