The Naples real estate market remained active with 884 closings during the month of August. Despite the fact that this represents a 10% decline from August 2015, it was still among the busiest on record for what is normally one of the slower months of the year.
Newly pended sales for the month were relatively consistent with prior year, down only 3%, from 1,213 closings in August 2015 to 1,177 this year.
With inventory levels at approximately six months of supply, based on closings over the past 12 months, and prices that have remained stable, we can conclude that we are still in a balanced market at the present time.
That means that it’s a great time for buyers because choices are greater than they have been in the past; and also a great time for sellers because the demand remains healthy.
During the 12 months ending August 31, 2016, the number of Naples real estate sales totaled 11,713, 12% lower than the prior 12-month period when there were 13,280.
Year-to-date closed sales for Naples, Bonita Springs and Estero were 8,068 at an average price of $529,228 versus 9,448 at an average price of $529,539 year-to-date 2015. Overall, this represents a 15% decrease in the number of sales with prices remaining stable.
Naples homes priced above $2 million year-to-date fell 23% for the Naples, Bonita Springs and Estero market, when compared to the same period in 2015. During the past 12 months, sales in this price category are down 14% (399 versus 462).
Available inventory on September 1, 2016 for the Naples, Bonita Springs and Estero market consisted of 5,839 units, down from 5,991 units last month and up from 4,198 units a year ago.
During the 12 months ending August 31, 2016 there were a total of 19,736 new listings added to the Naples, Bonita Springs and Estero market which is 6% more than the same period ending in 2015.
AVERAGE/MEDIAN SALES PRICE
The Naples average sales price during the month of August was the same year-over-year, while median closed price is up 6.7%.
Average price of sales above $2 million has remained approximately the same over the past 12 months, decreasing less than 2% to $3,793,159.
If you are considering moving to Naples or selling your Southwest Florida home, I’d love to chat with you.