The Naples area housing market ended 2018 with impressive annual activity statistics in all areas of the residential real estate market including an 11 percent increase in total closed sales and a 14 percent increase in inventory compared to 2017.
Sales of homes over $1 million continued to drive the market in 2018, especially in the condominium market where closed sales of condominiums over $1 million increased 37 percent!
According to the Year End 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco
Island), inventory at the end of 2018 was the highest on record in six years.
“Prices held steady in 2018 with just a 3 percent increase in median closed price,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “However, for homes over $300,000, the median closed price actually decreased 1 percent.”
5 POSITIVE TRENDS FOR SELLERS
- Colder winters up north are bringing more visitors to the Naples area
- Naples area homes are selling faster (average days on market decreased 9 percent from list to closing)
- Buyers interest in the Naples market is on the rise as a result of aggressive builder advertising in northern markets
- More comparable home prices are available with the increase in inventory
- Location, location, location
5 POSITIVE TRENDS FOR BUYERS
- Inventory is increasing which translates to more options for home buyers
- There are as many condos for sale as there are single family homes which expands overall opportunities for home buyers (Total: 6,261)
- The stability of the overall median closed price builds buyer confidence in the market
- Mortgage interest rates are currently low (< 5%) spurring home buying decisions