Naples real estate market update for homes – July.
Naples homes sold during 2014 have a median sold price of $335,000. Last year the median sold price was $280,000. The median sold price increased 19.6%.
(The median sold price is the middle price, where half of the sales are of lower value and half are of higher value.)
Naples homes for sale was 1,909; down from the previous month’s 1,975.
Last July there were 1.853 homes for sale.
Median sold price for homes increased 20.3% since last July – from $370,000 to $307,500.
The median sold price for a home bottomed in 2010 and 2011 at $195,000. In 2014 the median sold price has been $335,000. This represents an increase of 71.8% from the bottom of market.
The graph below shows the median sold price for homes by year from 1998 to 2014.
Distressed single family home properties (potential short sales and foreclosures) – 114 representing 6.0% of the total market – 40 (2.1%) are potential short sales and 74 (3.9%) are foreclosed or REO (real estate owned) properties.
The median sold price for July was $300,000 versus July 2013’s $262,000. The median sold price was up $38,000 or 14.3%.
In July a total of 400 homes were sold, while last July 444 were sold.
The 1,909 homes for sale represent about 4.5 months of listings to be sold; down from 4.6 months at the end of last July. Homes priced less than $400,000 has an inventory of 2.5 months.
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.
A total of 510 homes had offers accepted compared to last July’s 487 pending sales.
In case you missed last month’s report – click on this link – Naples Homes Market Update.
Your questions and comments are always welcome.