November Real Estate Sales Report For Naples Bonita Estero And Marco Island
INCREASING INVENTORY & MONTH'S SUPPLY
Of the 30 neighborhoods that we monitor for single family homes, 17 now have supplies that are at one year levels or above, with several above the two-year level. For condos, only 6 of 25 monitored neighborhoods are at one year levels or above, and none are above the two-year level. Our neighborhood snapshot reports tell a very clear story about the increasing inventory and months-of-supply in key Southwest Florida markets.
NAPLES, Bonita Springs/ESTERO
During the 12 months ending October 31, 2016, the Naples, Bonita Springs and Estero markets had a total of 11,528 closings, which is 13% lower than the prior 12-month period when there were 13,258 closings. The price segment between $500,000 and $1 million remained relatively stable, showing less than a 3% decrease. The overall year-to-date closed sales were also down slightly at 9,749 vs. 11,314 YTD 2015. This represents a 14% sales pace reduction from last year. Closed sales priced above $2 million fell 23% year-to-date when compared to the same period in 2015 and during the past 12 months, sales in this price category are down 18% (385 vs 472).
Available inventory on November 1, 2016 for the Naples, Bonita Springs and Estero markets consisted of 6,537 units, up from 6,081 units last month reflecting a 31% increase over November 1, 2015. During the 12 months ending October 31, 2016, there were 20,124 new listings added to this market, which is an 8.8% increase over the same 12-month period in 2015.
Average and Median Sales Price
Average price of closed sales in the Naples, Bonita Springs and Estero market during the month of October was slightly lower year-over-year, while the median closed price is up 4% for the month. The average sales price over the past 12 months remained approximately the same as the prior 12 months at $519,491, while the average price of sales above $2 million fell 4.7%, from $3,872,674 to $3,691,985.
During the 12 months ending October 31, 2016, the Marco Island area had 827 closings, down from 992 closings for the same period last year. For year-to-date closed sales, there were 713, down from 868 during the same period in 2015.
Available inventory on November 1, 2016 for the Marco Island market consisted of 662 units compared to 629 units last month. During the full 12 months ending October 31, 2016, there were 1,514 new listings added to the Marco Island market, which represents a 10.8% increase over the same period last year when there were 1,366 new listings added.
Average and Median Sales Price
The average price of closed sales in the Marco Island market during the month of October remained consistent with October 2015, decreasing less than 2%, while the median price for the month increased 5%. The average sales price over the past 12 months also remained stable at $726,000 vs. $738,000 a year ago.
Rowan Samuel has lived many lives. Originally from Zimbabwe (Rhodesia), he and his family immigrated to the U.S. in 1980 to escape the brutal Mugabe regime - they lost everything when they came to Am....