By Robert L. Nardi
For a second consecutive year, housing activity during May demonstrated to broker analysts that May remained a standout month. Closed sales in May 2018 were higher than all months following May 2017. May also saw inventory levels continue to stabilize, according to the May 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Click HERE for the May 2018 Statistics Chart.
Closed sales of properties in the $300,000 to $500,000 price category during May increased 21 percent over May 2017, while closed sales in the $300,000 and below price category were just one sale short of the number of closed sales in May 2017.
There was very good news for buyers in the report as May’s overall median closed price dropped 5 percent to $337,000 from $355,000 in May 2017. Moreover, the overall median closed price for homes priced above $500,000 decreased 14 percent to $507,000 from $590,000 in May 2017.
On the high-end side of the market, despite an 11 percent increase in median closed prices, pending sales of properties in the $2 million and above price category increased 23 percent in May 2018 compared to May 2017.
Geographically, North Naples continues to be a shining star as the only coastal area in Collier County to report an increase in closed sales for May. Activity in the rural Ave Maria area has increased steadily over the last year; but in May, this area saw its single-family home closed sales skyrocket to 40 percent.
The reason for certain categories having price drops is the direct correlation with new construction being offered. As I stated in other newsletters, Buyers can purchase a newly constructed single-family home with a pool for $500,000 to $550,000 in Naples proper. And Ave Maria’s closed sales skyrocketed, because a Buyer can purchase a single-family home for $300,000 (because land values are less due to its location farther east & north). And lastly, the reason that North Naples continues to sell well is because of the closeness of two beaches; Vanderbilt Beach & Wiggins-Delnoir State Park. In addition, the Mercato offers world class dining and shopping. Residents have just a short distance to all these amenities.
Please keep in mind to search for properties for sale or rentals at www.NardiRealty.com. We are one of the only few search engines that provides information on yearly HOA fees. Also, if you wish for me to perform a personal search for you, please send me an e-mail to Robert@NardiRealty.comor call me at 239-293-3592.
Enjoy these warm summer breezes!