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FIRST QUARTER MARKET REVIEW 2017 – Naples / Bonita Springs / Estero / Marco Island Market Area

NAPLES

Single Family Homes

  • The quarterly median sales price for single family homes remained consistent with the first quarter of 2016, while the average sales price increased 4% to $793,030.
  • There were 1,078 closings in the first quarter compared to 988 in the same period last year.
  • Months-of-supply at the end of Q1 stands at 8.7 months vs. 7.5 months for the same period last year. This is a year-over-year increase of 16%.

Condominiums

  • The Q1 median sales price for condominiums climbed 4% over the first quarter of 2016. Average sales price is up from $425,790 in the first quarter of 2016 to $435,439 in Q1 2017.
  • There were 1,178 condominium closings in the first quarter, a 16% increase over Q1 2016.
  • Months-of-supply rose from 6.2 months at the end of the first quarter in 2016 to 8.4 months at the end of Q1 2017.

 

BONITA SPRINGS AND ESTERO

Single Family Homes

  • The Q1 median sales price remained approximately the same as prior year, while the average sales price fell 8% to $524,572.
  • Closings increased 16% during the first quarter to 353, up from 305 in Q1 2016.
  • Months-of-supply at the end of the first quarter stands at 7.1 months vs. 6.7 months for the same period last year, a 6% increase year-over-year.

Condominiums

  • Median sales price fell 2% over the first quarter of 2016, while the average sales price declined from $323,676 to $315,601 in Q1 2017.
  • The number of condominium closings in the first quarter increased 14% from 341 in Q1 2016 to 390 in 2017.
  • Months-of-supply at the end of the first quarter increased to 7.6 months, up from 5.5 months for the same period last year.

 

MARCO ISLAND

Single Family Homes

  • The quarterly median sales price increased 6% in Q1 and average sales price increased 10% over the same period last year. The median price escalated to $873,617 while the average was $1,007,720.
  • There were 94 single family closings in the quarter, an increase of 29% over Q1 2017.
  • Months-of-supply at the end of the first quarter stands at 12.3 months, down from 13.8 months for the same period last year.

Condominiums

  • The Q1 median sales price rose 5% over the first quarter of 2016, while the average sales price increased 10% from $488,133 in the first quarter of 2016 to $537,116 in the current quarter.
  • The number of closings jumped 24% over the prior year to 140, up from 113 a year ago.
  • Months-of-supply at the end of the first quarter stands at 9.6 months vs. 8.1 months for the same period last year.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2017 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.  Naples Florida Monthly Real Estate Market Update is provided by Dustin Beard.”