The May real estate market and Naples
Historically, making predictions about what may happen in an industry has proven difficult – real estate is no exception. The only way to stay abreast of what might happen in the near future is to be up to date about the present. Here are the following performance numbers for the month of May in the Naples area.
Another year of solid performance numbers
Despite reported housing issues in other parts of Florida, the Naples real estate market continues to experience a healthy period of sales and growth. In addition to seeing solid performance in 2018, May has been an exceptional month for the region. Overall, prices have modestly dropped, inventory and sales have remained stable.
May 2017 compared to May 2018
While the market for the Naples area has been relatively stable, there have been a few changes compared to last year worth noting. First, while the number of closing sales is about the same, the types of housing units sold has changed. Condo sales have dropped 3 percent while the number of SFH properties sold has bumped up about 2 percent. Further, the number of pending sales has gone down by 6 percent.
The closing price has gone down 5 percent to an average price of $337,000 from $355,000 for median-priced homes with homes priced over half a million coming to an average cost of $507,000 down from $590,000, or about a 15 percent drop. With respect to multi-million-dollar homes, closing prices rose 11 percent, and pending prices increased by 23 percent.
The number of days a property remains on the market is nearly the same as it was a year ago at an average 97 days. Lastly, the inventory of available properties’ total has generally stabilized, with increases in certain sub-markets. For example, the number of homes priced under $300,000 has gone up to levels that haven’t been seen since 2013. This is particularly noteworthy since inventory throughout Florida has shrunk in recent months.
Real estate numbers by location
With a general drop in sales, Naples has seen growth in certain housing sales, some more so in particular areas.
While East, Central, South Naples, and Naples Beach sales closed for this year have seen a slight decline, the Ave Maria portion of the city has seen considerable growth in the last several months. Due to an influx of single-family home purchases, closed sales in Ave Maria have grown by 40 percent. This is likely due to the 15 percent increase in available condominiums and family homes priced under $500,000 which make up 58 percent of the Collier County May market.
Already known to be a great area for housing sales, North Naples’ closed sales have seen an increase of 11 percent as compared to what they were last year’s 12-month period. In fact, North Naples is the only area along the coast which has seen an uptick in closed sales during May in Collier County.
Naples’ performance in the present and possible future
With modestly dropping prices in premium real estate locations and increasing sales, Naples continues to be a phenomenal area to both buy or sell housing. Given the trend of two years of consecutive growth, Naples will likely to continue to see stable, if not, improved real estate performance for at least the rest of the summer.
For those who’re interested in being in some way involved in the real estate industry, this region is definitely one of the best in the state and the country to get started. We strongly recommend making an investment in real estate in this city.
“I believe in a full-service approach when it comes to my clients. By knowing the current market trends, I’m in a better position to advise and guide my clients through the buying and selling process. This is only part of why I’m considered to be a concierge broker.” To find out more about what working with a concierge broker means, or if you’re ready to start looking for your next home, get in touch with Dante DiSabato. You can send an email to Dante.Disabato@Raveis.com or fill out our online contact form.