November Housing Market Report Shows Activity Heating Up
Naples, Fla. (December 21, 2018) - Home sales in November increased by double digits across every price category resulting in an overall increase of 24 percent compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12 percent to 5,971 homes, according to the November 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
The NABOR® November 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. The November 2018 NABOR® sales statistics are presented in chart format, including these overall 3Q (single-family and condominium) findings:
"The November report shows greater balance in the market which is propelling strong performance," said B. Huskey, President, Premier Sotheby's International Realty, who added that the 24 percent increase in overall closed sales for November is "significant because it reflects our recovery from the hurricane last year."
The $0 to $300,000 single-family home market had the most impressive activity in November where inventory rose 38 percent and closed sales increased 30 percent compared to November 2017. This section of the market also saw its median closed price hold steady at $250,000.
"New home construction in the lower price tiers is rushing to meet the needs of buyers and it's building our inventory in much needed areas within eastern Collier," said M. Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. The November market report supports Hughes' claim as the East Naples area (34114, 34117, 34120 and 34137) saw the highest number of closed sales for single-family homes - 105 - with another 121 sales pending.
According to C. Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, activity in the $0 to $300,000 price category is rallying in Collier. "Inventory under $300,000 consumes over half of the available condominium inventory. It had the highest inventory increase [38 percent] in the single-family home market too. The November report shows our inventory levels are just about even between condos and single-family homes now."
"We haven't seen this level of inventory going into season in six years," said NABOR® President J. Jones, Managing Broker for Engel & VölkersNaples and Bonita Springs offices. "Plus, days on market is cascading downward which is a sign of better pricing. The trend to price homes to sell is clearly taking hold and it's definitely making a difference in overall sales numbers. Visitors will be impressed at the choices and stable prices this season."
|Nov 2017||Nov 2018||CHANGE|
|Total homes under contract (pending sales) (month/month)||
|Total closed sales (month/month)||521||645||+24%|
|Median closed price (month/month)||$330,000||$334,000||+1%|
|Median closed price >$300K (month/month)||$482,000||$485,000||+1%|
|Total active listings (inventory)||5,322||5,971||+12%|
|Average days on market||101||95||-6%|
|Single-family closed sales (month/month)||271||327||+21%|
|Single-family median closed price (month/month)||$433,000||$420,000||-3%|
|Condominium closed sales (month/month)||250||318||+27%|
|Condominium median closed price (month/month)||$250,000||$255,000||+2%|
Broken down geographically, Collier's housing market in November had some interesting pockets of activity. For example, median closed prices decreased 19 percent in the Naples Beach area (34102, 34103, 34108); but increased 12 percent in the North Naples area (34109, 34110, 34119). There was a 90 percent increase in closed sales of condominiums in East Naples (34114, 34117, 34120, 34137), which brokers attribute to an increase in new construction of townhome developments east of Collier Boulevard. And single-family homes in Central Naples (34104, 34105, 34116) sold the fastest with an average 66 days on the market from listing to closing.