Recently, the Naples Area Board of Realtors released their January 2018 numbers for the month. Overall, the numbers are very positive. January is always a good month to look at to get a possible indication on the market for the year. Let’s take a look at some of NABOR’s reported numbers….
Overall pending sales were up 11% comparing this January to last January. The high end performed very well with the $1 - $2 million dollar market up 55% and the $2 million and above market being up 88% when comparing this January to last January. One of the strong contributing factors for the high end performing well was that one of the high end condo projects in North Naples had a lot of units go pending.
When we compare the January 2018 closings to the January 2017 closings, we see that closings overall were up 11% for the month. North Naples led the way with a 64% increase in closings.
The average days on market stayed at 91 days when we compare January 2018 to January 2017.
If there is one number that the consumer should follow closely it is the amount of inventory that we have for sale in the area. The January 2018 inventory dropped 5% when compared to January 2017. At the end of January 2018, NABOR had 6,071 properties for sale. The previous January, we had 6,393 properties for sale. I am pleased with the level of inventory that we currently see in the area. There have been some years where this inventory dropped below 4,000 properties. I also remember that in March of 2007, NABOR had 12,440 properties for sale.
All in all, it looks like the southwest Florida real estate market is off to a solid start for 2018.
Mike Hughes, Vice President
Downing-Frye Realty, Inc.
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