No Comments

Naples Florida Monthly Real Estate Market Update – October 2019 – LUXURY MARKET

Naples Florida Real Estate Market News –
October 2019

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, 2019 for the luxury market from Port Royal to Bonita Beach Area increased 2% year-over-year (389 vs 381). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2019, a total of 685 new listings were added to the market, this is approximately 1% fewer listings than the same time period 12 months ending October 31, 2018. 
  • Available inventory as of October 31, 2019 consisted of 376 units, a decrease of 5% vs the same time period in 2018. Current inventory represents 15 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $3,942,000, which decreased 10% vs the same time period in 2018. 
  • The median sales price for the area increased 11% to $2,744,666 from $2,474,375. 

 

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, 2019 for the luxury market from Port Royal to Bonita Beach Area decreased 16% year-over-year (379 vs 451). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2019, a total of 633 new listings were added to the market, a decrease of 6% vs the same time period 12 months ending October 31, 2018. 
  • Available inventory as of October 31, 2019 consisted of 334 units, an increase of 3% vs the same time period in 2018. 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 $2,269,000, an increase of 19% vs the same time period in 2018. 
  • The median sales price for the area decreased 3% to $1,571,354 from $1,618,500. 

 

“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2019 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.”