Reports indicate a boost in sales at the end of the season for homes in the Naples housing market priced within the $300,000 to $500,000 price range, according to the April 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which reports home listings and sales for all of Collier County (except Marco Island). Sales activity for all homes in the $300,000 to $500,000 price range continued to outdo all other price ranges during the month of April. Overall closed sales for the month of April declined 5 percent, but the number of closed sales for homes in the $300,000 to $500,000 price range increased by 14 percent, indicating the price range that is in highest demand amongst homebuyers in the Naples area.
Sales for homes in the $2 million and above price range increased by 41 percent. Overall inventory rose to 8 percent year-over-year from 5,480 homes in April 2016 to 5,920 homes in April 2017. There was a significant increase of 35 percent in the $2 million and above price range for condominium homes in April, though the inventory for homes decreased by 470 homes to 6,390 homes from March 2017 to April 2017.
Residential real estate professionals reviewing the April Market Report discussed the number of homes that remain priced above market value and how that is resulting in an increased average number of days on the market. The average days on the market was 97 for April 2017 – a 35 percent increase from 72 days in April 2016. There are a number of new construction homes on the market, which adds competition, and should be taken into account when pricing a home for sale.
Data indicates overall prices in the Naples area have remained relatively stable over the last 12 months, while median prices for homes in the $300,000 and below price range have increased in the 12-months ending in April 2017 from $207,000 to $219,000. Price categories above $300,000 have actually seen slight declines. Eastern Collier County, where options in the entry-level and more moderate price ranges exist, notably saw a 17 percent rise in closed sales from 104 single-family home closed sales in April 2016 to 122 single-family home closed sales in April 2017.
Both March and April activity in the Naples housing market have residential real estate professionals entering the summer months with a positive outlook.