November 2019 Naples Real Estate Market Report

November 2019 Naples Real Estate Market Report


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

 

With only two months to go in the year, the real estate market is picking up.   The number of homes for sale and the number sold are up and both the average and median sales price increased. This is not a surprise as all three trend up the last quarter.  My Complete November 2019 Naples Real Estate Market Report is as follows:

The number of homes for sale is up 8.6% from last month at 5,146 units. This closely parallels the last two years and next year should be no exception.

Sales were up 3.2% from last month at 754 units and are up 2.9% year to date at 8,561 units. Again this closely parallels last year and I expect that they will keep increasing through midseason before dropping off in the summer.

The median days to sell is running slightly higher than last year in the 70 day range . This also closely parallels the prior year and may decrease slightly during November and December before increasing back into the 70 day range. The number of months of inventory is at 7.0 months which represents a balanced market. Expect this to creep into the 11/12 month range by the end of February and then fall back into the 5/6 month range by the end of the season.   As in this year, I don’t see it staying in one place long enough to create a buyers or sellers market.

The median sales price increased for the second month in a row by 1.6% to $330,142 while the average sales price increased 3.5% from last month to $516,783 which is the first increase in the last four months. The average sold price per square foot follows the same trend coming in at $234.00 which is 1.7% higher than last month.   This is down 3.3% since January but up 5.9% from October of last year.

When we look at sales prices by price range and housing type we see an equal number of gains and losses last month but more losses than gains as we go back in time. Another indication the market is improving.

November 2019 Naples Real Estate Market Report Sales Prices by Price Range & Housing Type Table

Zeroing in by community and housing type starts to give us a better idea as Naples is very community driven and not so much “location , location” with the exception of Port Royal, Olde Naples and west of 41.   However a CMA is required to get a value for a specific property, as this does not consider location, upgrades, furnishings , view, complex, etc.

The question as always is, where is the market going?  For the first three quarters of the year I projected appreciation in the 3% range as prices generally start to increase in November/December.   Now I am not so sure based on all of the negative media coverage of Hurricane Dorian, the large number of daily global warming/climate change articles on the internet and now red tide coverage before any actual occurrences. As a result buyers are concerned about a hurricane hitting Naples and the possibility of a new home being under water.

Normally with list prices trending upward as they always do in the fall and the sales to list price ratio holding steady in the 96% range I would be a lot more positive. However, putting it all together I still feel that we will see some price appreciation, most likely in the 1% range.

I hope my November 2019 Naples 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

 

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 2019 Naples Real Estate Market Report with them.

If you would like me to add any additional communities to my web site report, just drop me a know and I will me more than happy to do so.

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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