Home sales in the Naples area fell in November, as the overall market continues to recover from Hurricane Irma. Total sales declined by 9 percent over the year to 521, according to the latest report by the Naples Area Board of Realtors. The report tracks all sales made by its members in Collier County through the Southwest Florida multiple listing service, excluding Marco Island.
Sales have been up and down since September, when Irma wreaked havoc on Collier County and put most Naples area Realtors out of circulation for two to three weeks. Single-family home sales increased 1 percent over the year in November, reaching 271. However, condo sales fell 18 percent to 250. Pending sales — or new contracts written — rose slightly over the year, growing by 2 percent to 728. The inventory of homes on the market was down 7 percent in November, when compared to a year ago. There were 5,322 active listings, down from 5,733 last year.
Irma led some sellers to take their homes off the market. Some properties have not been relisted because they’re waiting on repairs, or their owners have changed their minds after getting new roofs or other upgrades due to the storm.
Buyers and sellers have good reason to be confident as there are many positives on both sides of the fence. Sellers should get their properties on the market now and buyers should move quickly as multiple offers could occur as a result of the tight inventory.
A tighter inventory is pushing prices up. The median closing price — the price at which half the homes sell for more and half for less — rose 9 percent to $330,000 in November, up from $303,000 a year ago. There were 116 cash sales for homes priced below $300,000 in November. This was higher than expected and may indicate the return of investors to the market.
While sales activity was down in November, local brokers say the demand for million-dollar homes continues to be strong.
Sales in the $2 million and up price segment increased 21 percent for single-family homes and 22 percent for condominiums over the year.
November had a 63 percent increase in pending sales for single-family homes over $1 million. This is a clear indication that high-end buyers continue to find Naples a desirable location for an investment.
To learn more about the Naples real estate market contact an expert member of the 9 Core Realty Team.