August 2019 Naples Real Estate Market Report

August 2019 Naples Real Estate Market Report


The  August 2019 Naples Real Estate Market Report

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

July results are in and sales are up, inventory is down and prices are trending down. This is all pretty much as expected given the cyclical nature of the Naples market.  My complete August 2019 Naples Real Estate Market Report is as follows:

Closed sales in July dropped from 914 to 816 or 9.9% although they are up .4% from the year at 6,261 properties. This is better than the last five years where the decline has ranged from 17% to 25%. The median number of days that it take to sell a home has been slowly increasing and at 73 days it is the highest its been since August of 2013 when it was at 105 days. This will bear watching as it is definitely an indication of a slowing market.

The number of homes for sale declined to 8,115 closely following last year and is 7.9% lower than last year. This is a drop of 7.9% from last month but 2.1% higher than July of last year. The number of months of inventory also parallels last year coming in at 6.3 months which indicates a balanced market. This compares to a buyer’s market high of 50.7 months in November of 2007 and a seller’s market low of 3.6 months in April of 2014. Both extremes which I don’t expect to see again any time soon.

The median sales price dropped by 1.9% from last month to $329,500 but it is only down 0.2% from the first of the year.   The average sales price dropped 8.5% from last month to $593,885 but is up 9.7% from the first of the year. This is not surprising as median sales prices have decreased in July each of the last five years. As one would expect the average price per square foot closely following the average sales price dropping 5.5% from last month to $241.00. but was only down $1.00 per square foot since the start of the year. All and all, a very stable market. If the last five years are any indication I would expect prices to drop for another month or two before starting to increase in the fall.

We can get a better idea when we narrow this down by community and housing type. However a CMA is required to get a value for a specific property, as this does not consider location, upgrades, view, or complex, etc.

The median list prices has declined to a low of $351,113 which is to be expected as list prices always fall as we go through the season before starting to increase in the fall. The list price is up 0.6% from last month and only down 2.2% from July of last year which is basically flat.   Also to be considered is that the sales to list price ratio continues to hold steady in the 96% range as it has since July of 2014.

The real question as always is, where are prices heading? My best estimate based on current data and historic trends is that we will see full year price appreciation in the two to three percent range.   However remember, Naples is community driven with each have differing rates of appreciation.

If you are looking to sell, now is a great time. If you hold out carrying costs will probably eat up any additional gain and there is no question that 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 have a nice selection to choose from and prices are lower than they will be next year

If you are looking to sell, now is a great time. If you hold out carrying costs will probably eat up any additional gain and there is no question that 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 have a nice selection to choose from and prices are lower than they will be next year

I hope my August 2019 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 give me a call. I would love the opportunity to earn your business. If you ae thinking of buying, give me a call.  I know the Naples Market. 

If you know of anybody who would be interested in my August 2019 Naples Real Estate Market Report please refer them to my web site.

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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