Naples was recently voted the number one southern “boomtown”, which might be one reason showings were up during June. The June 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), revealed that 500 potential buyers were shown homes for sale in the Naples area every day during June. Closed sales over the last 12 months are up in all price categories below $1 million.
According to the report, only homes in the $1 million to $2 million had a median closed price decrease in June. Even though inventory in June dropped almost 12 percent, values are holding steady and the reduced competition provides great opportunities for sellers. Despite the inventory decrease there is still 6.9 months of inventory available, which is well above the Florida average of 4-months supply.
Year over year only properties above $2 million have had price increases. In fact, the report shows condominiums under $300,000 have experienced a year over year decrease of 7.6 percent.
The report showed that there were 798 price decreases in June. Yet the month’s overall median closed price increased 1.4 percent to $335,000 from $330,400 in June 2018. The single-family home median closed price decreased 8 percent in June, while the condominium market median closed price increased 1.9 percent.
Broker analysts reviewing the June 2019 Market Report recommend sellers consult a REALTOR® before listing a home for sale. A REALTOR® can help a seller price a home competitively. They can also maximize the home’s marketing and help the seller or buyer every step of the way. Report provided by NABOR.