The rise in showing activity in June led to an uptick in the closed sales in July, which increased 7.1% to 829 closed sales compared to 774 closed sales in July 2018. Despite a 14.8% decrease in home inventory, the overall median closed prices have not increased, according to the Naples Area Board of Realtors® (NABOR®).
“26% of the homes on the market in July had price reductions” said Jeff Jones, NABOR® President. “The number one reason a home lingers on the market is that it is priced too high. Those price reductions seemed to bring more buyers into the market.”
The late summer and early fall are a good time for a seller to list a home because there is a lot of interest from eager buyers – 17 showings per listing compared to 13 showings per listing in January, said Mike Hughes, a general manage for a local real estate firm.
Since January 2019, median closed prices have decreased 2.9%, but compared to July 2018, prices have held steady. July 2019 has a media closed price of $326,200 compared to $326.500 for July 2018. However, based on a rolling 12 month analysis, only condominiums priced above $2million have seen a substantial increase in their prices, i.e. 13%.
The NABOR® July 2019 Market Report provide comparisons of single family homes and condominium sales, price ranges, including these overall (single family and condominium) findings:
Geographically, closed sales activity was the highest in the Naples Beach area (34102, 34103, 34108) which saw a 25% increase in overall closed sales and a 40% increase in single family home closed sales compared to July 2018. Interestingly, the median close price for condominiums in the Naples Beach area increased 27.1% to $632,500 from $497,000 in July 2018.
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