NABOR Reports Inventory up, prices steady in February

The inventory of properties for sale in Collier County increased in February and prices held steady, a sign that buyers have more options, according to the latest real estate report.

Compared to this time last year when realtors were challenged to find properties for customers, the February report showed inventory is up by nearly 1,000 new listings, giving realtors almost nine months of inventory to show eager buyers.

At the same time, overall pending sales in February jumped 10 percent and closings shot up 18 percent compared to last year, according to the NABOR report for February. The data does not include Marco Island.

Condominiums in the $300,000 to $500,000 price range were the bright spot in pending sales and condos in the $500,000 to $1 million category hit the sky with a 75 percent increase in closings.

Property listings last month climbed to 6,466 homes, a 16-percent boost compared to inventory of 5,577 the same month in 2016. Condominiums dominated with buyers having 3,207 on the market compared to 2,599 the year before, which was a 23-percent boost in inventory.

High end condo buyers had the largest stock of 284 condos in the price range of $1 million to $2 million to consider, almost double the number compared to 198 high-end options on 2016. The bulk of the luxury condos available are in North Naples.

There were 613 closings last month compared to 518 last year in February. Pending sales last month stood at 1,092 for a 10 percent boost compared to 993 a year ago.

Overall median prices among closings rose just 3 percent to $333,000 last month compared to $323,000 the year before.

The median prices of single family homes that closed slipped 5 percent to $402,000 from $45,000 a year ago.

The area hardest hit was North Naples, which experienced a 29percent decline in closed prices to $650,000, compared to $917,000 last year at the same time.

On the flip side, homes in Ave Maria/Immokalee enjoyed a 29percent price increase at closing to $287,000. A year ago, the median closing price in Ave Maria stood at $222,000.

To learn more about investing in the booming SWFL real estate market, contact 9 Core Realty today.

 

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