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Naples Florida Monthly Real Estate Market Update – March 2018

Naples Florida Real Estate Market News –
March 2018

 

SINGLE FAMILY

CLOSED SALES

  • The number of closed sales in the 12 months ending March 31, 2018 for the Naples, Bonita Springs and Estero area remained relatively the same, with a decrease of 2% year-over-year (6,692 vs 6,838).
  • There were 51 closed sales, priced above two million, in March 2018 compared to 2 in March 2017. During the 12 months ending March 31, 2018, sales in this category increased 16% over the same time period in 2017 (371 vs 320).

 

NEW LISTINGS/INVENTORY

  • During the 12 months ending March 31, 2018, a total of 10,674 new listings were added to the market, this is 7% fewer listings than the same time period, 12 months ending March 31, 2017.
  • Available inventory as of March 31, 2018 consisted of 5,600 units, a decrease of 8% vs the same time period in 2017. Current inventory represents 8 months of supply based on current absorption rates.

 

AVERAGE AND MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $645,510 which improved over the same time period in 2017, representing an increase of more than 7%.
  • The median sales price for the area increased 3% to $400,000 vs $389,250 in 2017.

 



CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending March 31, 2018 for the Naples, Bonita Springs and Estero area improved, with an increase less than 1% year-over-year (5,473 vs 5,439).
  • There were 15 closed sales, priced above two million, in March 2018 compared to 12 in March 2017, a 25% increase. During the 12 months ending March 31, 2018, sales in this category increased 37% over the same time period in 2017 (153 vs 97 units).

 

NEW LISTINGS/INVENTORY

  • During the 12 months ending March 31, 2018, a total of 8,716 new listings were added to the market, approximately 5% fewer listings than the same time period 12 months ending March 31, 2017.
  • Available inventory as of March 31, 2018 consisted of 4,900 units, a decrease of 6% vs the same time period in 2017. Current inventory represents 11 months of supply based on current absorption rate.

 

AVERAGE AND MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $424,009, which improved over the same time period in 2017, representing an increase of 10%.
  • The median sales price for the area increased less than 2% to $265,000 vs 2017.

 

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2018 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.”