NABOR: October 2018 Naples housing market activity is strong
Closed sales of homes in the Naples housing market grew 20 percent to 674 sales in October 2018 compared to 561 sales in October 2017.
The last few months have seen not only a return to a steady housing market for Naples since Hurricane Irma, but also an increased appetite for homes in Collier County. We are pleased to report that inventory during October jumped 20 percent to 5,992 homes – the highest October inventory level since 2012 – which is good news for buyers.
5,992 homes: the highest October inventory since 2012
There is presently almost 7.5 months of inventory. Inventory for single-family homes under $300,000 grew by 79 percent to 483 homes in October. The spike in inventory during October is a reflection of the market’s recovery after Hurricane Irma in September 2017.
In some neighborhoods we still see an oversupply in the spec home market, but we are also seeing inventory begin to tighten in very desirable areas west of U.S. 41.
Historically inventory begins to increase in October in preparation of seasonal visitors entering Naples’ prime home selling season.
It’s worth mentioning that about 10 percent of the new inventory in our MLS during October was new construction. A good portion of this building is taking place in East Naples which had the highest single-family home inventory reported in October.
Overall pending sales for October were up 17 percent with the $1 to $2 million price category reporting the highest increase (39 percent) for the month compared to October 2017.
As always a Real Estate investment in Naples, FL is a sound investment!
Whether you are interested in selling or buying a home in Naples allow my 20+ years of experience and knowledge provide you with an accurate market comparison of your desired property, and ensure your next purchase is a success!
You may find the complete NABOR October 2018 report at the NABOR Market Statistics page →.
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