Provided by NABOR
In tempo with a recent shift in sales from high-end homes near the beach to homes under $500,000 in areas east of the beach, overall closed sales during May in the Naples area increased 9.8 percent to 1,165 closed sales compared to 1,061 closed sales in May 2018. Closed sales were highest in East Naples (34114, 34117, 34120, 34137), which reported a remarkable 21.7 percent increase.
While inventory levels decreased 13 percent to 5,905 homes in May 2019 from 6,785 homes in May 2018, over 2,000 homeowners reduced prices during May according to the May 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
Broker analysts reviewing the May report noticed a shift in sales from the traditional high-end market to homes under $500,000 earlier this year. This was most apparent in the City of Naples (34102), which reported a 24.9 percent decrease in its overall median closed prices.
Closed sales for homes between $1 million and $2 million decreased 8.9 percent in May, while closed sales of homes between $300,000 and $500,000 increased 10.8 percent. Closed sales of single-family homes increased 12.8 percent compared to a 7 percent increase in closed sales for the condominium market. Interestingly, the decrease in closed sales for the $1 million to $2 million price category appeared in its condominium market, which saw a 23.1 percent decrease, while its single-family homes closed sales actually increased 3.6 percent. In comparison, the $300,000 to
$500,000 price category reported a 12.6 percent increase in sales of condominiums and a 9.6 percent increase in sales of single-family homes.
While the median closed price for May 2019 increased 6.9 percent to $355,000 from $332,000 in May 2018, the median closed price for single family homes in May 2019 actually decreased 3.5 percent to $415,000 from $430,000 in May 2018. And finally, there were over 4,000 more showings this May compared to showings in May 2018!