The number of sales in the third quarter were up considerably across all markets when compared to the same period last year. This may be partly due to some of last year’s closings having been delayed due to Hurricane Irma; however, overall trends indicate that favorable market conditions in Southwest Florida played a larger role in this increase.
The median price of a single family home was up across all markets. Median pricing for condos increased in Bonita but fell just slightly in Naples and Marco at 1.1% and 2.7%, respectively. In a balanced market such as ours, some pricing fluctuation is to be expected.
Months of supply for both condos and single family homes on Marco Island decreased, reflecting the overall trend in that market. Bonita condos also showed a drop in supply; however, single family homes in both Bonita and Naples experienced an increase compared to the same period last year. This increase is partly a reflection of listings in those markets having been temporarily taken off the market just after Hurricane Irma. Now that a full year has elapsed since the storm, we can see that Irma’s impact on our market was both temporary and minimal. This is a remarkable testament to the speedy post-storm recovery in our area, as well as the positive state of our real estate market.
We are looking ahead to another strong sales season.