April 2017 Naples Real Estate Market Report

April 2017 Naples Real Estate Market Report


April 2017 Naples Real Estate Market Report

Brought To You By Barry Brown
Broker Associate
Coldwell Banker Residential Real Estate
239-298-0522

 The first quarter is over and the year is off to good start. The number of homes on the market is down while unit sales and prices are both up.  Following is the complete April 2017 Naples Real Estate Market Report:

The inventory in Naples declined by 2.5% from last month and is down 3.6% from January. At 6,245 units, this represents a 7 month supply which is just a little bit above a neutral market. I expect the number of homes for sale to drop as the units that were sold during the season close, and then to increase as we head into the fall.

Closed sales were up 37.3% over last month and 13.0% for the first quarter of the year. At 946 units only 2014 and 2015 have had higher sales over the last ten years.

The average sales price and median sales price were up 12.1% and 2.7% for the month, 13.1% and 8.0% from January and 17.0% and 5.9% from March of last year at $645,620 and $344,000. As would be expected, the average sold price per square foot has also increased each month this year and now sits at $278.00 which is the highest it has been since March of last year.

When we look at sales prices by housing type and by price range we start to get a little better picture with the results being mixed, but overall still positive.

It is not safe to assume that the prices for individual communities are showing the same trends, as prices in Naples are very community driven. Following are the twelve month median sales price trends for specific property types in a number of selected communities. Even these can be misleading as they do not reflect condition, upgrades, floor, furnishings, location, view, etc. The best way to determine what your home is worth is to get a comparative price analysis from a professional Realtor. Note that I have included the list prices, as they are a good indication of upcoming price trends and how sellers and agents feel about the market.

It is also worth pointing out that the percentage of units sold decreases as the list price increases and that the higher the price the longer it takes to sell. The Naples Board of Realtors talks about sellers being realistic when it comes to pricing. I would amend this to say that if your home has been on the market significantly longer than the data indicates that it should, that you should consider adjusting your price.   However if you are priced competitively and are still within median days to sell, then be patient. The market is still soft.

Although anecdotal in nature, the feeling amongst Naples’ Relators is that the market slowed down in January.   Hopefully this is only a lull and will change as we see the results for the season and go through the summer sales season.

As always, the question is “What does this mean for the future?”.   Normally I would be bullish given the upswing in the stock market and the promise of lower corporate taxes both of which bode well for the economy and the creation of jobs.   However the viciousness of the political climate makes me cautiously optimistic as many buyers are scared and holding back for the time being.   At this point I don’t see any dramatic increase in sales but sill feel we will see price increases in the 5% to 10% range for the year.

I hope my April 2017 Naples Real Estate 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 let me know. 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 April 2017 Naples Real Estate 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.

 

 

 

 

 

 

Wordpress IDX Plugin