Market Report




October Housing Market Activity is Strong

 

Naples, Fla. (November 16, 2018) - Closed sales of homes in the Naples market grew 20 percent to 674 sales in October 2018 compared to 561 sales in October 2017. The last few months have seen not only a return to a steady housing market for Naples since Hurricane Irma, but also an increased buyer appetite for homes in Collier County. We are pleased to report that inventory during October jumped 20 percent to 5,992 homes - the highest October inventory level since 2012 - which is good news for buyers according to leading broker analysts who reviewed the October 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
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Overall pending sales for October were up 17 percent with the $1 to $2 million price category reporting the highest increase (39 percent) for the month compared to October 2017.

The October report also showed the overall median closed price increased 1 percent to $344,000 from $342,000 in October 2017; but went down 1 percent for homes priced over $300,000 to $475,000 from $480,000 in October 2017. Interestingly, the median closed price in the Naples Beach area decreased 13 percent in October to $595,000 in October 2018 from $682,000 in October 2017. However, in the 12-months ending October 2018, the median closed price rose 4 percent to $344,000 from $330,000 in the 12-months ending October 2017. In the Naples Beach area, the median price rose 4 percent in the 12-months ending October 2018 to $790,000 from $763,000 in 12 months-ending October 2017.

The NABOR® October 2018 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The October 2018 NABOR® sales statistics are presented in chart format, including these overall 3Q (single-family and condominium) findings: 

CATEGORIES

Oct 2017

Oct 2018

CHANGE

Total homes under contract (pending sales) (month/month)

623

730

+17%

Total closed sales (month/month)

561

674

+20%

Median closed price (month/month)

$342,000

$344,000

+1%

Median closed price >$300K (month/month)

$480,000

$475,000

-1%

Total active listings (inventory)

5,010

5,992

+20%

Average days on market 

104

93

-11%

Single-family closed sales (month/month)

301

366

+22%

Single-family median closed price (month/month)

$425,000

$426,000

0%

Single-family inventory

2,432

3,177

+31%

Condominium closed sales (month/month)

260

308

+18%

Condominium median closed price (month/month)

$250,000

$265,000

+6%

Condominium inventory

2,578

2,815

+9%

 

Increased inventory is expected to lead to increased sales. Higher volume sales during our peak selling months during season is important for both homebuyers and sellers. For home buyers, it means a higher likelihood of finding the right property. For home sellers, it means shorter marketing time and a higher likelihood of finding a buyer.
  

View October 2018 Market Statistics

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Median Sold Price Trends in $1,000's
2008-2018
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