According to the April 2018 Real Estate trends released by the Naples Area Board of REALTORS (NABOR), Collier County has a 7.76-month supply of inventory. If you compare Naples to the national average which is four-months, we are finally at a healthy supply of homes on the market. This is great news for Naples REALTORS. Analysts believe activity will continue to be strong as we transition from a very busy high season to a strong summer.
"Summer buyers are going to be very happy this year because there will be plenty of choices," said Mike Hughes, vice president and general manager for Downing-Frye Realty Inc. "Inventory growth has been good across all price ranges and geographic territories."
Overall, April inventory fell 2 percent from 5,920 in April 2017 down to 5,793 April 2018. However, the good news is inventory has rebounded from an annual low of 4,608 properties in inventory at the end of September 2017.
More April 2018 Real Estate Trends:
And, condo inventory grew 2 percent in April to 3,003 units, up from 2,934 units in April 2017. The $300,000 and below price category experienced the highest increase in inventory (7 percent) to 1,472 units from 1,378 units in April 2017. Pending and closed sales of condos in this low-end price category were also strong, with a 17 and 14 percent increase, respectively. Also, the median closed price of condominiums in April dropped 8 percent to $271,000 from $296,000 in April 2017. So with inventory increasing and median prices dropping, now is a great time to buy!
Overall closed sales increased 8 percent in April up to 978 properties from 902 properties in April 2017. Similar to the first quarter of the year, the luxury real estate market continued to outpace other price categories during April. As noted in the report, the number of closed sales of homes between $1 and $2 million increased 34 percent. Additionally, closed sales of homes over $2 million increased 15 percent in April.
Real estate activity was strong across the entire county. Most notably, single-family home closed sales in South Naples showed the highest increase with a 51 percent increase. There were 62 closed sales in April 2018 from 41 in April 2017.
"North Naples was also a shining star in April," said Fioretti. "Even though inventory was down 8 percent in this geographic area, its year over year pending sales increased 9 percent, the highest of all geographic areas tracked. And its closed sales increased 13 percent year over year too."
April's month over month activity was even more impressive in the North Naples area, as reflected in a 26 percent increase in closed sales. Similarly, the median closed price of condominiums in North Naples dropped 14 percent in April to $258,000 from $300,000 in April 2017.
April 2018 Real Estate Year Over Year Highlights:
- Overall Pending Sales increased over 20 percent in the $1 million plus categories 12-months ending April 2018
- Overall Closed Sales increased over 30 percent in the $1 millions plus categories 12-months ending April 30th
- Overall Median Closed Price increased 5 percent 12-months ending at the end of APril
- Overall Inventory decreased double digits in the $1 million plus categories Apr 2017 to Apr 2018
- Overall Average Days on Market decreased 27 percent in the $500K-$1 million category Apr 2017 to Apr 2018
More Articles About April 2018 Real Estate:
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June 10th, 2018 Posted by Matt