June Naples Real Estate Market Report
June 2018 Naples Real Estate Market Report
Brought To You By Barry Brown
Coldwell Banker Residential Real Estate
The results for the season are in and so far, so good. Sales were up, the number of homes on the market are holding their own and the median sales price was down from last month, but still up from the end of last year. My full June 2018 Naples Real Estate Market Report is as follows:
In May, 1,029 homes were sold which was 1.4% greater than last year. Year to date 4,424 homes have been sold which is 1.3% greater than last year. All and all a very nice start for the year.
The number of homes on the market decreased to 5,510 which is 7.5% lower than last month but 106 units or 2.0% higher than last year. This represents a 5.4 month supply which represents a balanced market. Normally anything below a four month supply is considered a seller’s market and anything above nine months is consider a buyer’s market. The supply should increase as we go through the summer into the fall but continue in the balanced market range.
The average sales price was up 2.7% at $690,074 from last month while the median sales price was down 8.2% at $335,000. This marks the second month the median sales price has been down although it is still up 3.2% from the end of last year. At the same time the average price per square foot has dropped slightly to $262.00 but is still 9.2% ahead of the end of last year.
The sales to list price ratio continues to hover between 95% and 96% which means that a buyer should pay some where close to 96% of the asking price if the home is priced correctly. Overall the median sales price is up over last year’s median sales price, however I expect this to drop as we go through the summer. It is interesting to note that 4,424 homes were sold at a value of $3,062,250,170 this year versus 4,367 units at $2,729,665,858 in 2017 which represents a $332,584,312 increase.
One can get a better feel when we start to drill down into numbers, but there is no question that we are currently seeing a mild price correction in some segments of the market although Olde Naples and west of 41 remain strong. This can be seen when we look at prices by price range or housing type when compared to prior periods. A clearer picture begins to emerge when we look at trends by community and housing type even though this does not consider location, view, upgrades, etc. For an accurate estimate of the value of a specific property one needs to see a professional realtor who knows the market.
The question as always is: “what does the future hold?” First of all, there is no reason to think that unit sales will deviate from historic patterns, which means that we should see a decrease through October and then a slight uptick in November and December and barring a hurricane, we should end up well ahead of 2017. The same should be true for prices, which generally reach their peak in May or June and then drop off slightly through the end of the year. List prices follow a similar pattern peaking in January and then dropping off till fall when sellers begin pricing for the upcoming season.
In summary, If you are looking to sell, there are people who dream of owning a home in Naples and will be looking this summer. 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 my June 2018 Naples Real Estate Market Report has been helpful and informative. If I can be of any assistance, please let me know.
Barry L. Brown
Coldwell Banker Residential Real Estate
550 Fifth Avenue South
Naples, Florida 34112
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 June 2018 Naples Real Estate Market Report with them. You might also want to visit my website, www.barry4homes.net, 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.