Downing-Frye Realty, Inc. Releases October 2015 Market Update
Posted by Downing-Frye Realty, Inc. — October 22, 2015
NAPLES, FL - Traditionally a tepid month for REALTORS®, August delivered robust activity in many areas of Naples particularly in South Naples. Activity in the upper end of the market was impressive in August too. Overall pending sales for homes in the $2 million and above price category increased 58 percent from 19 pending sales in August 2014 to 30 pending sales in August 2015. This $2 million and above price bracket’s overall median closed price also increased 14 percent from $2,850,000 in the 12-months ending August 2014 to $3,250,000 in the 12-months ending August 2015.
Comparing the 12-months ending August 2015 to the 12-months ending August 2014:
- Overall closed sales increased 2 percent from 9,695 to 9,870.
- Overall median closed price increased 14 percent from $260,000 to $297,000.
- Overall inventory decreased 2 percent from 3,579 to 3,525.
- There is a 4.27 months supply of inventory.
- Average days on market decreased 4 percent from 81 days to 78 days.
BONITA /ESTERO: ACTIVITY DURING AUGUST 2015 VS. AUGUST 2014:
- Overall sales volume: $51M vs. $63.1M
- Overall number of active listings: 602 vs. 767
- Overall closed sales: 142 vs. 151
- Overall average listing price/sq. ft.: $241 vs. $220
- Single-family median sale price: $331,500 vs. $339,900
- Multi-family median sale price: $232,750 vs. $225,000
- Months of inventory during August 2015: 3.8 months for single-family, 3 months for multifamily
- Percentage of list price for overall sales during August 2015: 95+ percent
FLORIDA: TIGHTENING INVENTORY CONTINUES
Florida’s housing market continued its positive track in August with more closed sales, higher median prices and a tightening inventory. The statewide median sales price for single-family existing homes last month was $199,900, up 11.1 percent from the previous year. The statewide median price for townhouse-condo properties in August was $150,000, up 10.3 percent over the year-ago figure.
Inventory continues to tighten, with a 4.4-months’ supply in August for single family homes and a 5.2-months’ supply for townhouse-condo properties, according to Florida Realtors. Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.
USA: HEALTHY LEVEL OF ACTIVITY
Pending home sales retreated in August but remained at a healthy level of activity and have now risen year-over-year for 12 consecutive months. A modest increase in the West was offset by declines in all other regions.
Lawrence Yun, NAR chief economist, says even with the modest decline in contract signings, demand continues to outpace housing supply and elevate price growth in numerous markets. “Pending sales have leveled off since mid-summer, with buyers being bounded by rising prices and few available and affordable properties within their budget,” he said. “Even with the existing-housing supply barely budging all summer and no relief coming from new construction, contract activity is still higher than earlier this year and a year ago."
Sources: The Bonita Springs-Estero Assoc. of REALTORS®, Naples Area Board of REALTORS®, National Assoc. of REALTORS®, Florida REALTORS