Q2 2017 MARKET REVIEW
A very busy month in March helped push first quarter closings ahead of last year in all three market segments. Inventory continued to climb over prior year, but at a slower pace in many areas, than in the past. Median and average sales prices remained stable when compared to Q1 2017, which along with price adjustments in most segments helped fuel the sales increases. Marco was the leader in percentage increases in both number of closings and price increases.
All of this bodes well for continued activity beyond what we historically refer to as “season”. Keep bringing in well-priced listings – keep buyers and sellers informed of market shifts – and as always, remember that the averages that are provided in the reports may vary among different neighborhoods, product types, and price segments, so be sure to provide information specific to the area of interest of the customer.
Following is a summary of market activity for each of the areas.
Single Family Homes
The year-to-date median sales price at the end of the second quarter remained consistent with Q2 2016, while the average sales price increased 3% to $782,854.
The number of closings in Q2 2017 increased 7% over the same period in 2016 to 1386 closings, compared to 1290 during the second quarter 2016.
Months-of-supply at the end of Q2 stands at 6.9 months, down 4% from 7.2 months for the same period in 2016.
The year-to-date median sales price increased 9% over the second quarter of 2016, while average sales price was up 13% ($477,461 vs. $421,038).
A total of 1,572 condominium closings occurred in Q2 2017, up from 1,474 closings during the same period last year.
Months-of-supply at the end of Q2 stands at 6.5 months, up 10% from the 5.9 months at the end of Q2 2016.
BONITA SPRINGS AND ESTERO
Single Family Homes
Through the second quarter, median sales price decreased less than 2% over prior year, while the average sales price increased 8.7% to $557,752 during the same period.
There were 425 closed units during the second quarter, approximately the same as 2016 when there were 419.
Months-of-supply at the end of the quarter stands at 5.5 months, a year-over-year decrease of 9.8%.
Both median and average sales prices remained relatively stable year-over-year, with each declining approximately 3%. Median sales price at the end of the quarter is $246,568 and average price is $306,509.
The number of closings increased from 458 in Q2 2016 to 511 for the second quarter 2017.
Months-of-supply at the end of the quarter stands at 5.8 months vs. 5.9 months at the end of Q2 2016.
John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Marco Island MLS, Copyright 2017, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
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