May 2018 Real Estate Market Report

May 2018 Real Estate Market Report


May 2018 Real Estate Market Report
For Naples Florida
Brought To You By Barry Brown
Broker Associate
Coldwell Banker Residential Real Estate

 

The season is over and so far, so good. Sales are up, inventory is down but still more than adequate and prices are down marginally but still up for the year. Following is the complete May 2018 Real Estate Market Report for Naples Florida. 

In April, 1006 homes were sold which was 2.5% higher than last month and 3.4% for the year. This marks the second consecutive year that year to date sales were higher than the previous year which is not bad considering that there are over 25 new or existing developments offering new construction and this does not include Olde Naples, Coquina Sands, the Moorings and Park Shore.

There were 5,954 homes on the market at the end of April which represents 6.0 months of supply. This is running about a month lower that last year but still high enough for buyers to find a home or condo they like but not too high or low to create a buyer’s or seller’s market.

Both the year to date average and median sales prices were down slightly at .7% and 2.4% but are still up 19.8% and 12.5% for the year.   3,387 homes were sold at a value of $2,337,064,714 versus 3,274 units at $1,990,214,705 in 2017which represents a $342,850,009 increase. When we look at closed sales prices by price range and housing type, we see mixed results with gains slightly outweighing losses.

May 2018 Real Estate Market Report Closed Sales Price Variance by Price Range and Housing Type Table

 

 

 

 

 

As always, a better picture begins to emerge when we look at trends by community, and even these can be misleading due to the fact that they can be distorted by a few large or low sales and do not consider condition, location, view, etc

 

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.   Barring a hurricane, we should end up well ahead of 2017. The same should be true for prices, which will reach their peak this month or next and then drop off slightly through the end of the year. However, I still expect to see a year over year increase in prices versus 2017.

In summary, If you are looking to sell, there are people who dream of owning a home in Naples who 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 season.

I hope my May 2018 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 know of anybody who is looking to buy or sell, feel free to share my May 2018 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.

 

 

Wordpress IDX Plugin