Home Sales in May Shifted to the East
Naples, Fla. (June 21, 2019) - 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).
"Nearly 30 percent of active listings had a price decrease in May," said Coco Amar, a managing broker at John R. Wood Properties. "This was most apparent in the City of Naples , which reported a 24.9 percent decrease in its overall median closed prices."
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. The trend continued to be reflected in the May report, which showed 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. Incidentally, closed sales increased in every price category reported except the $1 million to $2 million price category.
The May 2019 report showed closed sales of single-family homes up 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.
"Despite a shift in buyer interest, sales of properties over $2 million continue to perform well," said Jeff Jones, NABOR® President. This is reflected in a 1.2 percent increase in closed sales during May for homes over $2 million.
While the median closed price for May 2019 increased 6.9 percent to $355,000 from $332,000 in May 2018, Amar pointed out that 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.
The NABOR® May 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
CLICK HERE: https://files.constantcontact.com/85a2c058001/47eb81b5-7528-46d9-98ee-8c5515098f2f.pdf to view ALL 21 Naples Market Report Charts!
21 Extremely Informative charts providing user-friendly statistics on the following individual categories...
- Overall Market
- Single Family Homes
- Closed Sales
- Closed Sales by Price Range
- Median Closed Price
- Median Closed by Price Range
- Percent of List Price Received
- Percent of List Price Received by Price Range
- Days on Market
- Days on Market by Price Range
- New Listings by Month
- Inventory by Price Range
- Listings & Sales by Area (Naples, Central Naples, East Naples, Immokalee, Naples Beach, North Naples, South Naples)
- Naples Beach Report 34102, 34103, 34108
- North Naples Report 34109, 34110, 34119
- Central Naples Report 34104, 34105, 34116
- South Naples Report 34112, 34113
- East Naples Report 34114, 34117, 34120, 34137
- Immokalee/ Ave Maria Report
CLICK HERE:https://files.constantcontact.com/85a2c058001/47eb81b5-7528-46d9-98ee-8c5515098f2f.pdf to view ALL 21 Naples Market Report Charts!