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Naples Florida Monthly Real Estate Market Update – October 2018

Naples Florida Real Estate Market News –
October 2018

 

 

NAPLES, BONITA SPRINGS AND ESTERO – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2018 for the Naples, Bonita Springs and Estero area remained relatively the same, with an increase of less than 1% year-over-year (6,960 vs 6,913).
  • There were 21 closed sales, priced above two million, in October 2018 compared to 17 in October 2017. During the 12 months ending October 31, 2018, sales in this category increased 14% over the same time period in 2017 (410 vs 361).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2018, a total of 11,598 new listings were added to the market, this is 9% more listings than the same time period, 12 months ending October 31, 2017.
  • Available inventory as of October 31, 2018 consisted of 4,885 units, an increase of 11% 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 $666,781 which improved over the same time period in 2017, representing an increase of 6%.
  • The median sales price for the area increased 2% to $397,500 vs $390,000 in 2017.

 

NAPLES, BONITA SPRINGS AND ESTERO – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2018 for the Naples, Bonita Springs and Estero area increased 5% year-over-year (5,798 vs 5,490).
  • There were 10 closed sales, priced above two million, in October 2018 compared to 8 in October 2017, a 20% increase. During the 12 months ending October 31, 2018, sales in this category increased 19% over the same time period in 2017 (143 vs 120 units).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2018, a total of 9,243 new listings were added to the market, approximately 5% more listings than the same time period 12 months ending October 31, 2017.
  • Available inventory as of October 31, 2018 consisted of 3,861 units, an increase of 4% vs the same time period in 2017. Current inventory represents 8 months of supply based on current absorption rate.

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $417,910, which improved over the same time period in 2017, representing an increase of 6%.
  • The median sales price for the area increased 13% to $249,990 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.”