Posted on Monday, April 29, 2019
If there is one thing to take away from the Naples real estate market it is this; another strong tourist season sold homes but supplies climbed and prices pulled back slightly. Over the last few months we’ve seen some slowing – nothing major, sharp or significant, just a slow and slight pull back. The same story really as last month.
Let’s take a look at the highlights
- Average Naples homes sales decreased slightly again last month from $605,108 to $592,758 following a four month trend
- Condo prices were up this month – reversing a three month trend
- Inventories are at 8 months and supportive of future price increases
- Pending sales also slowed down 12% typical of season end
- Days on market is at 70 days – a relatively good selling speed
- Luxury property inventories remain elevated at 17.44 months
What is the real force behind Naples real estate? Natural demand. People continue to move to Florida, Collier County and Naples. Census data show continuing population migrations here. In addition, several national surveys show Naples as the healthiest city in the country AND one of the best places for young families to relocate with accelerating wages and opportunity. Please see our blog entires at NaplesBestAddresses.com for more details here. The main point is this … the Naples real estate market is strong because people are moving here.
Let’s take a look at individual areas around Naples. There are important variations in sales trends and it benefits our buyers and sellers to know specific trends. The numbers reflect current inventory or supply levels. A “+” or “-” reflects an increase or decrease in inventory over last month. Twelve months inventory is considered “equilibrium” with no short term price changes. Lower inventories should produce higher future prices, higher inventory prices could cause prices to fall in the short term.
Olde Naples 12.65 – expect price equilibrium
Pelican Bay 9.9 – expect support for price increases
Windstar On Naples Bay 7.33 – expect support for price increases Crayton Road 9.45 – expect support for price increases
Royal Harbor 16.80 – expect downward price pressure
Port Royal and Aqualane Shores 11.08 – expect downward price pressure
Marco Island 11.08+ expect price stability
What is the point in all this inventory stuff? Inventories differ widely by neighborhood, and so should prices in the short term. Buyers and Sellers should do their homework and price AND market and submit offers accordingly!
Please remember new construction provides wonderful opportunities for buyers and we helped many families purchase in these communities. Construction is still booming here which causes some downward price pressure in resales due to competition. Talked to us about comparison between new construction and resales. We would be happy to help you sort it out.
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.