07/24/2017
June Market Report Shows Hotter Sales Activity
Naples, FL. (July 23rd, 2017) - Record-breaking rain fall in June did not dampen buyer interest in the Naples housing market as evidenced in the Second Quarter and June 2017 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island). The 2Q report showed strong and steady sales activity leading into summer with a 7 percent increase in overall closed sales to 2,880 closed sales in 2Q 2017 from 2,704 closed sales in 2Q 2016, and a 9 percent increase in overall closed sales for the month of June to 907 closed sales from 832 closed sales in June 2016
The North Naples area is making a big turnaround, especially in the condominium market which had the highest pending and closed sales reported.
Despite a 12 percent increase in inventory for the $300,000 and below price category, there was a 4 percent decline in overall closed sales in this low-end price category. Interestingly, while inventory for condominiums in the $300,000 and below price category saw the highest increase (17 percent) in the 2Q of 2017, the number of closed sales for condominiums in this category did not change quarter over quarter.
Buyers struggling to find homes under $300,000 in the single family market are turning to condominiums or coach homes as an alternative. Even so, as it stands today, there is only 2.4 months worth of inventory available in the under $300,000 single-family home market, and 4.2 months worth of inventory available in the under $300,000 condominium market.
Closed sales in the $2 million and above price category are poised to remain strong through the summer as this category experienced a 30 percent increase in pending sales during the 2Q of 2017.
The NABOR® June 2017 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® June 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
At the end of June 2017, the Naples market contained 7.86 months of inventory, which is considered to be normal, indicating that the June market is neither a sellers' nor a buyers' market. Inventory has not been this robust for the month of June since 2011.