May 2016 pended sales in the Naples, Bonita Springs and Estero market posted an 8% decrease over prior year, following five months of double-digit decreases. This could signal the beginning of a trend to more robust sales, which will be closely monitored as the summer progresses.
The inventory of condos for sale in Naples, Bonita Springs and Estero is increasing more rapidly than the single-family home supply. Overall, the number of available condos is up 60% from a year ago, while single-family homes for sale in Naples, Bonita Springs and Estero is up only 23%.
The segments with the greatest increases year-over-year are single-family homes priced between $500,000 and $1 million, which are up 45%, and condos priced between $1 million and $2 million, which are up 114%. The supply of condos priced above $5 million stands at 19 units, up from 10 at this time in 2015. The only segment recording a decrease is single-family homes priced below $250,000, which are down 30%.
The decrease in closed and pended sales could be somewhat driven by inventory shortages earlier in the year. As inventory increases provide buyers with more choices and price increases remain moderate, it is likely that home sales in Naples will increase going forward. Recent history confirms how quickly an oversupply can be absorbed, and the market can change back to a seller’s market with the accompanying price increases.
Alysia Shivers | Naples Real Estate | 239.877.9732
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