FIRST QUARTER MARKET REVIEW FOR 2017

Naples / Bonita Springs / Estero / Marco Island Market Area

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NAPLES

Single Family Homes

  •   The quarterly median sales price for single family homes remained consistent with the first quarter of 2016, while the average sales price increased 4% to $793,030.
  •   There were 1,078 closings in the first quarter compared to 988 in the same period last year.
  •   Months-of-supply at the end of Q1 stands at 8.7 months vs. 7.5 months for the same period last year. This is a year-over-year increase of 16%.

Condominiums

  •   The Q1 median sales price for condominiums climbed 4% over the first quarter of 2016. Average sales price is up from $425,790 in the first quarter of 2016 to $435,439 in Q1 2017.
  •   There were 1,178 condominium closings in the first quarter, a 16% increase over Q1 2016.
  •   Months-of-supply rose from 6.2 months at the end of the first quarter in 2016 to 8.4 months at the end of Q1 2017.

 

BONITA SPRINGS AND ESTERO

 

Single Family Homes

  •   The Q1 median sales price remained approximately the same as prior year, while the average sales price fell 8% to $524,572.
  •   Closings increased 16% during the first quarter to 353, up from 305 in Q1 2016.
  •   Months-of-supply at the end of the first quarter stands at 7.1 months vs. 6.7 months for the same period last year, a 6% increase year-over-year.

Condominiums

  •   Median sales price fell 2% over the first quarter of 2016, while the average sales price declined from $323,676 to $315,601 in Q1 2017.
  •   The number of condominium closings in the first quarter increased 14% from 341 in Q1 2016 to 390 in 2017.
  •   Months-of-supply at the end of the first quarter increased to 7.6 months, up from 5.5 months for the same period last year.

 

MARCO ISLAND

 

Single Family Homes

  •   The quarterly median sales price increased 6% in Q1 and average sales price increased 10% over the same period last year. The median price escalated to $873,617 while the average was $1,007,720.
  •   There were 94 single family closings in the quarter, an increase of 29% over Q1 2017.
  •   Months-of-supply at the end of the first quarter stands at 12.3 months, down from 13.8 months for the same period last year.

Condominiums

  •   The Q1 median sales price rose 5% over the first quarter of 2016, while the average sales price increased 10% from $488,133 in the first quarter of 2016 to $537,116 in the current quarter.
  •   The number of closings jumped 24% over the prior year to 140, up from 113 a year ago.
  •   Months-of-supply at the end of the first quarter stands at 9.6 months vs. 8.1 months for the same period last year.
 Source:  John R. Wood Properties
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