Naples, Fla. (November 16, 2018) – Closed sales of homes in the Naples market grew 20 percent to 674 sales in October 2018 compared to 561 sales in October 2017. The last few months have seen not only a return to a steady housing market for Naples since Hurricane Irma, but also an increased buyer appetite for homes in Collier County. We are pleased to report that inventory during October jumped 20 percent to 5,992 homes – the highest October inventory level since 2012 – which is good news for buyers according to leading broker analysts who reviewed the October 2018 Market Report released by the Naples Area Board of REALTORS®
(NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
While buyers struggle to find inventory in other highly desirable locations across the country, this is not the case in Naples.
Local Appraisers believes the spike in inventory during October is a reflection of the market’s recovery after Hurricane Irma in September 2017. “There are some neighborhoods where I still see an oversupply in the spec home market, but I’m also seeing inventory begin to tighten in very desirable areas west of U.S. 41.”
Historically, inventory begins to increase in October in preparation of seasonal visitors entering Naples’ prime home-selling season. “About 10 percent of the new inventory in our MLS during October was new construction. A good portion of this building is taking place in East Naples [Eastern Collier County], which had the highest singlefamily home inventory reported in October. Builders also tell me that over 80 percent of their inventory is sold by REALTORS® rather than the builders’ sales staff.”
Overall pending sales for October were up 17 percent with the $1 to $2 million price category reporting the highest increase (39 percent) for the month compared to October 2017.
The October report also showed the overall median closed price increased 1 percent to $344,000 from $342,000 in October 2017; but went down 1 percent for homes priced over $300,000 to $475,000 from $480,000 in October 2017. Interestingly, the median closed price in the Naples Beach area decreased 13 percent in October to $595,000 in October 2018 from $682,000 in October 2017. However, in the 12-months ending October 2018, the median closed price rose 4 percent to $344,000 from $330,000 in the 12-months ending October 2017. In the Naples Beach area, the median price rose 4 percent in the 12-months ending October 2018 to $790,000 from $763,000 in 12 months-ending October 2017.