The Naples area housing market ended 2018 with impressive annual activity statistics in all areas of the residential real estate market.
There was an 11 percent increase in total closed sales and a 14 percent increase in inventory compared to 2017. Sales of homes over $1 million continued to drive the market in 2018, especially in the condominium market where closed sales of condominiums over $1 million increased 37 percent! According to the Year End 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory at the end of 2018 was the highest on record in six years.
"Prices held steady in 2018 with just a 3 percent increase in median closed price," said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. "However, for homes over $300,000, the median closed price actually decreased 1 percent."
Upon reviewing the YE 2018 Market Report, Fioretti concluded that there are many positive trends for both home buyers and sellers in 2019. The top 5 positive trends for home buyers and sellers are:
Single-family homes in the Naples Beach area (34102, 34103, 34108) reported the highest median closed price increase (14 percent) in 2018 compared to 2017. But that's most likely due to closed sales of a few multimillion homes that took place last year including a $48.8 million transaction in June for a home in Port Royal.
Conversely, closed sales of single-family homes in the Ave Maria/Immokalee area increased 233 percent to 143 homes in 2018 compared to 43 single-family homes in 2017. Median closed prices for single-family homes in the Ave Maria/Immokalee area decreased 4 percent to $245,000 in 2018 compared to $255,000 in 2017. This area also reported the highest increase in single-family inventory (40 percent) among all geographic areas tracked, the single-family home inventory in Central Naples (34104, 34105, 34116) increased 38 percent to 391 homes in 2018 from 283 homes in 2017.
As pointed out by NABOR® President Jeff Jones, Managing Broker for Engel & VölkersNaples and Bonita Springs offices, the 3 percent increase in overall pending sales for 2018 concerned him at first as it looked too low compared to activity in other areas of the report. However, after much discussion with several broker analysts also reviewing the annual market report including Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., it was determined that, according to Hughes, "the smaller-than-expected increase was because many closings for a large percentage of homes under contract in the 4th quarter of 2017 were delayed while repairs from Hurricane Irma damage took place."
The NABOR® Year End, 4th Quarter and December 2018 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall Year Ending 2018 (single-family and condominium) findings:
This data is provided by Naples Area Board of REALTORS®. Read More
I hope you use this information to make smart and informed decisions in your upcoming real estate transactions! I'm here to help along the way.
Frank Duggan | Sotheby's International Realty