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MARKET REVIEW – 2nd Quarter 2015 – Naples / Bonita Springs / Estero

NEW LISTINGS/INVENTORY

  • There were 4,055 new listings placed on the market in the second quarter, down 4% from Q2 2014. (Exhibit 1)
  • Pended sales decreased 4% in the 2nd quarter 2015 vs. 2014, going from 4,881 in 2014 to 4,699. (Exhibit 1)
  • The reduction in inventory has helped move pricing upward due to the steady demand for homes and condominiums in the Naples / Bonita Springs / Estero markets. (Exhibit 3)Market Report Q2 2015-phil.indd

    CLOSED SALES

  • During the 2nd quarter of 2015, there were 4,190 closings, down 1.25% from the 4,243 units closed in the 2nd quarter of 2014. Closing pace in the second quarter of the year is typically the highest, as it reflects sales that occurred during the seasonal months of the year. (Exhibit 2)

    Market Report Q2 2015-phil.indd

    AVERAGE / MEDIAN SALES PRICE

  • The average sales price for the 2nd quarter of 2015 was 7.3% higher than the average in the same quarter last year, moving up from $503,843 to $540,427. (Exhibit 2)
  • The median price for the 2nd quarter of 2015 was 16.6% higher than the median price in the same quarter last year, moving from $271,667 to $316,667. The higher rate of increase in median price reflects the distribution of sales moving to higher pricing tiers.

    Market Report Q2 2015-phil.indd

    MONTHS OF SUPPLY

  • Months of supply is reflective of the supply / demand ratio in a market. A market is typically found to be “in balance” at a 6 to 12 months supply of product.
  • Months of supply for 2nd quarter of 2015 is approximately the same as last year for the same period. The current 4 months’ supply of product indicates a sellers’ market which is supported by the diminishing inventory and rising home prices. (Exhibit 3)“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.”