The trend of increasing inventory, slower sales, and more moderate price increases continues. Almost all of the neighborhoods posted an increase in available supply, and some are at their highest levels in many months. All of this bodes well for buyers, who now have more choices than a year ago. We anticipate a busy summer, and sellers who are priced appropriately to the current market in their area are likely to attract buyers.
Here’s a closer look at how real estate in Naples played out in March 2016.
• The slight decrease in the number of closed sales over the past 12 months is largely due to decreases in the $250,000 market, which is down 24%. Sales in all other price segments increased over the prior year during this period with the exception of properties priced above $2 million, which declined by less than 3%.
• A total of 2,561 sales closed during the first quarter of this year versus 3,176 during first quarter 2015. The only category showing an increase over prior year were properties priced between $500,000 and $750,000, which were up 5%. Properties priced below $250,000 and those above $5 million posted the largest decreases in the number of sales, down 34% and 36% respectively.
• The number of new listings placed in inventory during the first quarter is up 12% over the same period last year, 6,741 versus 6,016. Over the past 12 months, new listings are up 4% compared with the prior 12-month period.
• Available inventory in the Naples, Bonita Springs, Estero combined markets on April 1, 2016 consisted of 6,961 units, up from 6,847 units in March, and 5,179 units a year ago, a year-over-year increase of 34%.
AVERAGE AND MEDIAN SALES PRICE
• Average sales price during the first quarter was $556,482, an increase of 4% over first quarter 2015
• Average price of properties above $2 million increased 3.8% over the past 12 months, from $3,709,916 to $3,852,016.
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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