John R. Wood Properties adheres to the philosophy that market knowledge is a crucial component for success. This is a pivotal difference for clients who have retained the Wood firm for their purchasing or selling transactions.
John R. Wood Properties is one of the few companies in the nation offering their own corporate research department. On a monthly basis, the department produces various reports and studies to assist its agents in maintaining their knowledge of the latest market trends, as well as assisting clients in making sound real estate investment decisions.
We invite you to take advantage of our current monthly market data reports. Click on the button of the Southwest Florida market area that you would like to review.
BUSY SUMMER SEASON - JULY 2017
July was another busy “summer season” month! Closed sales are up across all markets in the report, and inventory has returned to a balanced market overall. Some segments remain oversupplied, as you will note in the Neighborhood Snapshots, but many of these are below the highs of the past several months. Most sellers appear to be willing to negotiate to the current market prices rather than have their properties age on the market and follow the prices down. As always, the best way to get a stagnant market moving and reduce inventory is to adjust pricing.
NAPLES, BONITA SPRINGS AND ESTERO
The number of closed sales year-to-date for Naples, Bonita Springs and Estero increased 9.5% year-over-year. Closed sales priced above $2 million are up 23% through July compared to the same period in 2016 (321 vs. 261). Over the past twelve months ending July 31, 2017, sales in this category are up 5.5% over prior year (439 vs. 416).
Available inventory on August 1, 2017 consisted of 6,264 units, an increase of less than 2% over last year. This represents six months of supply based on current absorption rates.
During the 12 months ending July 31, 2017, there were a total of 19,831 new listings added to the market, approximately the same as the period ending July 31, 2016.
Average and Median Sales Price
Year-to-date average sales price for the area remained static with prior year at $552,173 compared to $544,590 at the end of July 2016. Average price of sales above $2 million declined 4.4% over the past 12 months to $3,646,176.
FOR RELIABLE, COMPLETE AND CURRENT MARKET CONDITIONS CONTACT
The Patrick Dearborn Team
239.877.4340 or send a message here.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2016 Southwest Florida MLS. All rights reserved.
The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.”
HOW IS THE REAL ESTATE MARKET IN YOUR AREA?