Sorry for the long absence, the last few months have been incredibly busy here in Naples. Our market has finally returned to normal, so we now have some time to give you an update on current conditions.
The great news is our spring season this year ended right on target. We had the same number of sales in the first months of this year as we did during the same time period in 2005. It’s not quite a seller’s market yet, but we are seeing multiple offers in a few neighborhoods across the area. On average, homes are sitting on the market for 90-97 days. If you list with the Saad Team, you can expect your home to sell within 92 days.
Now let’s take a look at some of the numbers in our market: Current Market Conditions, as of May 2015, compared to May of 2014:
New listings have dropped by 55%, and there are only 751 current listings
Home sales have increased by 9%, and there have been 485 home sales just this May
The median home price shot up by 17% to $420,000
The average days on market has dropped to 84 days, a 7% decrease from last year
Year-to-date new listings have dropped by 59%, as we only have 4,628 listings right now compared to last year’s 11,195
The amount of homes sold year-to-date has stayed steady, with a 1% increase from last year (2,215 homes sold in 2015)
The decline in inventory is pushing the median price up to the highest number we’ve seen since 2008!
If you would like a more detailed market analysis, or if you have real estate questions of any kind, give the Saad Team a call. We are always here to help you make sense of the Naples market!