July data from the National Association of REALTORS® indicates that home sales throughout the US have declined for three months in a row, but Southwest Florida home buyers don’t seem to have gotten that memo.
In fact, recent data from Naples Area Board of REALTORS® shows that home sales in the Naples area are up by 8 percent from levels seen during the same reporting period in 2017. Condominium home closings are up by 39 percent and pending sales are up by 11 percent. Pending sales for luxury condos, which are defined as those being listed at $2 million and above, have increased by a whopping 150 percent from levels seen one year ago.
Real estate agents throughout the region agree the local market is robust and currently resistant to the national trend.
Average home sales prices
The average Naples home sales price in July of this year is up 8 percent, year-over-year. In contrast, national prices, which have also risen since the same reporting period in 2017, are up by just 4 percent.
The local average closed price for homes over $300,000, however, is down by 2 percent, year-over-year. Experts note that despite the small decline in closed prices for homes above that price point, inventory levels are healthy and home sales are strong.
Cash sales also buck national trends
National data indicates that only 20 percent of homes listed are purchased in cash; cash purchases in Naples, however, made up nearly 50 percent of home sales during the month of July.
By the numbers
Other significant findings in the NABOR® July 2018 Market Report show:
- The total number of homes that are under a month-to-month contract have risen by 11 percent, year-over-year
- The average number of days a home listing is on the market is down by 11 percent, year-over year. As of July, the average number of days a home remains on the market was clocked at 93
- Single-family home sales increased by 5 percent, year-over-year
- Single-family home inventory levels are virtually unchanged from the same reporting period in 2017
- The median condo closed price is up by 3 percent, year-over-year. As of July, the median condominium closed price was recorded at $255,000.
Regardless as to whether you’re a buyer or a seller, the real estate market in Southwest Florida is hot. If you’d like more information about purchasing or listing a home in Naples, FL, call Go Home to Naples today at 914-980-9739.