Increases in inventory for both the single-family and condominium home market in February offer many new opportunities to Naples home buyers and indicate a trend toward a more balanced market, according to broker analysts who reviewed the February 2016 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
Here’s a closer look at how real estate in Naples played out in February 2016.
“After two years of rapid sales, it looks like the Naples area real estate market is going through a natural correction process to a balanced market,” said Rick Fioretti, NABOR® President. “The February Market Report showed 6.85 months of inventory in the Naples area. However, as identified by Cindy Carroll, (SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc.) the Naples area market is still relatively seasonal so we would prefer to see 12 months of inventory to feel completely balanced.”
“Buyers are educating themselves and taking time to look for deals,” said Fioretti. This comment was confirmed by other broker analysts reviewing the February report; many of whom said they are seeing an increase in sellers decreasing their listing prices to stimulate sales. This results in buyers finding more appealing opportunities.
• Year-to-date closed sales posted a 17% decline over the first two months of 2015. Two segments accounts for the bulk of the decline — properties priced below $250,000 were down 34%, and those priced between $750,000 and $1 million were down 38%.
• The number of closed sales priced above $2 million fell 13% year-over-year, representing 10 fewer sales than the same period in 2015.
• Available inventory on March 1, 2016 consisted of 6,847 units, up 13% from 6,041 units in January, and 27% above the 5,400 properties available for sale on March 1, 2015.
• During the first 2 months of 2016, a total of 4,722 new listings were placed on the market, representing a 16% increase over the same period in 2015.
AVERAGE AND MEDIAN SALES PRICE
• The median price of closed sales year-to-date increased 10.8% over the prior year to $327,000, while the average closed price is up 9% to $585,861.
• Average sales price for properties priced above $2 million increased 4.3% over the past 12 months, from $3,686,426 to $3,844,954.
If you are considering moving to Naples or selling your Southwest Florida home, I’d love to chat with you.
Alysia Shivers Realtor | Naples Florida Real Estate | 239.877.9732
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