Naples Real Estate Market Report Through November 2018

Naples Real Estate Market Report Through November 2018


Naples Real Estate Market Report Through November 2018
Brought To You By Barry Brown
Broker Associate
Coldwell Banker Residential Real Estate
239-298-0522

 

As we approach the last month of the year, the Naples Real Estate Market remains basically flat. Yes, sales and inventory are up as expected, but prices have been level since May.  My complete Naples Real Estate Market Report Through November 2018 is as follows:

Year to date closed sales were up 5.2% at 8,292 units, while sales for November were up 13.1% at 639 units. This is up nicely over 2016 and 2017 but down from the peak of 9,361 in 2014.   Overall this represents a nice gain and I expect full year sales to come in between 9,600 and 9,700 units. 

The number of homes on the market increased in November by 23.1% from 4,781 to 5,884 units in anticipation of the season.   Expect this increase to continue till the next season’s sales kick in and then drop to into the 4,500 to 5,000 range.   The number of months of inventory increased slightly to 8.6 months and should drop into the 5.5 to 6.0 month range by the end of the season. This is good news for both buyers and sellers. Buyers will have a lot to choose from and will not go home discouraged as they have in the past when the inventory has been tight.

As I indicated above, prices have been level since May with the median sales price running in the $330,000 to $335,000 range .   As one would expect, the average price per square foot closely follows this trend and is currently running in the $240 to $245 range. As always, a better picture starts to emerge as we drill down and look at sales prices by price range, housing type and housing types within communities.

When looking at the future, one has to consider the trends for both the list price and the sale to list price ratio The list price has been trending upwards since July and the sales to list price ratio continues to hover above 96%. Both positive for sellers.

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 slight uptick in December and 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. As long as they remain strong and the sales to list price ratio continues in the 96% range, I see prices remaining strong throughout the season.

In summary, If you are looking to sell, 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 will have a nice selection to choose from and prices are lower than they will be next year.

I hope my Naples Real Estate Market Report Through November 2018 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. 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 Naples Real Estate Market Report Through November 2018 with anybody you know who may be looking to sell or buy in Naples.

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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