NAPLES MARKET UPDATE
(June 16, 2017) – Overall closed sales of homes in May shined brighter than any other month previously reported in 2017, with an impressive 23 percent increase to 1,027 closed sales in May 2017 from 838 closed sales in May 2016. Likewise, overall pending sales (homes under contract) also outperformed activity reported in the last four months. Leading broker analysts who reviewed the May 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), are quite confident that real estate agents will be very busy this summer.
As noted by Coco Amar, a managing broker at John R. Wood Properties, activity in the $2 million and above price category has really picked up strength this year. As reflected in the report, overall pending sales in the $2 million and above price category increased 52 percent in May. There were also 78 closed sales of homes in this price category in May 2017, up from 36 closed sales in May 2016.
According to Kathy Zorn, broker/owner of Better Homes and Gardens Real Estate Pristine, “Buyers who are looking for a condominium in the Naples Beach or North Naples area this summer may encounter some challenges as these areas are running low on inventory.” Zorn pointed out that in North Naples there was a 47 percent increase in closed sales of condominiums during May, a 26 percent increase in pending sales of condominiums during May, and only a 9 percent increase in inventory.The situation is even more alarming on the beach, as both pending and closed sales of condominiums increased by double digits, but its inventory rose only 1 percent in May.
|Total Homes Pending||^ 12%|
|Total Closed Sales||^ 23%|
|CONDO closed Sales||^ 24%|
|NORTH NAPLES CONDO PENDING||^ 26%|
|NORTH NAPLES CONDO CLOSED||^ 47%|
|MEDIAN CLOSED PRICE CONDO||^ 20%|
|Condo’s over $1Million Closed||^ 50%|
|Condo’s over $2 Million May-May||^ 233%|
|Condo’s over $2Million YTD||^ 32%|