Mid-Year Market Update & Latest Market Report as a Reflection of Supply and Demand | From the Desk of Michael Dorobanti
Mid-Year Market Update
There were a total of 6,178 closed sales during the first six months of 2016, which was down from the 7,458 closings that occurred during the same period in 2015. During the past 12 months, the price segment showing the largest decline in closed sales was seen in properties priced below $250,000, down 24%, with 4,087 sales vs. 5,395. In the same 12-month period, the number of sales priced above $2 million declined only 5% with 72 sales vs. 88.
Available inventory on July 1, 2016 consisted of 6,274 units, which was up 39% from July 1, 2015 and was comprised of 2,894 condominiums and 3,380 single family homes. All price ranges posted inventory increases with the exception of single family homes priced below $250,000. The largest gains over prior year were condominiums priced between $1 million and $2 million, up 100%, while those priced above $5 million were up from 7 units a year ago to 16 units on July 1, 2016. The number of properties currently available for purchase represents 6.4 months of supply based on the number of closings in the past 12 months, which would indicate we are in a balanced market.
AVERAGE AND MEDIAN SALES PRICE
The average price of closed sales year-to-date has remained approximately the same as the first six months of 2015, up less than 2%, while the median price increased 6.5% year-over-year. Properties priced above $2 million followed the overall market trend, with the average price remaining static year-over-year.
Attached please find the latest market report in detail for different areas in Naples as a reflection of supply and demand.
770 9th Ave S -Asking:$4.799M
New construction| In the Heart of Naples | 4 Beds/Study/4 Full Baths/2 Half Baths/3 Car Garage/ Amazing Pool and Spa Facing South
725 6th Ave N-Pre-Construction price:$3.89M
(Note: A buyer may be able to make some modifications to these plans during pre-construction.
New construction | 5 Beds/Den/5 Full Baths/Powder Baths/3 Car Garage/Pool and Spa Facing West |
724 Anderson Drive | Asking:$2.499M
New Construction| Walking distance to Waterside Shops and the Beach | 4 Beds/Study/4 Full Baths/Powder Bath/3 Car Garage/Pool and Spa Facing South| One Story Home
14703 Indigo Lakes Circle-Price reduced to:$419K
Spectacular Lake Views | Gated Development | Owner Motivated | 3 Beds/Den/2 Baths/2 Car Garage/
28436 Altessa Way #103-Asking: $199K or Rent:$1770 per month unfurnished
Bundle Golf | Amazing Lake Views | Gated Development | 2Bed/Den/2Baths | First Floor & Facing South
Selling Naples and Manhattan since 1994
Top 1% of all Naples Realtors
Downing Frye Realty-Old Naples Office
180 9th Street South
Naples, Fl 34102