1st Quarter 2018 shows strong market activity to kick off a strong year. Closed Sales in March ended on an high note.
Pending Sales increased 3% to 3177, as compared to 3097 for end of 1st Quarter 2017. As was quoted in the Napes Area Board of Realtors report:
“The NABOR® First Quarter 2018 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® First Quarter 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES 1Q 2017 1Q 2018 CHANGE (percentage) Total homes under contract (pending sales) (quarter/quarter) 3,097 3,177 +3 Total closed sales (quarter/quarter) 2,205 2,306 +5 Median closed price (quarter/quarter) $330,000 $370,000 +12 Median closed price >$300K (quarter/quarter) $510,000 $575,000 +13 Total active listings (inventory) 6,389 6,112 -4 Average days on market 95 95 0 Single-family closed sales (quarter/quarter) 1,059 1,050 -1 Single-family median closed price (quarter/quarter) $410,000 $448,000 +9 Single-family inventory 3,236 2,964 -8 Condominium closed sales (quarter/quarter) 1,146 1,256 +10 Condominium median closed price (quarter/quarter) $270,000 $299,000 +11 Condominium inventory 3,154 3,148 0
Broker experts analyzing the reports said most counties in Florida continue to see inventories decline, but the Naples area experienced a steady rise over the past few months.”
There was a 109% increase in Condo Sales priced over $2 million. We have to be cognizant that these extremely high numbers reflect the Pre-Sales figures for the new development in North Naples, Kalea Bay, which had its CO (Certificate of Occupancy) early in 2018 and let to “Closings” on home sales secured over a two year period. This anomaly doesn’t reflect comparable market activity.
In other new construction news, many sellers of speculative single-family homes that have been on the market for over two years in neighborhoods like Park Shore and the Moorings began to set more realistic list prices this past quarter, which resulted in more sales in the high-end, single-family home market.
“Overpriced homes don’t sell,” said local broker Doug Jones. “In fact, I think sales during January and February could have been better had many of these sellers set their prices realistically earlier. It wasn’t until March that I began to see an uptick in price decreases in the MLS for many of these speculative homes, and then those sellers saw multiple offers from buyers who had been holding out.”
If you are looking for a new home or wish to sell your current home, please contact us here at houseofnaples.com. We’d be happy to meet with you start working together on your housing need.
Click below for an infographic on 1st Quarter 2018: