No Comments

Naples Florida Monthly Real Estate Market Update – May 2018 – LUXURY MARKET

Naples Florida Real Estate Market News –
May 2018

LUXURY MARKET

 

 

 

SINGLE FAMILY

CLOSED SALES

  • The number of closed sales in the 12 months ending May 31, 2018 for the luxury market from Port Royal to Bonita Beach Road area improved 7% year-over-year (340 vs 318).

 

NEW LISTINGS/INVENTORY

  • During the 12 months ending May 31, 2018, a total of 620 new listings were added to the market, this is approximately 7% fewer listings than the same time period 12 months ending May 31, 2017.
  • Available inventory as of May 31, 2018 consisted of 422 units, a decrease of 10% vs the same time period in 2017. Current inventory represents 15 months of supply based on current absorption rates.

 

AVERAGE AND MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,167,794, which decreased 3% vs the same time period in 2017.
  • The median sales price for the area increased 24% to $2,970,000 vs 2017.

 



CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending May 31, 2018 for the luxury market from Port Royal to Bonita Beach Road area improved 35% year-over-year (448 vs 333).

 

NEW LISTINGS/INVENTORY

  • During the 12 months ending May 31, 2018, a total of 651 new listings were added to the market, an increase of approximately 15% vs the same time period, 12 months ending May 31, 2017.
  • Available inventory as of May 31, 2018 consisted of 329 units, a decrease of 12% vs the same time period in 2017. Current inventory represents 9 months of supply based on current absorption rates.

 

AVERAGE AND MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $1,888,285, a decrease of 4% vs the same time period in 2017.
  • The median sales price for the area stayed relatively the same with an increase of 1% to $1,787,500 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.”