2017 Year End Market Report

2017 Year End Market Report


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

2017 was another good year for real estate, but it will always be remembered for Hurricane Irma which took a toll on both Naples and the real estate market. Fortunately both have recovered quite nicely.   Aside from a little less landscaping and tarps on a few roofs, you would never know we were hit by a Category Four Hurricane.   Like Naples, the real estate market has also recovered although prices are still slightly down.  Following is my 2017 Year End Market Report: 

Units for sales are up 6.8% from last month but down 13.1% from January of last year. Overall, the total units for sale in Naples entering the season is just where you want it to be.   Not too high that would result in a buyers’ market, but high enough that buyers can find a property they really like.   The number of months of inventory closely parallels 2016 and again represents a adequate supply entering the season.

Closed sales in Naples were up 355 units or 4.0% over 2016 although the overall trend has been slightly down. This trend is slightly skewed as sales in September took a real hit and were down 192 units at 30.6%. October, November and December fared much better but were down a total of 66 units.   The number of days that a home was on the market also improved each month in 2017 closely paralleling 2016.

However, when considering how long it should take to sell a home one needs to consider the price; i.e. the lower the price the quicker it will sell and the fewer days that it will stay on the market.

Overall the Naples median sales price increased 3.4% over 2016 but for the most part prices leveled out during the year. When we look at prices by price range or housing type, we see a mixed bag with gains and losses being close to equal.

 

2017 Year End Market Report Sales Price by Price Range

2017 Year End Market Report Sales Prices by Housing Type

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. and can be skewed by a low or high list price or sale.  

The question is: “Where is the market going in 2018” “

The National Association of Realtors, Freddie Mac and other experts are forecasting nation wide appreciation in the 3 to 6% range . Based on past history, I feel that Naples will be in this range especially as we are seeing for the most part an increase in prices and that we will also again see an increase in the number of homes sold over 2017. I expect Olde Naples, the beach communities and the low end condo communities to be on the high side and the gated golf communities to be in the low to middle range.

If you are looking to buy, now is a great time, you have a lot to choose from and prices are still low due to Hurricane Irma. If you are looking to sell , now is a great time as we are just coming into season and your home will sell if it priced competitively and shows well.

I hope my 2017 Market Report has been helpful and informative. If I can be of any assistance, please let me know.

Best Regards,

Barry

 

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 2017 Year End 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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