If you are a Realtor in Naples then you are required to join aboard. The Naples board is called the Naples Area Board of Realtors or more commonly referred to by the acronym NABOR. Each month NABOR puts out a market update. Here are some interesting data points from the June 17th market report. This is a May 15 to May 16 comparison.
- Pending Sales 2016-921 vs. 2015-977 a decrease of 6%
- Total Closed Sales 2016-838 vs. 2015 1,010 a decrease of 17%
- Average days on market 2016-73 vs. 2015 75 a decrease of 3%
- Total Number of Single-family houses closed sales 2016-396 vs. 2015-430 decrease of 8%
- Total Number of Condominiums closed sales 2016-442 vs. 2015-570 a decrease of 22%
- The total number of Listings or Inventory for Condos 2016-2,463 vs. 2015 1,632 and increase of 51%.
It's easy to see that the condo market in Naples is struggling in most, but not all, of the market. The inventory is up while the closed sale pricing has remained the same. What does this mean? You have your choice of countless maintenance-free condos all throughout the town. The list prices in Naples are coming down. The inventory is up. Interest Rates are at historic lows. This is the time to BUY.
Warmest Regards,
Kevin Aizenshtat
Realtor