Naples Market Report | November 2018
November Housing Market Report Shows Activity Heating
Home sales in November increased by double digits across every price category resulting in an overall increase of 24% compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12% to 5,971 homes, according to the November 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
“The November report shows greater balance in the market which is propelling strong performance,” said Budge Huskey, President, Premier Sotheby’s International Realty, who added that the 24% increase in overall closed sales for November is “significant because it reflects our recovery from the hurricane last year.”
The $0 to $300,000 single-family home market had the most impressive activity in November where inventory rose 38% and closed sales increased 30% compared to November 2017. This section of the market also saw its median closed price hold steady at $250,000.
“New home construction in the lower price tiers is rushing to meet the needs of buyers and it’s building our inventory in much needed areas within eastern Collier,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. The November market report supports Hughes’ claim as the East Naples area (34114, 34117, 34120 and 34137) saw the highest number of closed sales for single-family homes – 105 – with another 121 sales pending.
According to Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, activity in the $0 to $300,000 price category is rallying in Collier. “Inventory under $300,000 consumes over half of the available condominium inventory. It had the highest inventory increase [38 percent] in the single-family home market too. The November report shows our inventory levels are just about even between condos and single-family homes now.”
“We haven’t seen this level of inventory going into season in six years,” said NABOR® President Jeff Jones, Managing Broker for Engel & Völkers Naples and Bonita Springs offices. “Plus, days on market is cascading downward which is a sign of better pricing. The trend to price homes to sell is clearly taking hold and it’s definitely making a difference in overall sales numbers. Visitors will be impressed at the choices and stable prices this season.”
Broken down geographically, Collier’s housing market in November had some interesting pockets of activity. For example, median closed prices decreased 19% in the Naples Beach area (34102, 34103, 34108); but increased 12% in the North Naples area (34109, 34110, 34119). There was a 90% increase in closed sales of condominiums in East Naples (34114, 34117, 34120, 34137), which brokers attribute to an increase in new construction of town-home developments east of Collier Boulevard. And single-family homes in Central Naples (34104, 34105, 34116) sold the fastest with an average 66 days on the market from listing to closing.
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View NABOR® Market Statistics here.
Taber Tagliasacchi, P.A. | Taber@TaberNaples.com | 239.287.0777