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.
Sizzling Summer Sales
May turned out to be a very busy month for real estate in Southwest Florida. In the Naples, Bonita Springs and Estero segment, pended sales soared 19 percent over May 2016. This is the highest number of pended sales for the month since 2014 and the second highest on record during the past 11 years! Average sales price year-to-date posted modest gains across the market from Marco Island through Estero.
Following these sales, some neighborhoods are starting to experience lower inventories than at the beginning of season; however, others still show an oversupply of 18 months to over two years in some cases, which does not include new construction inventories. As we continue through the summer months, it’s important to know the absorption rates by neighborhood and/or building as well as the correlations between price range and product type in order to effectively understand how to set a price that will attract buyers.
NAPLES, BONITA SPRINGS AND ESTERO
The number of closed sales year-to-date for Naples, Bonita Springs and Estero increased 7% year-over-year with closed sales priced above $2 million increasing 25% through May compared to the same period in 2016. During the past 12 months, sales in this category are approximately the same as prior year (429 vs. 426).
Available inventory on June 1, 2017 consisted of 6,910 units, an increase of 5% over June 1, 2016. This represents 6.9 months of supply based on current absorption rates. During the 12 months ending May 31, 2017, a total of 20,292 new listings were added to the market, which is less than a 2% increase from the prior 12 months ending May 31, 2016.
Average and Median Sales Price
Year-to-date average sales price for the area increased 4% to $575,780, up from $553,785 for the same period in 2016. Median price is approximately the same as last year at $330,000 for the period. Over the past 12 months, the average sales price of properties above $2 million remained static with prior year at $3,806,276.
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?