The market continues to rebound nicely after Hurricane Irma

In large part due to Hurricane Irma, the housing market in Naples suffered in September 2017, as there were only 398 closed home sales. In the year since the storm hit, however, there has been a massive turnaround. There were 644 overall closed sales in Naples in September 2018, which is an increase of 62 percent.

Luxury leads the way

While there was growth in pretty much all home price categories in September, it was the luxury properties that saw the biggest increases. Overall closed sales of homes between $1 million and $2 million had an increase of 29 percent, compared to 2017. Pending sales for these homes were up 21 percent. Pending sales for homes $2 million and above rose by 26 percent.

Everybody wants condos

The numbers for luxury condos were even better in September 2018. Closed condo sales in the $1 million – $2 million range were up 43 percent, and pending sales rose 29 percent. Closed sales of condos $2 million and above increased 24 percent while pending sales were up 47 percent. Overall, the number of closed condo sales jumped from 225 to 327 when compared to September of last year, which was an increase of 45 percent.

A strong third quarter

The complete picture from the third quarter also shows that the Naples real estate market continues to be very strong. While closed sales were up 13 percent compared to last year, pending sales increased by 20 percent. The numbers were even better for condos, with pending and closed sales increasing by 21 percent and 20 percent, respectively. For the quarter, overall inventory was up 4 percent, and the median closed price rose by 3 percent, compared to 2017.

The majority of the closed sales in 2018’s third quarter were of homes priced between $300,000 and $500,000. This category saw an increase of 24 percent compared to 2017. The next biggest increase – 20 percent – was for homes $2 million and above. Pending sales for these homes were up a whopping 50 percent. Sales of homes priced between $1 million and $2 million also had a strong showing, going up 18 percent.

The Naples real estate numbers run down

Here are the highlights of the NABOR report (3rd quarter 2018 compared to 3rd quarter 2017):

• Overall inventory: 4,776 – Up 4 percent • Overall pending sales: 2,014 – Up 20 percent • Average days a home stayed on the market: 98 – Down 1 percent • Overall closed sales: 2,032 – Up 13 percent o Single-family homes: 979 – Up 6 percent o Condos: 1,053 – Up 20 percent • Median closed price: $330,000 – Up 3 percent

All signs point to continued growth in the Naples real estate market. If you’re looking to buy a home – or perhaps cash in by selling – get in touch with Dante DiSabato. You can call 239-537-5351 or just send an email to dante.disabato@raveis.com.