2017 August Naples Market Report

2017 August Naples Market Report


August Naples Market Report
2017
Brought To You By Barry Brown
Broker Associate
Coldwell Banker Residential Real Estate
239-298-0522

The Summer Season is well under way with mixed results.  Sales are running ahead of last year, the number of homes on the market is down, closed sales prices have dropped each of the last three months and the median list price has increased over the same period.  Following is the complete 2017 August Naples Market Report:

Sales for the year are up 10.0% or 547 units over last year and have been up every month this year with the exception of April. This is a significant improvement as we are approaching 2012 numbers.

The number of homes on the market declined 5.9% to 4,881 units while the months of inventory increased from 5.7 to 7.2 months. This increase is not unexpected as July is always higher due to the timing of the closings for sales that occurred during the season.

As they say, “the fly in the ointment” is prices. The median sales price declined 1.4%, 7.7% and 2.5% for May, June and July. While this is not totally unexpected as prices generally drop two of the three months, it does bear watching. The good news is that median sales prices for 2017 are still running 4.7% higher than 2016.

During this same period list prices have increased for the last three months beginning in May by 2.9%, 1.7% and 1.3% and the sales to list price ratio continues to hover around 96%.  

Sales prices by dollar range and housing type also show mixed results with the gains exceeding loses by a factor of close to two to one. That being said, prices in Naples are very community driven and a clearer picture begins to emerge when we look at community trends by housing type. Even these can be misleading as they do not reflect condition, upgrades, floor, furnishings, location, view, etc.

August Naples Market Report - Sales Price Variance Table by Amount and Type

As one can see from the above, community/housing type list and sales price trends are following Naples as a whole with list prices generally increasing and sales prices decreasing. It will be interesting to see if this continues.

As always, the question is “What does this mean for the future?”.   Is the drop in prices over the last three months an aberration or the start of a trend?  

At this point, I don’t see any dramatic increase in prices, but still feel we will see an increase in the 5% range at the end of the year. Sellers still feel that prices are continuing to increase as indicated by the increase in the list price that we have seen over the last three months, that sellers are holding tight as indicated by the 96% sales to list price ratio and that we do not have an excessive amount of inventory, all of which points to stable or increasing prices.

I hope my August Naples Market Report has been helpful and informative. If I can be of any assistance, please let me know.

Best Regards,

Barry

Barry L. Brown
Broker Associate
Coldwell Banker Residential Real Estate
550 Fifth Avenue South
Naples, Florida 34112
239-298-0522
www.barry4homes.net
barry4homes@aol.com

 

 

P.S. If you are thinking of putting your home on the market and would like a no obligation Comparative Market Analysis, please give me a call. I would love the opportunity to earn your business. If you know of anybody who is looking to buy or sell, feel free to share my August Naples Market Report with them. The opinions are those of the author and should not be considered to be a specific recommendation. They along with the data are presented to help you make an informed decision. The source of the data is the Sunshine MLS and Naples Board of Realtors.

 

 

 

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