First Quarter Naples Real Estate Market Report

First Quarter Naples Real Estate Market Report


First Quarter Naples Real Estate Market Report
Brought To You By Barry Brown
Broker Associate
Coldwell Banker Residential Real Estate
239-298-0522
barry4homes@aol.com

The first quarter is in and the year is off to a very nice start. Sales are up, inventory is down and prices are showing an uptick just about across the board.  My complete 20185 First Quarter Naples Real Estate Market Report is as follows:

Sales for March were up 39.8% from last month, 1.8% for the first quarter of this year versus the first quarter of last year and 1.5% for the current 12 months versus the prior 12 months. When we look at the distribution we see that just about 20% of the homes under $400,000 sold while those above ranged from 10.0% to 15.9%.

As expected, the number of homes on the market dropped 2.4% to 6,157. This is good for both buyers and sellers as there are enough homes on the market for a buyer to find one they are really happy with while there are not too many to push prices significantly upward. At the same time, the number of months of inventory dropped from 9.3 months to 6.4 months which again represents a neutral market.   Based on past history ,I expect that the number of homes on the market to continue to drop over the next few months and the months of inventory to drop into the low six high five month range. Again, not enough to force more than normal price appreciation.

The median sales price ,which is a better indicator than the average, was up 3.1% from last month, 0.3% from January and 7.8% from March of last year while the average sales price was down 4.8% from last month and 4.7% from January but up 6.7% from March of last year.   Also positive is that the sales to list price ratio continues to hover between 95% and 96% which means that sellers are willing to negotiate but not willing to give it away.

When breaking this down by price range or housing type, we find for the most part the gains in March are outweighing the losses by at a rate of just about four to one.

First Quater Naples Real Estate Market Report - Closed Sales Price Variance Percentages by Price Rage and Housing Type

 

 

 

 

 

 

 

 

Another way to look at prices are the twelve month average and median sales price trends by price range.

First Quarter Naples Real Estate Market Report - Graph of list and Median Sales Price Trends for $50,000 to $299.999

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 or sales price.    

 

When trying to forecast future prices it is helpful to look at past appreciation.   As with sales and inventory we see that there are seasonal trends with prices peaking in March, dropping into the summer and then climbing through the end of the year.

Finally one needs to consider list price trends which are down 7.9% from last month, 1.5% for the year, but on a long term upward trend.

As always the question is: “Where is the market going and what does this mean to buyers and sellers?”   While the above is a lot to digest, we can conclude that prices this year for the most part are on the upswing, but not yet enough to offset the current twelve month downward trend.   I expect this upswing to continue as we go though the season and then level off and even drop a bit. As in last month’s report, I expect sales to stay strong with an overall price appreciation in the 4% to 6% range by the end of the year.

I hope the above 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.comthe end of the year.

If you are looking to sell, there are people who dream of owning a home in Naples. If you are looking to buy, now is a great time as you will have a nice selection to choose from and prices will only increase in the future.

I hope my First Quarter Naples Real Estate Market Report above has been helpful and informative. If I can be of any assistance, please let me know.

 

 

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 First Quarter Naples Real Estate Market Report with them. You can also visit my website as an updated market report is posted every month.

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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