There were no tricks month, only treats for both buyers and sellers
One of the best ways to gauge the health of the real estate market in a certain area is to look at inventory levels. A market that’s considered good has a supply of homes for at least six months. Right now, there are many desirable spots around the U.S. that can’t make that claim, but Naples can. Naples – along with Collier County, overall – can boast an inventory of 7.5 months. In fact, inventory during October increased to 5,992, which is the highest level in six years.
Single-family homes are selling like hotcakes
In October 2017, there were 561 closed sales in the Naples area. This year, that number grew to 674, which is an increase of 20 percent. Every price category for single-family homes saw double-digit increases in closed sales in October. Sales of homes between $500K and $1 million had the biggest rise, going from 74 in October 2017 to 97 this year, which is a 31 percent change.
And many more are available and affordable
Single-family home inventory is also way up in Naples. At the end of the month, there were 3,177 homes available, which was an increase of 31 percent compared to October 2017. And perhaps most encouraging for buyers is the fact that inventory for homes selling for less than $300K went up by 79 percent. Homes in the $300K to $500K range also saw a huge increase, going up 59 percent.
Now could be the time to look at Naples Beach
Naples has several wonderful areas, but for people looking to buy, Naples Beach should be on their radar. October statistics show that inventory has gone up 12 percent compared to last year, and perhaps as a result, the median price for a home has dropped dramatically. For the month, it was $595K, which was down from $682K in October 2017. This could be why pending sales were up 8 percent and closed sales increased by 33 percent.
What’s happening with condos?
Condos continue to be hot sellers in Naples. Pending sales were up 13 percent, and closed sales rose 18 percent. Plus, the median price in every category dropped, most significantly with homes priced between $500K and $1 million. The median price for these condos in October 2017 was $657K; this year it was down to $572K. Naples Beach again led the way – pending sales were up 26 percent and closed sales increased by 43 percent, compared to October 2017.
A snapshot of October’s numbers
Here are the highlights of the NABOR report (October 2018 compared to October 2017):
- Overall inventory: 5,992 – Up 20 percent
- Overall pending sales: 730 – Up 17 percent
- Average days a home stayed on the market: 93 – Down 11 percent
- Overall closed sales: 674 – Up 20 percent
- Single-family homes: 366 – Up 22 percent
- Condos: 308 – Up 18 percent
- Median closed price: $344,000 – Up 1 percent
Want to get in on the real estate action in Naples, either as a buyer or seller? Get in touch with a realtor who knows the area, and the current trends. Call Dante DiSabato at 239-537-5351 or send a message through this online contact form.