Naples Market Report November 2018
Home sales in November increased by double digits across every price category resulting in an overall increase of 24 percent compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12 percent to 5,971 homes, according to the November 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
The $0 to $300,000 single-family home market had the most impressive activity in November where inventory rose 38 percent and closed sales increased 30 percent compared to November 2017. This section of the market also saw its median closed price hold steady at $250,000. “New home construction in the lower price tiers is rushing to meet the needs of buyers and it’s building our inventory in much needed areas within eastern Collier,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. The November market report supports Hughes’ claim as the East Naples area (34114, 34117, 34120 and 34137) saw the highest number of closed sales for single-family homes – 105 – with another 121 sales pending.
Broken down geographically, Collier’s housing market in November had some interesting pockets of activity. For example, median closed prices decreased 19 percent in the Naples Beach area (34102, 34103, 34108); but increased 12 percent in the North Naples area (34109, 34110, 34119). There was a 90 percent increase in closed sales of condominiums in East Naples (34114, 34117, 34120, 34137), which brokers attribute to an increase in new construction of townhome developments east of Collier Boulevard. And single-family homes in Central Naples (34104, 34105, 34116) sold the fastest with an average 66 days on the market from listing to closing.