November 2017 Naples Market Report

November 2017 Naples Market Report


November 2017 Naples Market Report
Brought To You By Barry Brown
Broker Associate
Coldwell Banker Residential Real Estate
239-298-0522 

 

It has been a little over two months since Hurricane Irma hit Naples and the city has recovered quite nicely. Aside from a little less landscaping and tarps on a few roofs, you would never know that we were hit by a category four hurricane. Like Naples, the real estate market has also recovered quite nicely with closed sales, units for sale and prices all up.  For a complete analysis read my November 2017 Naples Market Report as follows:

Closed sales were up 34.8% over last month which can largely be attributed to large number of delayed closings due to Irma. At the same time the number of days a home is on the market increased slightly to 112 days which is to be expected given the delays caused by Irma as well as the fact that we are in the slow time of year.

The number of homes on the market increased by 191 units to 4,683 or 104.3% from last month. However this is still 743 units lower than the end of October of last year and will hopefully continue to increase the rest of the year so that we will have a nice supply for potential buyers. At the same time, the number of months of inventory increased to 8.4 months but is still lower than the 9.5 months supply at the end of last October.

Prices also showed a gain over last month with the average and median sales prices up .6% and 9.7% respectively. However the gain was in villas and mid rises with single family, high rise and low rise units all showing a decrease.   When we look at gains and losses by price and housing type we see a mixed bag with decreases out numbering gains by a little over two to one.   However, when we look at trends by housing type and price range for the last twelve months we see we see slightly increasing and decreasing prices.

November 2017 Naples Market Report Table of Sales Prices by Price Range and Housing Type

 

 

As always, a better picture begins to emerge when one looks at price trends by community and price type.   While all of this will give you a good idea of the market and where it is heading, you will need to get a comparative market analysis from a professional realtor to if you want to know what your home is actually worth.

The question as always is “what does the future hold?” We have weathered the storm quite nicely, no pun intended, and prices have held steady. Inventory is at a nice level as we would have problems finding nice properties for buyers If it was any lower. And finally, sellers are bullish about the upcoming season given the steady increase in prices we have seen since April. Given the above I feel we should finish the year with modest appreciation in the three to five percent range. I feel that 2018 will be another good year and that we can expect positive appreciation in the five percent range. However, I would like to wait till the end of year to assess the full impact of Irma before making a 2018 forecast.  

November 2017 Naples Market Report Median List Price Graph

 

If you are looking to buy or sell make sure to gather all of the facts. Not only a CMA, but take a look at all of the listings, pendings and solds as well as any listings that recently expired or terminated.   Condition and prices can vary greatly by community and you should have all of the facts before making a decision.

I hope my November 2017 Naples Market Report 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
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 let me know. 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 November 2017 Naples Market Report with them. 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.

 

 

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