August 2018 Naples Real Estate Market Report

August 2018 Naples Real Estate Market Report


August 2018 Naples Real Estate Market Report

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

To use a nautical term, the Naples market seems to be in the “doldrums”, i.e. not really moving either direction. The number of homes on the market declined marginally, sales dropped but are still paralleling last year and prices are down slightly but have been running in the same range for the last four months.  My Complete August 2018 Naples Real Estate Market Report is as follows:

The number of homes on the market decreased by 2.2% to 5009 units from last month which is down slightly more than the norm that runs in the 6% range for the same time period.   New listings are running basically the same as last year with the exception of the two months affected by Hurricane Irma.

Closed sales dropped 24.3% from last month to 743 units which is 5 more sales than the 737 at the end of July last year.   This is not a surprise as the closed sales for the current 12 months closely parallel the those for the prior 12 months. However the number sold has been slowly declining since April of 2015 which is not surprising as this is about when all of the new developments begin to come on line.

As one would expect, the number of months of inventory increased from 5.7 to 6.8 months. Again this closely parallels last year although we are at the upper end of a neutral market. If history holds, we will see an 8 to 9 month supply before it starts to drop as we enter next season. The days to sell hovers between the 100 to 120 day range. This will vary slightly by housing type and much more so by price range. So if you have a higher priced home, be patient as it will take longer to sell.

After a nice gain in January, the median sales price leveled out in the $360,000 range through April and then dropped into the $330,000 range in May.   In July the average sale dropped by 11.3% from $644,077 to $571,200 while the median dropped only 1.8% from $336,200 to $330,000 in July. The average price per square foot followed the median sales price dropping 1.7% from last month.

When we look at price trends by sales price and housing trend we see a mixture of gains and losses. However the composite numbers are all down with the exception of the same month of year where we still see a modest gain.   However there is no question that we are currently seeing a mild price correction in some segments of the market.

August 2018 Naples Real Estate Market Report Housing Prices by Housing Type Table

August 2018 Naples Real Estate Market Report Housing Prices by Price Range Table

One can get a better feel when we start to drill down into numbers. But even this can be misleading due to sample size and does not consider location, view, upgrades, condition, etc. For an accurate estimate of the value of a specific property one needs to see a professional realtor who knows the market.  

 

As always, the question is where are prices going?   One indicator is list price which has been trending downward since a big jump in January. If this continues we will definitely see a drop on sales prices. However if sellers hold firm and both they and their agents are patient, prices should remain relatively stable.

August 2018 Naples Real Estate Market Report Naples Median List Price Graph

In summary, If you are looking to sell, there are people who dream of owning a home in Naples and will be looking for next season. If you are looking to buy, now is a great time as you will have a nice selection to choose from and prices are lower than they will be next year.

I hope the above has been helpful and informative. If I can be of any assistance, please let me know.   I hope you enjoyed my August 2018 Naples Real Estate Market Report and found it helpful and informative.  

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. You might also want to visit my website, www.barry4homes.net, as an updated market report is posted every month.  Please feel free to share my August 2018 Naples Real Estate Market Report with your friends, family and neighbors.

The opinions are those of the author and should not be considered to be a recommendation. They along with the data are presented to help you make an informed decision. The source of the data is the Naples MLS and Board of Realtors.

 

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