The city continues to be an anomaly – but in a good way
For the third straight month, existing home sales in the U.S. declined, due in large part to the housing shortage going on around the nation. This trend, however, has not hit the Naples area. According to the numbers from NABOR, home sales in Naples were actually up 8 percent. To further demonstrate its strong real estate market, the report shows that Naples has a 6.25-month supply of home inventory. On average, the rest of the country only has a 4.3-month supply.
More homes at more affordable prices
The overall inventory of homes in the Naples area dropped from 4,928 in July 2017 to 4,871 in July 2018, which is about a 1 percent decrease. But it’s a much different story when looking at homes priced at $300,000 and below. Inventory in this category rose 5 percent compared to last year. And the inventory for single-family homes $300,000 and under went from 286 to 345, a rise of 21 percent. The amount of homes in the $300K – $500K range has also risen, from 723 a year ago to 809, which is an increase of 12 percent.
People want condos
The numbers from 2018’s second quarter showed that condos continue to be a hot commodity in Naples, and that didn’t change much in July. The overall closed condo sales increased 6 percent in July compared to last year, and luxury condos did much better than that for their 12-month period ending in July. Those between $1M and $2M were up 38 percent, while sales of condos over $2M rose 22 percent.
Two hot Naples neighborhoods
North Naples continues to be a popular area for homebuyers. Closed sales of single-family homes increased 2 percent compared to last July, with a median price of these homes also going up 11 percent. Closed sales of condos were down 1 percent.
Naples Beach is another desirable part of town. Closed sales of single-family homes in this neighborhood increased 9 percent for the 12-month period ending in July as compared to last year’s 12-month period, with the median price of these homes going up 16 percent.
Cash is king
Naples isn’t just varying from the rest of the county in terms of housing inventory; the way buyers make a purchase is also different here. About 20 percent of home sales are purchased with cash around the U.S. However, in Naples in July, that number was 50 percent.
Naples real estate at a glance
Here are some of the highlights of the NABOR report (July 2018 compared to July 2017):
- Overall inventory: 4,871 – Down 1 percent
- Overall pending sales: 796 – Up 11 percent
- Average days a home stayed on the market: 93 – Down 11 percent
- Overall closed sales: 738 – Up 8 percent
- Single-family homes: 372 – Up percent
- Condos: 366 – Up 12 percent
- Median closed price: $345,000 – Up 8 percent
With a high inventory of properties, now is a great time to be a homebuyer in the Naples area. For help finding your perfect home, get in touch with Dante DiSabato, the Naples real estate expert. Call 239-537-5351 or just send a message through this contact form.