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Naples Florida Monthly Real Estate Market Update – September 2017

Naples Florida Real Estate Market News –
September 2017

 

CLOSED SALES

  • The number of closed sales year-to-date for Naples, Bonita Springs and Estero increased 4.4% year-over-year.
  • Closed sales priced above $2 million increased 23.7% through September compared to the same period in 2016 (370 vs 299). During the past 12 months, closings in this segment are up 15% over the prior 12 months (450 vs. 391).

 

NEW LISTINGS/INVENTORY

  • Available inventory on October 1, 2017 consisted of 5,807 units, a decrease of 4.5% from October 1, 2016. This represents 5.8 months of supply based on current absorption rates.
  • During the 12 months ending September 30, 2017, a total of 19,509 listings were added to the market, a decline of 3% from the prior 12 months.

 

AVERAGE AND MEDIAN SALES PRICE

  • Year-to-date average sales price for the area increased 4.2% to $544,229, up from $522,121 for the same period in 2016. Median closed price is approximately the same at $325,000, compared to $320,000 last year.
  • Average price of sales above $2 million remained static over the past 12 months at $3,839,000, up 3% from the 12 months ending September 30, 2016.

 

MARCO ISLAND 

CLOSED SALES

  • During the 12 months ending September 30, 2017, the Marco Island area recorded 858 residential closings, an increase of 3% over the prior 12 months (858 vs. 833).
  • Year-to-date 681 closings occured compared to 662 for the same period in 2016.

 

NEW LISTINGS/INVENTORY

  • Available inventory on October 1, 2017 consisted of 607 single family homes and condominiums, down from 622 units at the same time last year. This represents 8.5 months of supply based on the current sales pace.
  • During the 12 months ending September 30, 2017, a total of 1,240 new listings were added to the Marco Island market, down 17.6% from the prior 12 months.

 

AVERAGE AND MEDIAN SALES PRICE

  • Year-to-date average price of closed sales stands at $671,300 vs. $703,300 for the same period in 2016.
  • Average sales price for the 12 months ending September 30, 2017 is $697,370, down slightly from $702,215 at the end of the prior 12 months. Median price increased 5.2% from $545,477 to $573,877.

 

HURRICANE IRMA IMPACT ON NUMBERS

The impact from Hurricane Irma on the Southwest Florida real estate market will not be fully known for several months. As expected, the event substantially affected the month of September. Residents evacuated in large numbers, many businesses were without power and had to remain closed for prolonged periods, and real estate closings scheduled to occur during the month had to be delayed. The result was that closings in the Naples, Bonita Springs and Estero combined market were down 35% for the month when compared with September 2016, and Marco Island closings were down over 50%. In the coming months, John R. Wood Properties will carefully monitor data on all listing and sales activity by area and price range to help us fully understand the impact of the storm based on specific segments of the market.

At the time of this report, all signs point to a busy season, although it appears to be starting a little later than normal. Buyers are arriving daily and making purchases, and many winter residents are completing clean-up to their property and preparing them for the market. Restaurants and other businesses are mostly back in full swing, and traffic is heavier than a month or two ago.

 

“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.”