NABOR Report Shows Robust Sales for Naples Area
October 25, 2017 | Elite Realty
Broker analysts reviewing the August 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island), said the sale of 685 homes was significant for August – an increase of 5 percent compared to August 2016. This was encouraging news for industry professionals, since inventory increased by only 20 units compared to inventory of August 2016.
Broker analysts say it was a great summer season with regard to sales in Naples, with overall pending sales for August up 13 percent, overall sales up 5 percent, a 75 percent increase in pending sales and a 42 percent increase in closed sales for single-family homes located in South Naples. The August report also showed single-family homes in this geographic area had a 22 percent decrease in median closed price.
The condominium market performed just as well as the single-family home market in August, reporting a similar 13 percent increase in pending sales. The Pending Home Sales statistic is a forward-looking indicator that is based on contract signings.
The overall median closed price for August was $328,000, a 2 percent increase over August 2016. Geographically, prices in the Naples Beach area continue to rise faster than all other areas tracked. In fact, median closed prices for single-family homes in the Naples Beach area rose by 32 percent in August.
Median closed price for single-family homes rose 10 percent in August to $422,000. As reflected in the report, this figure was heavily influenced by 17 sales in the $2 million and above single-family home market, which saw a 54 percent increase in median closed price. All other price categories in the single-family home market reported median closed price increases of 5 percent or lower.
When taking a long look at closed pricing trends (12-month ending), August’s median closed price for single-family homes was $405,000, the same as August 2016. Median closed price actually dropped 5 percent for single-family homes over $300,000 to $510,000 for the 12-month ending August 2017 from $535,000 in the 12-months ending August 2016.
Overall inventory for August barely changed with a total of 4,807 homes compared to 4,787 in August 2016. Single-family home inventory decreased 4 percent, while the condominium market saw a 6 percent increase in inventory for August.
The report showed only 278 single-family homes under $300,000 were left on the market at the end of August. Inventory for condominiums priced below $300,000 in August increased by 133 units to 1,107 total units available.