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

Naples Florida Real Estate Market News –
October 2018

LUXURY MARKET

 

 

 

LUXURY MARKET $1M+ (WEST OF 41)

PORT ROYAL TO BONITA BEACH ROAD – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2018 for the luxury market from Port Royal to Bonita Beach Road area improved 12% year-over-year (364 vs 325).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2018, a total of 663 new listings were added to the market, this is approximately 8% more listings than the same time period 12 months ending October 31, 2017.
  • Available inventory as of October 31, 2018 consisted of 367 units, an increase of 1% vs the same time period in 2017. Current inventory represents 12 months of supply based on current absorption rates.

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,312,385, which increased 1% vs the same time period in 2017.
  • The median sales price for the area increased 65% to $2,800,000 vs 2017.

 

LUXURY MARKET $1M+ (WEST OF 41)

PORT ROYAL TO BONITA BEACH ROAD – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2018 for the luxury market from Port Royal to Bonita Beach Road area improved 31% year-over-year (449 vs 343).

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2018, a total of 668 new listings were added to the market, an increase of approximately 16% vs the same time period, 12 months ending October 31, 2017.
  • Available inventory as of October 31, 2018 consisted of 318 units, a decrease of 3% 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 $1,894,217, a decrease of 3% vs the same time period in 2017.
  • The median sales price for the area increased 7% to $1,614,125 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.”