NEW LISTINGS AND PENDED HISTORY
- A total of 3,832 new properties were placed on the market during the quarter, which is statically the same as the number recorded in the third quarter 2014. Demand remained strong with newly pended sales declining less than 2% year-over-year.
CLOSED SALES / AVERAGE SALE PRICE
- The number of closed sales appears to have stabilized over the past three years, increasing only 2% since Q3 2013. Closing pace in the third quarter of the year is typically the lowest as it reflects sales that occurred during the non-seasonal months of the year.
- Prices continued to escalate for the quarter, with the average closed price up 15.6% over prior year ($504,527 vs $436,446). Median price also increased, up 16% from the Q3 2014 level ($319,000 vs. $275,000). With the overall pricing increasing, we are seeing a larger percentage of homes above $2 million which is impacting average and median prices.
INVENTORY / CLOSED SALES / MONTHS OF SUPPLY
- The available inventory of single family homes, condominiums and villas in the Naples, Bonita Springs, Estero markets declined by 7% from the level a year ago. Inventory at the end of third quarter represented 3.8 months of supply based on the number of closed sales during the past 12 months.
The demand for Southwest Florida real estate is expected to remain strong throughout the remainder of 2015 and 2016. Resale listings placed on the market over the next six months, coupled with a healthy supply of new product, should keep inventory at a level consistent with demand. A reminder, however, that this is applicable to the market as a whole and not the case in some high-demand market segments, which remain undersupplied as they have for the past year or so.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2015 Southwest Florida MLS. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.”