Naples Condos Market Statistics – June 2017
Median sold price for Naples condos increased 11.3 percent since last June – from $230,000 to $256,000. (The median sold price is the middle price, where half of the sales are of lower value and half are of higher value.)
Naples condos sold in 2017 have had a median sold price of $270,000. Last year the median sold price was $241,900. The median sold price has increased 11.6 percent.
The graph below shows the median sold price for condos by year from 2005 to 2017.[table “27” not found /]
In June 457 condos sold, while last June 415 sold. 511 condos sold in May.
Historical Price Perspective:
The median sold price for a condo in the Naples area is 25.0 percent below the peak of the market in 2005 when the price was $360,000 compared to $270,000 this year.
The median sold price for a condo bottomed in 2010 and 2011 at $155,000. In 2017, the median sold price has been $270,000. This represents an increase of 74.2 percent from the bottom of the market.
Listings and Months of Inventory:
Naples condos for sale was 2,372 down from the previous month’s 2,561.
Last June there were 2,175 condos for sale.
The 2,372 condos for sale represent about 6.8 months of listings; up from 6.2 months at the end of last June. In May, there were 7.4 months of inventory.
Below is a table showing the number of condo units for sale and months of inventory by price range. Red indicates a seller market, yellow represents a neutral market, and green represents a buyers market by price range.
The table below compares the months of inventory in June of 2017 to May 2017 and June of each of the 4 preceding years.
Distressed condo properties (potential short sales and foreclosures) – 27 representing 1.1 percent of the total market – 7 (0.3 percent) are potential short sales and 20 (0.8 percent) are foreclosed or REO (real estate owned) properties.
During June, 406 condos with a median original list price of $262,500 came on the market for sale; last June 365 condos with a median original list price of $289,000 were listed for sale.
318 condos had offers accepted with a median list price of $239,000 compared to last June’s 263 pending sales with a median list price of $229,900 or an increase in median list price of 4.0 percent.
If you missed last month’s report – click on this link – Naples Condos Market Update.
Your questions and comments are always welcome.
The data came from the SWFLAMLS a collaborative effort of the multiple listing services of Naples, Bonita Springs/Estero, Fort Myers, and Cape Coral.