Naples, FL Real Estate: Inland Home Sales Activity Outpaced Shoreline

According to the most recent real estate market report from the by the Naples Area Board of REALTORS® (NABOR®), broker analysts were pleased when they reviewed the Third Quarter Market Report, which tracks home listings and sales within Collier County (excluding Marco Island). The report showed positive trends during the summer months of 2015, with increased activity in neighborhoods located inland (east of 41) including South, East and Central Naples. Overall closed sales for single-family homes in the $1-million to $2-million price category outpaced all other price categories with a 79 percent increase (quarter over quarter) from 56 single-family homes sold in the Third Quarter of 2014 to 100 sold in the Third Quarter of 2015.

Naples FL Real Estate

Naples FL Real Estate

The third quarter report confirmed to us that summer was strong for home sales, referring to double-digit increases in closed sales for homes priced above $300,000.

Geographically, activity was most remarkable during the Third Quarter in inland neighborhoods of Naples with activity in the South Naples condominium market leading the pack. According to a quarterly comparison of the Third Quarter of 2014 versus the Third Quarter of 2015, South Naples saw an 8 percent increase in pending sales for condominiums, a 9 percent increase in closed sales for condominiums, and a 24 percent increase in median closed price for condominiums.

Broker analysts agreed that a renewed interest in homes located east of U.S. 41 was not a surprise. Sales of homes near the beach happened faster following the recession because of their prime location, but the latest reports show us the housing market in all geographic areas within Naples has recovered as buyers are showing increased interest in our inland properties.

The reports also showed a strong trend in how people are purchasing homes, cash versus financing. When the number of homes being financed continues to increase through the summer months, it’s a good indicator that more full-time families are being attracted to the area.

Other highlights include:

  • Overall pending sales decreased 1 percent from 2,304 homes in the Third Quarter of 2014 to 2,270 homes in the Third Quarter of 2015.
  • Overall closed sales increased 3 percent from 9,658 in the 12-months ending the Third Quarter of 2014 to 9,956 in the 12-months ending the Third Quarter of 2015.
  • Overall median closed price increased 15 percent from $262,000 in the 12-months ending the Third Quarter of 2014 to $300,000 in the 12-months ending the Third Quarter of 2015.
  • Overall median closed price for homes over $300,000 decreased 5 percent from $545,000 in the 12-months ending the Third Quarter of 2014 to $520,000 in the 12-months ending the Third Quarter of 2015.
  • Overall inventory decreased 3 percent from 3,702 in the Third Quarter of 2014 to 3,606 in the Third Quarter of 2015.
  • There is a 4.24 months’ supply of inventory.
  • Average days on market decreased 1 percent from 77 days in the Third Quarter of 2014 to 78 days in the Third Quarter of 2015.
  • The NABOR® September 2015 Market Report was also released and reflected these overall (single-family and condominium) findings:
  • Overall pending sales decreased 10 percent from 829 homes in September 2014 to 749 homes in September 2015.
  • Overall closed sales increased 3 percent from 9,658 homes in the 12-months ending September 2015 to 9,956 homes in the 12-months ending September 2015.
  • Overall median closed price increased 15 percent from $262,000 in the 12-months ending September 2014 to $300,000 in the 12-months ending September 2015.
  • Overall inventory decreased 3 percent from 3,702 in September 2014 to 3,606 in September 2015.
  • Average Days on market increased 7 percent from 74 days in September 2014 to 79 days in September 2015.

To view the entire report, visit www.NaplesArea.com.

To see more market reports each month, visit the John R. Wood Marketing report archives!

Naples FL Real Estate

 

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