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.
Source – John R. Wood Properties
NAPLES, BONITA SPRINGS AND ESTERO
- The number year-to-date closed sales for 2018 rose by 3.9%, with 9,840 closings compared to 9,467 for the same period in 2017.
- With 440 closings year-to-date compared to 370 for the same period in 2017, the number of sales priced above $2 million for 2018 have increased by 18.9%.
- Down 5.5% from the same period last year, a total of 18,436 listings were added to the market during the 12 months ending September 30, 2018.
- Available inventory on October 1, 2018 consisted of 6,410 units compared to 6,156 units a month ago and 5,807 as of October 1st last year. It should be noted that 2017 October inventory was significantly lower due to Hurricane Irma which occurred in mid-September.
Average and Median Sales Price
- The average price for closed sales over the 12-month period ending September 30th increased by 6.1% when compared to the same period last year. The median sale price rose by 3.3%.
- The 12-month average for closings over $2 million declined 3.3% to $3,713,852. The year-to-date average sales price in this category remained static with 2017.
- With 683 closings year-to-date, Marco Island sales are steady with those of 2017, showing a .3% increase.
- During the 12 months ending September 30, the Marco Island area had 855 closings, down 2.8% from the same
period last year when there were 880 closings.
- Available inventory as of October 1st consisted of a total of 578 units, a 4.9% drop compared to 608 units at the same time last year.
- During the 12 months ending September 30th, a total of 1,284 listings were added to the Marco Island market.
This is 6.8% fewer than were added during the same period last year when 1,377 new listings entered the market.
Average and Median Sales Price
- Due to several beachfront sales in August, the monthly average closed price for September declined. However, longer term averages tell a different story. The year-to-date average closed price increased 14.4% over 2017 and the rolling 12-month average rose 11.8%.