Market Update…July 2015

REALTORS® Busy from Beaches to Beyond

Naples, Fla. (August 21, 2015) – Activity in the Naples area housing market continued its upward momentum moving into summer as evidenced in the July 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). An 8% increase in overall pending sales (homes under contract) from 845 in July 2014 to 913 in July 2015 is one indication REALTORS® stayed busy in July. Unlike July 2014 where both overall pending sales and overall inventory decreased 13%, activity in July 2015 had many notable peaks and very few valleys. For example, overall inventory decreased 1% from 3,563 in July 2014 to 3,518 in July 2015, but inventory for single-family homes rebounded with a 7% increase from 1,906 single family homes in July 2014 to 2,040 single family homes in July 2015.“Overall pending sales for homes over $300,000 increased 23% from July 2014 compared to July 2015,” said Bill Coffey, Broker Manager of Amerivest Realty Naples, who also noted that overall closed sales for homes over $300,000 increased 16% from 4,123 homes in the 12-months ending July 2014 to 4,783 homes in the 12-months ending July 2015.

The NABOR® July 2015 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® July 2015 sales statistics are presented in chart format, including these overall (single- family and condominium) findings:

• Overall pending sales increased 8 % from 845 homes in July 2014 to 913 homes in July 2015.

• Overall closed sales increased 1% from 9,751 homes in the 12-months ending July 2014 to 9,879 homes in the 12-months ending July 2015.

• Overall closed sales for condominiums in the $300,000 – $500,000 price category increased 38% from 686 condominiums in the 12-months ending July 2014 to 947 condominiums in the 12-months  ending July 2015.

• Overall median closed price increased 14% from $259,000 in the 12-months ending July 2014 to $295,000 in the 12-months ending July 2015.

• Overall median closed price for homes over $300,000 decreased 5 % from $550,000 in the 12-months ending July 2014 to $520,000 in the 12-months ending July 2015.

• Overall median closed price for homes in the $2 million and above price category increased 16% from $2,850,000 in the 12-months ending July 2014 to $3,300,000 in the 12-months ending July 2015.

• Overall inventory decreased 1% from 3,563 homes in July 2014 to 3,518 homes in July 2015.

• Condominium inventory decreased 11 percent from 1,657 condominiums in July 2014 to 1,478 condominiums in July 2015.

• There is a 4.35 months supply of inventory.

• Conventional sales comprised 40 percent of all transactions in July 2015.

• Average days on market did not change between July 2014 and July 2015 to remain at 77 days.

“Years ago summer was usually a slow season for sales in this area. Not any more. The past several years have had strong real estate sales in the summer months,” said Mike Hughes, NABOR® President, Vice President and General Manager of Downing-Frye Realty, Inc.

Ensure your next sale or purchase in the Naples area is a success, contact a REALTOR® on Naplesarea.com.