Inventory is up, and prices are down

The latest report from the Naples Area Board of Realtors (NABOR) shows that the housing market in Collier County continues to be strong. There were 719 closed property sales in August 2018, compared to 685 in August 2017, which is an increase of 5 percent. And with 218 properties added, there was a 2 percent increase in inventory over last August.

People want condos

Overall closed sales were down 2 percent across the area but closed sales of condos were up 21 percent compared to August 2017. Except for South Naples, every other part of Naples saw an increase in closed condo sales, with East Naples jumping 109 percent. Plus, pending sales of condos priced between $500,000 and $1 million increased by 28 percent.

Single-family homes are also selling

Closed sales of single-family homes were down 8 percent overall, but those in the $300,000 to $500,000 range rose 21 percent. Pending sales in this range were also up 10 percent. Pending sales for homes more than $2 million were also up compared to last year, with an increase from 21 to 34. North and Central Naples are proving to be hot spots right now, with increases in pending sales of 14 percent and 25 percent, respectively.

Immokalee is starting to have its moment

Although not as well known as its Naples neighbor, the area of Immokalee is becoming a popular area for home buyers. There were only three overall closed sales in August 2017, but that jumped to 17 this year. Inventory has also gone up 41 percent compared to last year. And there is even better news for buyers: Median home prices in Immokalee have dropped 4 percent, from $255,000 to $245,000.

A great time to buy

Immokalee isn’t the only area that saw a reduction in home prices. Overall median closed sales dropped from $328,000 in August 2017 to $319,000 this year, which was a decrease of 3 percent. And for properties above $300,000, there was an even more dramatic decline. Prices for properties in this range went down 13 percent, from $510,000 to $446,000.

Naples real estate by the numbers

Here are the highlights of the NABOR report (August 2018 compared to August 2017):

• Overall inventory: 4,913 – Up 2 percent
• Overall pending sales: 806 – Down 3 percent
• Average days a home stayed on the market: 120 – Up 26 percent
• Overall closed sales: 719 – Up 5 percent
• Single-family homes: 348 – Down 8 percent
• Condos: 371 – Up 21 percent
• Median closed price: $319,000 – Down 3 percent

The housing market around the U.S. is stagnating a little, but the same can’t be said for Naples. If you are interested in looking for a property in the area, contact Dante DiSabato. Call 239-537-5351 or send an email to dante.disabato@raveis.com.