May Naples Market Report

May Naples Market Report


May Naples Market Report

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

The Season is over and so far so good.  The number of homes on the market declined slightly while the number of closed sales and the median sales prices were both up.  The complete May Naples Market Report is as follows:

The inventory in Naples declined .04% from last month and is down 3.1% year to date.  At 6,217 units this represents a seven month supply which is bit above a neutral market.  This a much better than the 3.4 month supply that existed in 2015 when many potential buyer could not find a property they liked and went home empty handed.  I expect this number to decline slightly as the homes that were sold in March and April close, and then increase through the summer and fall. 

Closed sales were up 7.5% over the first four months of last year.  While still lower than the dramatic increases we experienced from 2010 to 2015 I still consider this as a positive as 50 new or existing developments have homes under construction and this does not consider Olde Naples, west of 41, Golden Gate Estates or Bonita and Estero. 

The average sales price was down slightly at .9% from last month while the median sales price, which is a much better indicator, was up 4.9%.  Both are up 11.1% and 13.0% from January and 3.0% and 10.7% respectively from April of last year.  As one would expect, the average price per square foot also increased to $288.00 which represents a an 8.7% gain from the first of the year. 

Note that I included the list price trends for each of the communities with six of the eight communities showing increases. When we look at Naples as a whole we see that list prices have decreased for the last three months by an average of 1.7%.  Given that the overall median sales price has increased by average of 4.2% over the same period , I feel that the list price decreases reflect a more realistic view of what a property is actually worth and at this time is more of an adjustment than an actual decrease. 

May Naples Market Report, Year to Date Sold Financing Type

It is also worth pointing out that the percentage of units sold decreases as the list price increases and that the higher the price the longer it takes to sell.  If you have your home on the market and it is priced competitively and still within the median days to sell, then be patient.   The market is still soft.

As always, the question is “What does this mean for the future?”.    At this point I don’t see any dramatic increase in sales but sill feel we will see price increases in the 5% to 10% range for 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
239-298-0522
www.barry4homes.net

 

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