The numbers are encouraging, especially for buyers.
For years, the real estate market in the U.S. has steadily improved, and this may be most evident in Collier County. The latest numbers from the Naples Area Board of REALTORS® (NABOR®) are especially encouraging, particularly for people looking to buy. As of April, the county currently has nearly eight months of inventory, which is about double the supply around the rest of the U.S. A stable real estate market is typically considered one that has at least a six-month supply of homes.
The inventory in Collier County dropped 2 percent compared to April 2017, but experts believe the market is much better than it was last year. September saw the lowest number of properties in inventory, and this was due in part to Hurricane Irma, which caused home sales to stall for about six weeks. Since then, the Naples area has rebounded nicely.
Condo: Sales are up, prices are down
In April, there were 3,003 condominium units available in Collier County, which was a 2 percent increase from April 2017. The number of units priced at $300,000 and below went up by seven percent. Further good news for buyers is this statistic: In April 2017, the median closed price of a condo was $296,000; it was down to $271,000 in April of this year. North Naples has seen a substantial amount of condo activity, with a month over month increase of 26 percent in closed sales. The median price of a unit in this year has also dropped, from $300,000 in April 2017 to $258,000 in April 2018.
High-end homes are leading the way
Closed sales in Collier County in April went up 8 percent – month over month – from 902 to 978, and it is the high-end homes that continue to dominate. The number of closed sales of homes between $1 million and $2 million increased by a whopping 34 percent. Sales of homes more than $2 million have also done well, going up 15 percent.
South Naples is thriving
The real estate market in Collier County is booming, but this is perhaps most visible in South Naples. In April 2017, there were 41 closed sales of single-family homes. That number skyrocketed to 62 in April of this year, which is a 51 percent increase.
Naples real estate at a glance
Here are some more key numbers to know to get insight into the Naples real estate market (April 2018 compared to April 2017):
- Overall inventory: 5,793 – Down 2%
- Overall pending sales: 1,126 – Up 5%
- Average days a home stayed on the market: 95 – Down 2%
- Overall closed sales: 978 – Up 8%
- Single-family homes: 450 – Up 11%
- Condos: 528 – Up 6%
- Median closed price: $365,000 – Up 3%
Lots of choices for home buyers
The property inventory in the Naples area is expected to be high for the foreseeable future, which makes now the perfect time to search for a new home. If you’re ready to start looking, get in touch with Dante DiSabato. You can send an email to Dante.Disabato@Raveis.com or fill out our online contact form.