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 $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.
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 ( ).
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.
It appears that we’ve made quite a recovery from Hurricane Irma last year. The lower priced condominiums and homes under $300,000 are selling quickly. My biggest concern is new inventory. If we have Buyers searching in this range, there is very little new construction in Collier County. The upside is resales. Sellers with resales in this price range will most likely sell quicker than if they had a higher sales price then $300,000. It is just convincing Buyers to paint, put new carpet in and do some other updates.
The December statistics are not out yet, but during the month of December, I saw a slow-down compared to November. I believe that this slow-down was due to the erratic stock market, the threat of our government shut down and of course the holidays. It will be interesting to see what those statistics indicate next month.
Get out of the Cold!
Season is upon us and we still have some great rentals available. If the cold gets to be too much for you, please contact me via e-mail or by phone 239-293-3592. Why shovel snow and endure the cold when Southwest Florida has so much to offer for the winter?
Wishing you and yours a very Healthy & Happy New Year! Welcome to 2019!