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

Naples Florida Real Estate Market News –
August 2018

LUXURY MARKET

 

 

 

NAPLES, BONITA SPRINGS AND ESTERO – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending August 31, 2018 for the Naples, Bonita Springs and Estero area decreased 5% year-over-year (6,770 vs 7,088).
  • There were 14 closed sales, priced above two million, in August 2018 compared to 24 in August 2017. During the 12 months ending August 31, 2018, sales in this category increased 8% over the same time period in 2017 (390 vs 361).

 

NEW LISTINGS / INVENTORY

  • During the 12 months ending August 31, 2018, a total of 10,828 new listings were added to the market, this is 5% fewer listings than the same time period, 12 months ending August 31, 2017.
  • Available inventory as of August 31, 2018 consisted of 4,569 units, a decrease of 2% vs the same time period in 2017. Current inventory represents 8 months of supply based on current absorption rates.

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $663,604 which improved over the same time period in 2017, representing an increase of 7%.
  • The median sales price for the area increased 7% to $390,000 vs $372,500 in 2017.

 

NAPLES, BONITA SPRINGS AND ESTERO – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending August 31, 2018 for the Naples, Bonita Springs and Estero area remained relatively the same, with an increase of 1% year-over-year (5,649 vs 5,591).
  • There were 6 closed sales, priced above two million, in August 2018 compared to 3 in August 2017, a 100% increase. During the 12 months ending August 31, 2018, sales in this category increased 23% over the same time period in 2017 (142 vs 115 units).

 

NEW LISTINGS / INVENTORY

  • During the 12 months ending August 31, 2018, a total of 8,802 new listings were added to the market, approximately 3% fewer listings than the same time period 12 months ending August 31, 2017.
  • Available inventory as of August 31, 2018 consisted of 3,517 units, a decrease of 5% vs the same time period in 2017. Current inventory represents 7 months of supply based on current absorption rate.

 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $414,633, which improved over the same time period in 2017, representing an increase of 5%.
  • The median sales price for the area remained relatively the same with an increase of 1% to $243,750 vs 2017.

LUXURY MARKET $1M+ (WEST OF 41)

NAPLES, BONITA SPRINGS AND ESTERO – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending August 31, 2018 for the luxury market from Port Royal to Bonita Beach Road area improved 29% year-over-year (441 vs 341).

 

NEW LISTINGS / INVENTORY

  • During the 12 months ending August 31, 2018, a total of 639 new listings were added to the market, an increase of approximately 6% vs the same time period, 12 months ending August 31, 2017.
  • Available inventory as of August 31, 2018 consisted of 310 units, a decrease of 14% vs the same time period in 2017. Current inventory represents 11 months of supply based on current absorption rates.

 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,322,883, which decreased 2% vs the same time period in 2017.
  • The median sales price for the area decreased 5% to $2,537,500 vs 2017.

 

LUXURY MARKET $1M+ (WEST OF 41)

NAPLES, BONITA SPRINGS AND ESTERO – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending August 31, 2018 for the luxury market from Port Royal to Bonita Beach Road area improved 29% year-over-year (441 vs 341).

 

NEW LISTINGS / INVENTORY

  • During the 12 months ending August 31, 2018, a total of 639 new listings were added to the market, an increase of approximately 6% vs the same time period, 12 months ending August 31, 2017.
  • Available inventory as of August 31, 2018 consisted of 260 units, a decrease of 60% vs the same time period in 2017. Current inventory represents 7 months of supply based on current absorption rates.

 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $1,891,252, a decrease of 4% vs the same time period in 2017.
  • The median sales price for the area increase 17% to $1,687,500 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.”