Sept Naples Market Report

Sept Naples Market Report


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

 

I want to start out by saying how thankful we all are for how well Naples weathered Hurricane Irma. The damage was limited to landscaping, pool cages and lanais, carports, signs and some loss of shingles and tiles. We are very fortunate that there was very little structural damage and only a three foot storm surge. It will take a month or two, but by the time the season rolls around Naples will once again look like paradise.  

With eight months in the bank, the real estate market remained Strong. Both sales and inventory were down slightly, prices continued to show a gain and other indicators remained positive. Following is my complete Sept Naples Market Report.

Closed sales were down 2.9 percent from July but remain up 9.1% for the year. A very nice improvement over 2016.

The number of units on the market has increased from a low of 3,306 in September of last year to a more healthy 4,878. On the surface an increase may not look good, but in realty it is. In 2015 and 2016 we had very low inventory levels and many buyers went home discouraged when they could not find anything they liked. Both the number of days a home is on the market and the number of months of inventory continues to trend slightly upward which is normal for this time of year.

Sales prices remained positive with the average sales price up 4.1% from last month and 1.3% from January while the median sales price, which is a much better indicator, was up 5.4% and 4.3% for the same period. The average sold price per square foot took a big drop in June and has since leveled out at $233 per square foot .   However this is still substantially higher the $159 per square foot we saw in August of 2010.

One can make a case either way for a particular market segment but overall prices are mostly positive. A better picture begins to emerge when we look a price trends by community and housing type, but if you want to know what your home is worth you need to get a comparative market analysis from a professional realtor.

Sept Naples Market Report - Sales Price Variace Table by Price and Housing Type

 

The median list price took a slight dip in August from $379.700 to $367,500, but is still hovering in the $370,000 range. It will be interesting to see what sellers do after Irma. If they drop their asking price significantly it will be a great time to buy, but I don’t see this happening.

Sept Naples Market Report - Median List Price Trends

 

As always the question is “Where is the market heading?”

Without Hurricane Irma, I would have held to my original forecast of a price gain in the 5% range and an overall sales increase around 10%. When I go back and look at closed sales after Wilma, which hit in October of 2005, I don’t see any effect on prices although sales were down 25% to 35% in December and January. Given both current trends and past history, I feel we will see a year over year price increase in the 5% range but that closed sales will take a hit through January as it will take a few months for the landscaping to recover, pool cages to be repaired and tile and shingles to be replaced.   However by the time the season rolls around and the snow birds arrive, Naples should again look like the paradise that makes it special.  

I hope my Sept Naples 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. The Naples Real Estate Market report with additional charts and graphs is now available on my website every month at www.barry4homes.net. You will also find a very nice MLS search, write-ups on many of Naples’ great communities, as well as useful information about Naples and Real Estate in general. 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 Sept 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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