Posted on Monday, December 31, 2018
What a year for Naples real estate, with over 9,600 properties sold and average single family home prices now above $800,000. We saw a $48,000,000 house bought and then torn down to build a new home and we saw record new construction as many people moved to the sunshine state. Our market will be challenged in the months ahead with uncertain political and financial trends so stay right with us – we will keep you in the loop.
Let’s take a look at the highlights:
- The average Naples price for a Naples single family home sale was $812,000. The average condo price was $465,276.
- 2,575 properties sold in the last 120 days – up from last year
- All Naples inventories are at 9+ months and supportive of future price increases
- Many of the more popular areas we track within Naples see rising inventories and downward price pressure developing
- Pending sales dropped 14% and portend future market weakness
- Days on market climbed to 95 days
- Luxury property inventories are too high at 22 months
Here is a great informational graphic – you can see inventory building, pending sales up as the season accelerates and other key stats.
Our reader’s know all real estate is local so let’s look at some specific Naples areas. Remember as a “rule of thumb” inventories may be indicative of future prices – below 12 months prices rise, above 12 months prices drop or so the theory goes. Here are the inventory levels and the month over month trend. Please also note the “+/-” at the end of the number indicated an increase (+) or decrease (-) over last months statistic.
Olde Naples 23.65+ expect downward price pressure
Pelican Bay 10.99+ expect support for price increases
Windstar On Naples Bay 20.80- expect downward price pressure
Crayton Road 13.24+ expect slight downward price pressure
Royal Harbor 19.33-+ expect downward price pressure
Port Royal and Aqualane Shores 21.43 – expect downward price pressure
Marco Island 12.75+ expect price stability
What is the point in all this inventory stuff? Inventories differ widely by neighborhood and so should prices in the short term. Buyers and Sellers should do their homework and price AND market accordingly!
Please give us a call if you are considering buying, selling or renting – or just to provide more facts. We would love to listen to you and help.
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