NABOR (Naples Area Board of Realtors) recently had their first quarter press conference where they released the numbers for the quarter ended March 31, 2018. The first quarter numbers had multiple story lines. I was on the panel of speakers so I will try to give you an overview of our market as it stands right now.
Overall pending sales were 3% better in the first quarter of 2018 compared to the first quarter of 2017. There were 3,177 pending sales in the first quarter of 2018.
The high end market had a very strong quarter for overall pending sales. The $1 million to $2 million dollar market was up 29% over the first quarter of 2017. The $2 million and above market was up 38% over the first quarter of 2017. The bottom line is that the high end has started off strong in both single family and condo sales for 2018.
The overall first quarter closings for 2018 were up 5% over the first quarter closings for 2017. While the total single family closings were down 1%, this decrease was offset by the condo closings being up 10% for the quarter (compared to the first quarter of 2017).
The overall inventory level remains adequate. There are parts of Florida that have a shortage of inventory. We are fortunate in Southwest Florida to have a good amount of real estate inventory for sale. Most of our inventory in the Naples area is below $1 million. Of the 6,112 listing inventory at March 31, 2018, 79% of the NABOR inventory is below $1 million dollars.
We currently have just over 8 months of inventory at NABOR. Putting this in perspective, on March 31, 2008, NABOR reported 37 months of inventory. We also had 4.42 months of inventory on July 31, 2014.
The Median Closed Price continues to go up in the Naples area. For the year ended March 31, 2018 the overall median closed price was up 6% over the previous year.
The average days on market for a NABOR listing continues to be 95 days.
I think the overall mood of the Realtor community is that we are cautiously optimistic of our upcoming summer season. With a very diverse listing inventory, buyers will have plenty of inventory to consider as they try to buy a piece of paradise. If you are a seller, get ready, this summer promises to be an active one.
Mike Hughes, Vice President
Downing-Frye Realty, Inc.
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