Closed sales of properties during August increased 5 percent to 719 homes from 685 homes in August 2017 according to the August 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Inventory during August also rose by 2 percent and was driven by a surge of 218 more properties added to the market in the two lowest price categories reported, compared to August 2017.
Most of the new inventory in August appeared in the single-family home market for properties below $500,000. Yet interestingly, closed sales during August were driven by activity in the condominium market, which experienced a 21 percent increase.
It still appears that the upper end continues to drive our market.
As such, pending and closed sales of properties above $1 million increased by double digits, year over year ending August 2018.
As to whether heightened Red Tide activity affected the Naples housing market in August it appears that there were only 14 fewer pending sales in August compared to last year.
But then again, Naples was not as affected by the Red Tide as were other areas of Fort Myers Beach and up the west coast.
Overall pending sales in August fell 3 percent; but pending sales of condominiums in the $500,000 to $1 million price range soared 28 percent in August. And pending sales for single family homes above $300,000 increased as well, with an impressive 62 percent increase for single family homes in the $2 million and above price category.
Overall median closed prices fell 3 percent in August to $319,000 from $328,000 in August 2017, and it fell 13 percent for properties above $300,000 to $446,000 from $510,000 in August 2017. The only place prices increased was in the $500,00 to $1 million condominium market, which saw a 13 percent increase to $672,000 from $595,000 in August 2017. Geographically, the median closed price increased 16 percent for homes in the South Naples area. This increase was reflected in a combined 37 percent increase in the single-family home market and 21 percent increase in the condominium market.
If you would like to look at all of the statistics for August 2018 in chart form
What does this all mean?
It means that the upper-end and condominiums are driving the market.
I believe this is because with many of the higher-end properties, they are not only well-appointed condominiums with views of the Gulf of Mexico, but they offer numerous amenities.
There has been a real shift over the years.
People no longer want to find a home or condo, they want to find a “lifestyle” that fits their needs and then find the home or condo within that lifestyle.
As far as why the median closed prices and the amount of sales in South Naples are up, is because the price of land in South Naples is less than in North Naples.
Therefore, homes are priced lower.
I recently went with a couple who was looking in Naples for a brand new 3 Bedroom & Den, 2-3 bath home.
Builders in North Naples offering the same product (model & lot size & view) as in South Naples, were priced $40,000 to $50,000 more than in the South.
And what do new builder’s do?
They raise the price $5000 to $7000 every 6 to 8 weeks.
All of this makes sense with the statistics that we are seeing in South Naples.
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Also, if you don’t feel like searching for properties, feel free to contact me directly at 239-293-3592 or at Robert@NardiRealty.com
and I can set-up a search in our MLS portal.
So that anytime a similar property comes on the market, you’ll be immediately notified.
Wishing you an amazing fall season with pumpkin & apple picking, the beauty of the colors of the leaves changing on the trees and the cooler temperatures.