The Naples Area Board of Realtors recently released their second quarter numbers for 2018. These numbers gave us a glimpse into how the market is performing.
If you are a potential buyer for single family homes in Naples Florida, this might be a great time to consider properties in our area. We currently have 2,601 single family homes for sale at the end of June 2018. This inventory number represents a 2% decline from the single family inventory at the end of June 2017.
If you are a potential buyer for a condo in Naples Florida, this would also be a good time to consider a condo. We currently have 2,564 condos for sales at the end of June 2018. This represents a minor increase in overall condo inventory since June of last year.
In looking at the closings for the Naples area, there was a 2% increase in closings overall. We had 2,926 closings in the second quarter for 2018.
The pending sales for the second quarter were almost the same as the previous year’s second quarter. We had 2,733 pending sales in the second quarter of 2018 compared to 2,770 in the second quarter of 2017.
For the twelve months ended June 30, 2018, the overall median closed price in our area was $345,000. This was a 5% increase over the median closed price for the twelve months ended June 30, 2017.
The days on market at the end of the second quarter of 2018 was 96 days. This time last year, the overall days on market was pretty much the same ( 97 days last June ).
One of the things that jumps out at me this year is that the high end market in our area has been pretty active. Both the high end pending sales for Naples and the high end closings for Naples have been very active this year. The overall pending sales for the market above $2 million showed a 24% increase in transactions when compared the second quarter of 2017. The closings in this price range showed an 8% increase when comparing the second quarter of 2018 to the second quarter of 2017.
If there was one number that I would focus on when looking at the Naples real estate market, it would be our inventory. Right now our total inventory has been pretty steady. It is not dramatically increasing or decreasing. When the real estate bubble burst in 2006, shortly thereafter, our inventory swelled to 12,440 properties. On the other hand, several years ago, we had an inventory below 4,000 properties. We continue to have a nice quantity of inventory that cross over many price ranges. The Naples area currently has 5,165 properties for sale at the end of June 2018 as reported by the Naples Area Board of Realtors.
In our company, we have had just over 1,800 closed transactional sides this year. That is encouraging because today is July 18th! We still have a large part of the year ahead of us. If you want your slice of paradise, now would be a great time to take a look at properties in our area. We would love to have you as a neighbor.
Mike Hughes, Vice President
Downing-Frye Realty, Inc.
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