June 2019 Naples Real Estate Market Report

June 2019 Naples Real Estate Market Report


June 2019 Naples Real Estate Market Report 
Brought To You By Barry Brown
Broker Associate
Coldwell Banker Residential Real Estate
239-298-0522

 

2019 continues on a positive note with good news all the way around! Inventory is down, sales are stable, prices are up and the forecast is positive. For the details my June 2019 Naples Real Estate Market Report is as follows”

The number of units for sale is down 9.8% from last month at 5,806 but is still up 1.7% from last May.   The number of months of inventory is also down to 5.1% which is approaching a seller’s market. Note that I would consider this a balanced market as a seller’s market is generally considered to be in the 4% range or less. I expect that inventory will decrease into the high 4,000 range as we go through the summer and that the months of inventory will stay at this level for another month or two then increasing into the 10 month supply range by the end of the year. Both of these are normal and the trends appear to be flattening out.

Closed sales are one less than last month at 1,161 units but are up .6% for the year and up 4.7% for the last 12 months. The number of days that it takes to sell a home as been trending upwards at 70 days which is ten days higher than last month.   I expect the number of closed sales to decline as we go through the summer but end up the year at or slightly above last year and the number of days that it takes to sell a home to bounce around a bit but stay in the 70 day range.

When we look at days to sell by price range we see, as one would expect, that it takes longer to sell a home as the price goes up. Days to sell by housing type reflect the same as high rises and mid rises are for the most part on Gulf Shore and higher priced.

When we look at prices we see more good news. The median sales price has been up for five consecutive months at $360.000 which is a 9.1% increase from the first of the year and a 43% increase from last month while the average price has not been nearly as consistent but is still up 5.4% from the first of the year. The sold price per square foot was down 5.9% at $255 from last month but is still up 5.4% for the year.

As always we get a better idea as we drill down into the numbers. When we look at prices by price range and housing type we see positive median price gains from the last month and the first of the year. Overall a positive picture!

June 2019 Naples Real Estate Market Report Sales Prices by Price Range and Housing Type Table

A better picture of prices begins to emerge when we look at price trends by community and housing type.   But even this can be misleading due to sample size and the fact that it does not consider location, view, upgrades, condition, etc.

Equally important to the future are the list price and the sales to list price ratio trends. The median list price was up 7.7% from last month at $377,000, is only down .8% from the first of the year, and has been trending marginally up since last July. The sales to list price ratio has also been holding steady coming it at 96.1% of the asking price for the last three months.

The question as always is: “where are prices going?” Based on current inventory, the fact that prices usually fall during the summer and early fall before starting to increase in November and that sellers are holding tight on prices, I am still forecasting a full year price increase in the three percent range.

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 June 2019 Naples Real Estate Market Report ihas 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. You might also want to visit my website, www.barry4homes.net, as an updated market report with more community trends is posted every month.

Please feel free to share my June 2019 Naples Real Estate Market Report with Friends, Relatives 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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