Third Quarter Market Review for 2016

NAPLES CONDOMINIUMS

  • The average price paid for condominiums through the third quarter increased 8% over the same period a year ago to $372,000.  Median price for the period was up 2.5% at $240,000.
  • There were 914 condominiums closings in the third quarter, an 18% decline from Q3 2015.
  • Months of supply is 6.1 months,  down from 7.8 months at the end of QW2 and up from 3.2 months at the end of Q3 2015.

BONITA SPRINGS/ESTERO SINGLE FAMILY HOMES

  • The average price paid for a single family home through the end of the third quarter is $440,339, a 9.2% decrease from a year ago.  Median price was up 4.8% over the same period to $368,000.
  • During the third quarter, there were 332 single family home closings, down from 350 in Q3 2015.
  • Months of supply is 6 months, down from 9.7 months at the end of Q2 and an increase from 4.1 months a year ago.

BONITA SPRINGS/ESTERO CONDOMINIUMS

  • Average condominium price through the first 9 months is $283,449, down 6.5% from an average of $303,285 for the same period a year ago.  Median price was approximately the same as last year at $234,800, a decline of 2%.
  • There were 325 closings during the third quarter, 8 fewer than Q3 2015.
  • Months of supply is 5.6 months, up from 2.7 months at the end of Q3 2015.

MARCO ISLAND SINGLE FAMILY HOMES

  • The average sales price at the end of Q3 was $843,834, consistent with a year ago.  Median price was $645,000 which represent less than a 2% increase over prior year.
  • There were 90 closings of single family homes during the third quarter, a 14% increase over Q3 2015 when there were 79.
  • Months of supply is 10.2 months at the end of Q3 2016, up from 7.7 months at this time in 2015

MARCO ISLAND CONDOMINIUMS

  • Condominium average price was up 8.5% compared to the same period in 2015 at $594,579.  Median price declines 9% year over to $350,000.
  • There were 107 closings during the third quarter 2016 vs. 123 for the same period in 2015.
  • Months of supply is 8.1 months, up from 4.6 months a year ago.

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Market Review For Third Quarter 2015

Naples / Bonita Springs / Estero Market Area

 

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NEW LISTINGS AND PENDED HISTORY

 A total of 3,832 new properties were placed on the market during the quarter, which is statically the same as the number recorded in the third quarter 2014. Demand remained strong with newly pended sales declining less than 2% year-over-year. (Exhibit 1)

 

CLOSED SALES / AVERAGE SALE PRICE

  •   The number of closed sales appears to have stabilized over the past three years, increasing only 2% since Q3 2013. Closing pace in the third quarter of the year is typically the lowest as it reflects sales that occurred during the non-seasonal months of the year. (Exhibit 2)
  •   Prices continued to escalate for the quarter, with the average closed price up 15.6% over prior year ($504,527 vs $436,446). Median price also increased, up 16% from the Q3 2014 level ($319,000 vs. $275,000). With the overall pricing increasing, we are seeing a larger percentage of homes above $2 million which is impacting average and median prices. (Exhibit 2)

 

INVENTORY / CLOSED SALES / MONTHS OF SUPPLY

  • The available inventory of single family homes, condominiums and villas in the Naples, Bonita Springs, Estero markets declined by 7% from the level a year ago. Inventory at the end of third quarter represented 3.8 months of supply based on the number of closed sales during the past 12 months. (Exhibit 3)
  • The demand for Southwest Florida real estate is expected to remain strong throughout the remainder of 2015 and 2016. Resale listings placed on the market over the next six months, coupled with a healthy supply of new product, should keep inventory at a level consistent with demand.
    A reminder, however, that this is applicable to the market as a whole and not the case in some high-demand market segments, which remain undersupplied as they have for the past year or so.This report is intended to give the reader a broad, general view of the combined Naples, Bonita Springs, Estero market areas. Inventory, price movement and months of supply can vary significantly among neighborhoods. Buyers and Sellers are advised to request current, specific market data for properties of personal interest.

 

 

New Listings and Pended History
New Listings and Pended History

 

Closed Sales / Average Sales Price
Closed Sales / Average Sales Price

 

Inventory / Closed Sales / Months of Supply
Inventory / Closed Sales / Months of Supply

 

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John R. Wood Properties
“The source of this real property information is the copyrighted and proprietary database of Southwest Florida MLS, Copyright 2015, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Market Report for September 2015

 NAPLES / BONITA SPRINGS / ESTERO MARKET 

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CLOSED SALES

  Closed sales year-to-date September continued at a brisk pace with approximately the same number of sales as the first nine months of 2014. The average sales price during this period increased 13% over prior year, with an average of $530,698 vs. $467,474 in 2014.

Luxury properties priced above $2 million remained in strong demand with the number of sales in this segment up almost 6% year-to-date and up 13% during the past 12 months.

NEW LISTINGS/INVENTORY

Available inventory on October 1, 2015 consisted of 4,359 single family homes and condominiums in the Naples, Bonita Springs, Estero combined market. This represents a 4.5% decline from October 1, 2014, and 3.9 months of supply based on closings during the past 12 months.

Asking price of properties placed on the market during the past 12 months increased 12.7% over the 12 months ending September 30, 2014 to an average of $612,567. Median list price is up 16.5% over the same period.

AVERAGE AND MEDIAN SALES PRICE

Average price of closed sales during the month of September increased 11.4% year-over-year, while median closed price is up 16.8% over September 2014.

Average price of sales above $2 million increased 12.3% over the past 12 months, indicative of the high demand for luxury properties in the Southwest Florida area.

12 Month Comparisons
12 Month Comparisons
12 Month Comparisons
12 Month Comparisons

 

John R. Wood Properties
“The source of this real property information is the copyrighted and proprietary database of Southwest Florida MLS, Copyright 2015, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”

Visit Naples.House for luxury homes for sale in Naples, Bonita Springs, Estero, Sanibel and Captiva Islands, and Marco Island!