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Naples Florida Monthly Real Estate Market Update – October 2019

Naples Florida Real Estate Market News –
October 2019

 

 

 

 

NAPLES, BONITA SPRINGS AND ESTERO – SINGLE FAMILY PROPERTIES

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2019 for the Naples, Bonita Springs and Estero Area increased 5% year-over-year (7,395 vs 7,015). 
  • There were 23 closed sales, priced above two million, in October 2019 compared to 21 in October 2018 a 10% increase. During the 12 months ending October 31, 2019, sales in this category decreased 9% over the same time period in 2018 (374 vs 411). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2019, a total of 11,411 new listings were added to the market, this is 3% fewer vs. the same time period 12 months ending October 31, 2018. 
  • Available inventory as of October 31, 2019 consisted of 4,768 units, a decrease of 6% vs the same time period in 2018. Current inventory represents 9 months of supply based on current absorption rates. 

AVERAGE & MEDIAN SALES PRICE

  • The year-over-year average sales price for the area was $652,000 which remained relatively the same with a decrease of less than 2% vs. the same time period in 2018. 
  • The median sales price for the area decreased 2% to $384,416 from $391,879 in 2018. 

 

NAPLES, BONITA SPRINGS AND ESTERO – CONDOMINIUMS

CLOSED SALES

  • The number of closed sales in the 12 months ending October 31, 2019 for the Naples, Bonita Springs and Estero Area was flat year-over-year (5,860 vs 5,840). 
  • There were 7 closed sales priced above two million in October 31, 2019, 36% fewer than October 2018. During the 12 months ending October 31, 2019, sales in this category increased 6% over the same time period in 2018 (153 vs 144 units). 

NEW LISTINGS / INVENTORY

  • During the 12 months ending October 31, 2019, a total of 8,847 new listings were added to the market, a 6% decrease vs. the same time period 12 months ending October 31, 2018. 
  • Available inventory as of October 31, 2019 consisted of 3,627 units, a decrease of 10% vs the same time period in 2018. 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 $410,000, a decrease of 2% vs the same time period in 2018. 
  • The median sales price for the area remained relatively the same with a decrease of 2% to $243,740 vs. 2018. 

“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.”