It may be a little unfair to compare third quarter 2016 with third quarter 2015 simply because 2015 was a phenomenal year for Naples real estate. In 2016 we’ve declined from a “great” market to a “good” market. Two years in a row, 2014 and 2015, were “10s” while 2016 is coming in at an “8.5.”
The comparison makes it feel as though the market is off, when the reality is we are in a solid market.
The number of homes for sale in Naples has steadily increased since August 2015 and, based on the law of supply and demand, typically prices would follow a natural decline. Yet, Naples home prices are holding steady.
Overall Median Closed Price
$0-300,000 — $200,000 in 3rd Qtr 2015; $281,000 in 3rd Qtr 2016 (9% change)
$300,000-$500,000 — $375,000 in 3rd Qtr 2015; $375,000 in 3rd Qtr 2016 (0% change)
$500,000-$1mil — $654,000 in 3rd Qtr 2015; $637,000 in 3rd Qtr 2016 (-3% change)
$1mil-$2mil — $1,352,000 in 3rd Qtr 2015; $1,345,000 in 3rd Qtr 2016 (-1% change)
$2mil+ — $3,322,000 in 3rd Qtr 2015; $3,135,000 in 3rd Qtr 2016 (-6% change)
Overall Median Closed Price By Area
Naples Beach — $675,000 in 3rd Qtr 2015; $618,000 in 3rd Qtr 2016 (-8% change)
North Naples — $372,000 in 3rd Qtr 2015; $378,000 in 3rd Qtr 2016 (2% change)
Central Naples — $230,000 in 3rd Qtr 2015; $245,000 in 3rd Qtr 2016 (7% change)
South Naples — $215,000 in 3rd Qtr 2015; $220,000 in 3rd Qtr 2016 (2% change)
East Naples — $270,000 in 3rd Qtr 2015; $298,000 in 3rd Qtr 2016 (10% change)
Ave Maria/Immokalee — $137,000 in 3rd Qtr 2015; $236,000 in 3rd Qtr 2016 (72% change)
Some area brokers feel that speaks volumes about how valued Naples is, while others believe it’s only a matter of time before rising inventory levels tip us into a buyer’s market.
Consumers are wrestling with a lot right now … a presidential election, a Canadian exchange rate that continues to be a problem, civil unrest, terrorism. But the bottom line is Naples buyers have more selection now and sellers who price their residence right can sell relatively quickly.
Naples home sales total nearly 9,000 in the last 12 months, and as one area broker noted, “that’s a lot of business.” And given that 40% of our market in selling within 30 days demonstrates that not only is Naples’ market still healthy, but that pricing is key.
The Naples real estate market is healthy at 6.9 months of inventory overall & historically 2016 is shaping up to be a good year.
If you are considering moving to Naples or selling your Southwest Florida home, I’d love to chat with you.
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Alysia Shivers | Naples Real Estate | 239.877.9732
https://aroundtownwithalysia.com | Facebook | Twitter | LinkedIn | Pinterest
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