In the Naples area, the median closed price of homes decreased 5.6 percent to $340,000 in March 2019 from $360,000 in March 2018, according to the March 2019 Market Report released by the Naples Area Board of REALTORS, (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island). Broker analysts reviewing the report clarified that the median closed price decrease was due, in part, to an increase in the number of closed sales of homes priced under $500,000 during the last year. Another reason for the decrease in median home price is due to sellers pricing their homes appropriately to gauge their home’s estimated value.
The March 2019 Market Report showed overall closed sales decreased 1.7 percent to 973 in March 2019 compared to 990 in March 2018. This decrease was isolated to the single-family home market, whose sales in March 2019 fell by just 17 total sales compared to March 2018. The condominium market in March ended with 499 closed sales
the same number reported in March 2018.
Many brokers have reported an increase in contracts (pending sales) during March, which they feel contributed to the 10 percent decrease in overall inventory for March. It is important to remember that inventory during the first quarter of 2018 included many homes that were put back on the market after having been taken off the market for repairs following Hurricane Irma during the last quarter of 2017. As such, the report showed 8.7 months of inventory for March 2019, down 11 percent compared to March 2018.
“When inventory was tight, there was more urgency to buy,” said a Managing Broker of a Naples Brokerage. “But so far this year buyers have been spending time looking around more and at new construction too.” Southwest Florida MLS showed about 19 percent of the single family closed sales in March were new construction.”
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