Third Quarter 2019 Market Review – NA-BN-ES-MI
Click on the link below to view the Third Quarter 2019 Market Review for Naples, Bonita Springs, Estero & Marco Island
Sales for the third quarter of 2019 are up 14.2% from 2,755 to 3,147. Closings over the past 12 months rose by 5.4% in comparison to the preceding 12 months, from 12,328 to 12,999. Single family sales over the past 12 months are up across all market areas, ranging from a 3.5% increase for Marco Island to 7.4% for Naples. Condominium sales are mixed, with Bonita/Estero posting an increase of 4.8%, while Marco Island is down by 6.6%. Naples condo sales are static.
Listing inventory at of October 1st, 2019 reflects 6,115 available properties, a 4.6% decrease from 6,410 listings as of the same date last year. Months of supply also down, by 9.5% from 6.24 to 5.65. The Naples and Bonita/Estero markets show a decrease in months of supply for single family homes. Marco Island’s months of supply rose. For condominiums, months of supply is static in the Naples and Bonita/Estero markets, while Marco Island is up.
Median Closed sales price
At $559,653 and $330,291, respectively, average and median closed sale pricing for the past 12-months for the combined Naples, Bonita, Estero market are static compared to the preceding 12-months. Average pricing for single family homes is static for Marco Island, while Bonita/Estero posts a 1.2% increase. Naples posted a 1.8% decrease. Condominiums are seeing gains throughout all markets, ranging from 1.9% on Marco Island, to 7% in Bonita/Estero.
In summary, despite spotty increases in inventory, the combined Naples, Bonita, Estero market has moved in a positive direction since a year ago. The overall pace of sales is up, while inventory is down. Months of supply has been posting slow and steady decreases over the past several months and is now at a very healthy 5.65 months. As this report demonstrates, dynamics can vary between differing market areas and product types. My expertise in your local market will continue to position my Buyers and Sellers for success.
I never get tired of reporting to you that John R. Wood Properties remains ahead of all other brokerages in both dollar volume and units sold in the combined Naples, Bonita, Estero market!