Naples Real Estate
January 2016 Market Report
Home sales in Naples slipped in January when compared to a year ago. Year over year, pending sales dropped 23 percent in January, to 847 from 1,103, while closed sales were down 11 percent, to 571 from 645.
Here’s a closer look at how real estate in Naples played out in January 2016.
Despite the slowdown in sales, home prices continued to rise to a median of $340,000 in January from, an 8 percent bump up from $315,000 in the prior year.
Single-family homes saw the biggest increase in prices, to $425,000 from $372,000, a 14 percent rise. Condo prices rose more modestly, up 5 percent to $278,000 from $265,000.
As has been the case for months, prices rose most dramatically in the under-$300,000 price range, up 21 percent to $217,000 from $180,000.
Pat Pitocchi, past NABOR president, noted that concern about the economy dampened the home buying enthusiasm that has been at play for many months. “We felt the craziness of the stock market and oil prices — they sent shivers through the [housing] market,” she said. “People said, hey, wait a minute, let’s stop and think.”
• Closed sales during the 12 months ending January 31, 2016 were approximately the same as the prior 12 months, down less than 2%.
• January closings were down 13% from January 2015 but posted the 3rd highest January on record.
• The number of January closed sales priced above $2 million remained strong, up 14% over the same period in 2015. During the past 12 months, sales in this price category are up 11.5% (486 vs 436).
• Available inventory on February 1, 2016 consisted of 6,041 units (2,706 condominiums and 3,335 single family homes). This represents a 12% increase over February 1, 2015 and 5.6 months of supply.
• During the 12 months ending January 31, 2016, there were a total of 16,535 new listings added to the market which is 10% less than the same period in 2015.
AVERAGE AND MEDIAN SALES PRICE
• Average price of closed sales during the month of January increased 15.3% year-over-year, while median closed price was up 9.2%.
• Average price of sales above $2 million increased 5.4% over the past 12 months, from $3,649,933 to $3,846,897.
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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