The median closed price of homes decreased 5.6% from $360,000 in March 2018 to $340,000 in March 2019. This was due in large part to an increase in the amount of inventory in our area. An increase in the number of closed sales for homes priced under $500,000 occurred during the last year. The overall closed sales decrease 1.7% to 973 in March 2019 compared to March 2018. The condominium market had the same number of closed sales from March 2018 compared to March 2019. The decrease occurred in the sales of single family homes.
Sellers received 95.3% of the final list price in March, which leads to the idea that that trend will continue into April. Inventory during the first quarter of 2018 included many homes that were taken off the market for repairs following Hurricane Irma which occurred during the last quarter of 2017. The inventory was tight during that time, which created more urgency to buy says a local broker. This year, buyers were able to spend time looking around more and were able to view a lot of new construction. About 19% of the single family close sales in March were new construction.
Geographically, the media closed priced for condominiums in the Naples Beach area increased 13% to $805,000 in March 2019 compared to $711,500 in March 2018. The largest increase in single family home closed price was in South Naples. It increase 2.6%, $410,000 in March 2019 from $400,000 in March 2018.
Contact HOUSEofNaples.com at 239-784-7844 to discuss the Naples market or to receive an in depth analysis of your home. We look forward to working with you.