Southwest Florida Real Estate Market Report 
Market Report



Southwest Florida Area Real Estate Market Report

Spike in July Home Sales, a Sign of Heightened Buyer Interest

 

Naples, Fla. (August 23, 2019) - Heightened showing activity in June led to a spike in July's closed sales, which increased 7.1 percent to 829 closed sales compared to 774 closed sales during July 2018. And despite a 14.8 percent reduction in overall inventory compared to last July, overall median closed prices have not increased, according to the July 2019 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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The July 2019 ShowingTime report, a monthly supplemental report that's now being run alongside the monthly Market Reports, indicated that local REALTORS scheduled over 17,000 appointments to show a range of properties during July. On average, the report shows that a home for sale in Collier County is shown 17 times before it sells. Broker analysts believe the less inventory people have available to view, the more properties they want to see. This is why they believe now is a good time for sellers to enter the market so they have the opportunity to capture buyers who are looking at homes now.

Sellers added 935 new listings to July's inventory, but this increase in inventory failed to keep up with the buyers entering the market. At the end of July, there were 5,200 homes on the market compared to 6,100 in July 2018.

Since January, median closed prices have decreased 2.9 percent to $335,000 from $345,000. But compared to last July, prices have held steady. July's median closed price was $326,200 compared to $326,500 for July 2018. However, based on a rolling 12-month analysis, only condominiums priced above $2 million have seen a substantial increase in their prices, i.e., 13 percent.

The NABOR® July 2019 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. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

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JULY 2018

JULY 2019

CHANGE

Total closed sales (month/month)

774

829

+7.1%

Median closed price (month/month)

$326,500

$326,200

-0.1%

Total active listings (inventory)

6,100

5,200

-14.8%

Average days on market 

94

103

+9.6%

Single-family closed sales (month/month)

380

435

+14.5%

Single-family median closed price (month/month)

$423,500

$409,500

-3.3%

Single-family inventory

3,175

2,668

-16.0%

Condominium closed sales (month/month)

394

394

0%

Condominium median closed price (month/month)

$254,500

$240,000

-5.7%

Condominium inventory

2,925

2,532

-13.4%

Geographically, closed sales activity was the highest in the Naples Beach area (34102, 34103, 34108), which saw a 25 percent increase in overall closed sales and a 40 percent increase in single-family home closed sales compared to July 2018. Interestingly, the median closed price for condominiums in the Naples Beach increased 27.1 percent to $632,500 from $497,000 in July 2018.  

View the July 2019 Market Statistics

 

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