Home sales in the Naples area increased for November year over year, according to November 2017 market reports recently released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within all of Collier County (except Marco Island. The Bonita Springs-Estero Association of REALTORS® reported an increase of 29.7 percent for new pending sales, an increased number of listings, and an increase in closed sales for several price categories, despite a decrease in the overall number of closed sales for the area.
Overall home sales for the Naples area increased by 3 percent in November year over year, according to the November report. The report also showed increased activity for the single-family home market where sales of properties priced above $300,000 increased by double digits. Local brokers reviewing the activity of the market for the month expressed that they were satisfied with the closed sales activity for the high-end market, which showed a 21 percent increase in single-family home sales and a 22 percent increase for condominium home sales in the $2 million and above price category.
For the single-family home sector, the Bonita Springs-Estero market showed a 16.7 percent increase for home sales in the $150,000 – $199,999 price range, a 100 percent increase for home sales in the $200,000 – $249,999 price range, a 9.1 percent increase for home sales in the $250,000 – $299,999 price range, and a 5.3 percent increase for home sales in the $300,000 – $399,999 price range. The townhome and condominium home market in the Bonita Springs-Estero market showed an increase of 7.1 percent year over year for closed sales.
The reports show that November was a good month for both buyers and sellers, as sellers are pricing homes to sell and buyers are responding positively and quickly, especially due to continued tightness with inventory.
The November Market Report for the Naples are showed the overall median closed price increased by 9 percent to $330,000 for November 2017 in comparison to $303,000 in November of 2016, and overall pending sales in November increased to 728 compared to 713 last year. An even more dramatic improvement – pending sales for homes valued at the $1 to $2 million price range increased by 30 percent in November to 61 from 47 in November of 2016. There were 116 cash transactions for properties listed in the under $300,000 price range, which was higher than what was anticipated and may be an indicator that a higher number of investors are returning to the market.
The Naples area report also showed a 12 percent decrease in single-family inventory during the month of November, which led to a 9 percent increase in the market value for single-family homes. The Naples Beach area saw a 28 percent increase in its median closed price, from $762,000 in November 2016 to $975,000 in November 2017. The luxury market is seeing a lot of positive movement – November showed a dramatic 63 percent increase in pending sales for single-family homes priced over $1 million. This is a clear sign that high-end buyers continue to find the Southwest Florida area an appealing location for investment.
The median closed price for the Bonita Springs-Estero area decreased by 5.3 percent to $355,000 for November 2017 in comparison to $375,000 in November 2016. The average sale price for homes in the area decreased by 10.3 percent to $436,084 from $486,014 in November 2016. The number of cash sales for single-family homes in November 2017 increased by 25.8 percent year over year and the number of cash sales for townhomes/condominium homes increased by 10.8 percent for November 2017 in comparison to November 2016.