Third quarter tends to be a mixed bag for Naples real estate. It’s generally a time when sellers, who did not sell during season, take their homes off the market to ride out the so-called quiet summer months. Hence, our inventory of homes for sale tends to shrink.
“Decreases in inventory are customary this time of year,” said Phil Wood, president and CEO of John R. Wood Properties. “And increases in inventory preceding winter season are customary, too. But the low inventory is not because there was a deficit of buyers. This is apparent in the consistently high number of showings during the summer and better closed sales numbers compared to last year.”
And it’s true. Sales of Naples homes for the third quarter 2019 increased 14.2% from 2,755 to 3,147, while sales over the past 12 months also rose by 5.4% when compared to the preceding 12 months, from 12,328 to 12,999.
Single-family sales over the past 12 months were up across all market areas, but Naples condo sales were mixed.
Median closed prices remained stable during the third quarter. In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7% decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed sale price in January 2019 was $325,000.
Inventory of Naples homes for sale as of October 1, 2019 reflected 6,115 available properties, a 4.6% decrease from 6,410 listings as of the same date last year. Months of supply also decreased by 9.5% from 6.24 to 5.65. Breaking that down further, single-family homes’ months of supply decreased in Naples and Bonita/Estero, while condos remained static in those areas.
The combined Naples, Bonita, Estero market has moved in a positive direction since a year ago. The overall pace of sales is up, while inventory is down. Months of supply has been posting slow and steady decreases over the past several months and is now at a very healthy 5.65 months.
If you are considering moving to Naples or selling your Southwest Florida home, I’d love to chat with you.