Naples Fl Real Estate Market Report for October
The October Naples Real Estate Market Report
Brought To You By Barry Brown
Coldwell Banker Residential Real Estate
Welcome to my Naples Real Estate Market report. Each month I present a detailed analysis of the Naples Real Estate market along with my best estimate of where it is going. If you do not see trends for a community you are interested in or would like to see other charts and statistics, drop me a note and I will make the additions.
The Naples Real Estate Market continues soft and at the best is barely holding its own. This is not surprising given the really nasty election and the resulting fear for the future that many Americans have.
The good news is that our inventory is up heading into the season. At 4,945 units, we have not had this many homes for sale since 2012. One might think just the opposite, but in reality it gives potential buyers more to choose from. Remember that for the most part, Naples is a second home market and buyers do not have to purchase unless they find something they really like. At the same time, our inventory has increased to a 9.4 month supply. Although a little high this is not alarming in that it always increases in the fall before dropping as we go through the season.
Sales dropped to 575 units which aside from February is the lowest it has been since January of 2012. Again this is not as bad as sales always drop at the end of the year. On the positive side we are holding our own when compared to last year.
The average sales price was up $12,421 at $500,603 or 2.5% from last month. At the same time the median sales price was down $2,750 at $310,000 or 0.9%. One should not read too much into either number although the median price is considered to be more indicative of the market.
Sales prices are mostly down. When we look at sales prices by dollar range or housing it gives us a better idea of the overall market. However a more accurate picture begins to emerge when we look at trends by individual communities.
Also of importance is that both the average and median list prices have increased over the last two months, a good indication that both the sellers and agents are positive about the upcoming season.
As always, the question is what does this all mean for the future? On a positive side the stock market is at an all-time high driven by industrial, aerospace and defense which is due to the President Elect plans to rebuild our infrastructure and defense. On the flip side is all of the negativity and mistrust that still exists. The press, internet and organized protests are definitely not helping. Hopefully Mr. Trump can overcome these fears as he lays out his plans and staff over the next few months.
Normally I would be bullish on both sales and prices but am now in a wait and see mode. Fortunately we still have close to two months till the start of the season. That being said I still feel that the Naples Real Estate market will be strong and that we will see an increase in prices in the five to seven percent range.
In summary, if you are looking to buy, do it now. Prices will only go up, mortgage rates are still extremely low and you will have more to chose from than you if you wait. If you are looking to sell, be patient. The market is soft and it may take longer to sell your home, but it will if priced correctly!
I hope this addition of the Naples Real Estate Market Report has been both helpful and informative. If I can be of any assistance, please let me know.
Barry L. Brown
Coldwell Banker Residential Real Estate
550 Fifth Avenue South
Naples, Florida 34112
If you are thinking of putting your home on the market and would like a no obligation Comparative Market Analysis, please let me know. If you know of anybody who is looking to buy or sell, feel free to share my Naples Real Estate 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.