Southwest Florida Real Estate Update For 2018 Annual Market Review

Dated: 02/11/2019

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Southwest Florida Real Estate Update 
 2018 Sales Data for SW Florida Homes & Condos

NAPLES, BONITA SPRINGS AND ESTERO  ANNUAL MARKET REVIEW

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Closed Sales
The overall number of closed sales increased compared to 2017, up 6% from 11,872 to 12,599.  Properties priced at $1 million and above increased 19% over 2017 with 1,388 sales versus 1,169 in 2017. Properties priced at $5 million and above posted a 26% increase, with 88 closings in 2018 compared to 70 in 2017.

Inventory Levels and New Listings
During the second half of the year, following twelve months of modest year-over-year decreases in available inventory, inventories started to grow when compared to the prior year. Despite that fact, months of supply held between 6.1 to 8.1 months over the course of the year, reflecting continued balanced market conditions. As of January 1st, the market remains in check with 7.7 months of available inventory. The number of new listings placed on the market in 2018 was down 3.9% from 19,307 to 18,556. Even with this decrease in new inventory, the number of total available listings compared to a year ago has risen by 18%, from 6,822 to 8,027. The supply of condominiums increased 15% while single family home supply increased 20% over the same period last year, each still showing balanced months of inventory at 7.8 and 7.5, respectively.

Pended Sales
The overall number of sales pended during the year was up by 6.5% to 16,251. This increase was mainly due to growth in the $1,000,000 to $2,500,000 price range, while other price categories reflected fewer pending sales when compared to the prior year. It is important to note that not all pended sales close.  However, this benchmark, along with current inventory has proven to be the best leading indicator of market direction.

Summary
In summary, closed sales volume in Naples, Bonita Springs and Estero has posted two years of YoY growth, and median price continues to increase, albeit at a rate slower than prior years. Months of supply reflect balance between the number of active listings and the pace of sales. However, inventory has increased for both single family and condominium product while new listings are generally down, indicating longer market exposure for existing listings. Considering these emerging trends, as well as a supply of new homes not reflected in this report, resales could experience challenges in some areas.

Annual Market Review December Market Stats  

 For more information or to search for specific Naples area listings, visit www.realestateinnaplesflorida.net
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Rowan Samuel

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....

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