Posted on Tuesday, October 30, 2018
If there is one thing to take away from the Naples real estate market in September it is this; even with many more homes on the market due to returning seasonal residents, supply is still tight to support further price increases. A nice start to season!
Now let’s take a look at what we see this month!
The average Naples home sale was $761,000 last month
2,695 properties sold in the last 120 days – up from last year
Pending sales are now stable after slowing in the off season
Days on market stabilized at 67 days
Luxury is slowing again with 18 months inventory
Here is a great informational graphic … you can see some changes this month like improved days on market.
Our readers know all real estate is local so let’s look at some specific Naples areas. Remember as a “rule of thumb” inventories may be indicative of future prices – below 12 months prices rise, above 12 months prices drop or so the theory goes. Here are the inventory levels and the month over month trend.
Olde Naples 16.84+ expect downward price pressure
Pelican Bay 9.89+ expect support for price increases
Windstar On Naples Bay 23+ expect downward price pressure
Crayton Road 10.6+ expect support for price increases
Royal Harbor 9.5+ expect support for price increases
Port Royal and Aqualane Shores 19.25 expect downward price pressure
Marco Island 11.67 neutral to price movements
One important comment on Marco Island, if you are in the single family home sweet spot between $500,000 and $2,000,000 expect a lot of support for price increases … inventory is only 7+ months!
What is the point in all this inventory stuff? Well the point is inventories differ widely by neighborhood, and so should prices in the short term. Buyers and sellers should do their homework and price accordingly!
Please give us a call if you are considering buying, selling or renting – or just to provide more facts. We would love to listen to you and help.
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