Naples, Fla. (May 25, 2018) - According to the April 2018 Market
Report released by the Naples Area Board of REALTORS® (NABOR®),
which tracks home listings and sales within Collier County (excluding
Marco Island), Collier County enjoys a 7.76 month supply of inventory
compared to a 4-month supply nationally. This is great news for Naples
REALTORS® as they transition from a very busy high season to what
broker analysts believe will be a very strong summer.
"Summer buyers are going to be very happy this year because
there will be plenty of choices," said Mike Hughes, Vice President and
General Manager for Downing-Frye Realty, Inc. "Inventory growth has
been good across all price ranges and geographic territories."
According to Cindy Carroll, SRA, with the real estate appraisal
and consultancy firm Carroll & Carroll, Inc., the rate of inventory
loss is declining and she predicts the Collier housing market will
become even more stable before the end of the year. Carroll considers
a 12-month supply of inventory a stable market for Collier County.
Nationally, a stable market is reflected as having a 6-month supply
Even though April's inventory fell 2 percent to 5,793 from 5,920 in
April 2017, it's actually rebuilding from an annual low of 4,608
properties in inventory at the end of September 2017.
"The reality is, the real estate market is doing much better this year
than in 2017," said Hughes, considering the 2018 statistics includes
the period of time when Hurricane Irma stalled home sales activity for
nearly six weeks starting in September (and as reflected in the
4Q 2017 Market Report).
Condominium inventory grew 2 percent in April to 3,003 units, over half
the entire market, from 2,934 units in April 2017. The $300,000 and below
price category experienced the highest increase in inventory (7 percent)
to 1,472 units from 1,378 units in April 2017. Pending and closed sales
of condominiums in this low-end price category were also strong, with
a 17 and 14 percent increase, respectively. Interestingly, the median
closed price of condominiums in April dropped 8 percent to $271,000
rom $296,000 in April 2017.
"Sellers are pricing properties to sell and it shows," said Adam Vellano,
West Coast Sales Manager, BEX Realty - Florida.
Carroll agreed and added, "The market for homes above $1 million
is hot. If we can maintain current inventory trend levels - and I think
we can - then sales of properties in this price point will be strong for
at least a couple of years."
Overall closed sales increased 8 percent (month over month) in
April to 978 properties from 902 properties in April 2017. And just
like the first three months of the year, the high-end of the market
continued to outpace other price categories tracked by NABOR® in
April. As shown in the report, the number of closed sales of homes
between $1 and $2 million increased 34 percent, while closed sales
of homes over $2 million increased 15 percent in April.
"Closed sales of single-family homes in April were up 11 percent with
an increase in every price category except the $300,000 and below
range, where there are only 300 single-family homes on the market,"
said Brenda Fioretti, Managing Broker at Berkshire Hathaway
HomeServices Florida Realty.
The NABOR® April 2018 Market Report provides comparisons
of single-family home and condominium sales (via the Southwest
Florida MLS), price ranges, and geographic segmentation and
includes an overall market summary. The NABOR® April 2018
sales statistics are presented in chart format, including these overall
(single-family and condominium) findings:
|April 2017||April 2018||CHANGE|
|Total homes under contract (pending sales) (month/month)|
|Total closed sales (month/month)||902||978||+8%|
|Median closed price (month/month)||$355,000||$365,000||+3%|
|Median closed price >$300K (month/month)||$525,000||$525,000||0%|
|Total active listings (inventory)||5,920||5,793||-2%|
|Average days on market ||97||95||-2%|
|Single-family closed sales (month/month)||404||450||-11%|
|Single-family median closed price (month/month)||$419,000||$455,000||+9%|
|Condominium closed sales (month/month)||498||528||+6%|
|Condominium median closed price (month/month)||$296,000||$271,000||-8%|
Geographically, real estate activity was strong across the entire
county, but closed sales of single-family homes in South Naples
were most remarkable with a 51 percent increase to 62 closed sales
in April 2018 from 41 in April 2017.
"North Naples was also a shining star in April," said Fioretti. "Even
hough inventory was down 8 percent in this geographic area, its
year over year pending sales increased 9 percent, the highest of
all geographic areas tracked. And its closed sales increased 13
percent year over year too."
April's month over month activity was even more impressive in the
North Naples area, as reflected in a 26 percent increase in closed sales.
Similarly, the median closed price of condominiums in North Naples
dropped 14 percent in April to $258,000 from $300,000 in April 2017.
As always if you have any question about our Real Estate Market
in South West Florida please reach out to me by e-mail or by calling
239.404.7787. I look forward to working with you!
I hope you have a fantastic weekend!
Michelle J. DeNomme, REALTOR, GRI
Cellular Phone I 239.404.7787
Berkshire Hathaway HomeServices Florida Realty
E-Fax Number: 239.236.5550
Office Address: 621 Fifth Avenue South Naples, Florida 34102
Member Of Naples Board Of REALTORS
Member Of Florida REALTORS
Member Of National Association Of REALTORS
Graduate Of REALTOR Institute (GRI)