Naples Area Real Estate Inventory Outpaced Sales in 2016
Naples, Fla. (January 20, 2017) - Broker analysts who analyzed the Annual, 4th Quarter and December 2016 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island) concluded that the local real estate market performed well in 2016 despite several unpredictable market influencers that impacted the housing market such as the February stock market slump, a low Canadian exchange rate, Brexit and Zika fears, and the presidential election. Brokers agree that factors appear to be in place for a good market in 2017.
Overall inventory increased 34 percent to 5,946 homes in year ending 2016 from 4,426 homes in year ending 2015. The Naples Beach area experienced the highest number of new listings with 437 homes added to its inventory during 2016. However, and according to the Report, the Naples Beach area also saw the largest decrease in overall closed sales during 2016 of all other geographic areas reported. Overall closed sales in this highly desired location decreased 21 percent to 1,525 homes in year ending 2016 from 1,922 homes in year ending 2015.
Closed sales of condominiums in the East Naples area and single family homes in the $500,000 to $1 million price category increased in 2016, despite overall closed sales decreasing 13 percent to 8,510 homes in year ending 2016 from 9,751 homes in year ending 2015.
Of note, the annual Market Report showed that the overall median closed prices for homes above $300,000 did not change during 2016. In fact, homes in the $500,000 to $1 million price category experienced only a 3 percent decrease in their overall median closed price to $650,000 in year ending 2016 from $667,000 in year ending 2015. Brokers attribute this reduction in median closed price, and the 2 percent decrease in overall median closed price for the $1 million to $2 million price category in 2016, to better informed and motivated sellers.
The NABOR® Annual 2016 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® Annual 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CATEGORIES | 2016 | 2015 | CHANGE
Total homes under contract | 8,903 | 10,366 | -14%
Total closed sales | 8,510 | 9,751 | -13%
Median closed price (month/month)| $320,000 | $308,000 | 4%
Total active listings | 5,946 | 4,426 | 34%
Average days on market | 89 | 78 | 14%
Single-family closed sales | 4,268 | 4,640 | -8%
SF median closed price (month/month)| $400,000 | $385,000 | 4%
Single-family inventory | 3,015 | 2,434 | 24%
Condominium closed sales | 4,242 | 5,111 | - 17%
Condo median closed price month/month| $253,000 | $250,000 |1%
Condominium inventory | 2,931 | 1,1992 | 47%
Brokers who analyzed NABOR®'s Market Reports in 2016 predicted that inventory would rise and they believe our inventory of existing homes will continue to increase in 2017 .
December 2016 Report - Click To Read
4th Quarter 2016 Report - Click To Read
2016 Annual Report - Click To Read