Southwest Florida Real Estate Update

 

 

 

 

Productive Outcomes Expected
Economic and political factors may have contributed to the ups and downs we saw in January, but inventory levels continue to be a dynamic factor. Buyers have many choices and sellers are being faced with the reality that price adjustments are in order if attracting buyer attention is the goal. The demand is certainly there and remains strong for Southwest Florida properties leading us to anticipate a very productive outcome for the remaining weeks of season and beyond.


NAPLES, BONITA SPRINGS/ESTERO

Closed Sales

During January 2017, there were 774 closed sales in the Naples, Bonita Springs and Estero market vs. 798 in January 2016. The number of closed sales priced above $2 million year-to-date fell 34% when compared to the same period in 2016, and during the past 12 months, are down 26% (364 vs. 493).

New Listings/Inventory

Available inventory on February 1, 2017 for the combined Naples, Bonita Springs and Estero market consisted of 8,091 units, up from 7,281 units last month, showing an increase of 34% year-over-year. During the 12 months ending January 31, 2017 there were a total of 20,393 new listings added to the market, which indicates a 7% increase over the same period in 2016.

Average and Median Sales Price

The average price of closed sales in the Naples, Bonita Springs and Estero market during the month of January was $540,941, down 11% from January 2016, while the median closed sales price is down 5%. Meanwhile, the average price of sales above $2 million fell 2.4% over the past 12 months, from $3,832,508 to $3,740,781.

MARCO ISLAND

Closed Sales

During the 12 months ending January 31, 2017, the Marco Island area had 854 closings, down 11.9% from the same period last year when there were 970 closings. The number of closed sales for Marco Island during the month of January declined 18% from January 2016 (50 vs. 61), while sales volume was up 22% over January 2016. It should be noted that since this represents only one month, it is not indicative of a market trend.

New Listings/Inventory

Available inventory on February 1, 2017 for the Marco Island market consisted of 796 total units compared to 755 units last month and 712 on February 1, 2016. This represents an increase to an 11-month supply, up from 8.8 in 2016.

Average and Median Sales Price

The average price of closed sales in January 2017 rose a modest 2.6% over January 2016, while the median price was up 5.2% from the same period last year.

*Marco Island statistics are obtained from the Marco Island MLS system and include only those sales and current listings on Marco Island and Key Marco.

 

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