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Naples Real Estate Update September 17, 2018

Naples, Fla. (September 14, 2018) – Closed sales of properties during August increased 5 percent to 719 homes
from 685 homes in August 2017 according to the August 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 during August also rose by 2 percent and was driven by a surge of 218 more properties
added to the market in the two lowest price categories reported, compared to August 2017.

We are really encouraged by activity in the lower end of the market during August, historically, August is where we begin to see an increase in inventory as sellers get ready for our busywinter season.”

The majority of the new inventory in August appeared in the single-family home market for properties below $500,000. Yet interestingly, closed sales during August were driven by activity in the condominium market, which experienced a 21 percent increase.

“If you look at year over year numbers, the upper end continues to drive our market.  As such, pending and closed sales of properties above $1 million increased by double digits, year over year ending August 2018.”

As to whether heightened Red Tide activity affected the Naples housing market in August, Bill Coffey, Broker
Manager of Amerivest Realty Naples, responded by stating, “There were only 14 fewer pending sales in August
compared to last year. And remember, we are still working with only 11 months of data since Hurricane Irma
essentially halted activity for nearly a month last year.”

Overall pending sales in August fell 3 percent; but pending sales of condominiums in the $500,000 to $1 million
price range soared 28 percent in August. And pending sales for single family homes above $300,000 increased
as well, with an impressive 62 percent increase for single family homes in the $2 million and above price
category.

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