What happened to the Naples FL real estate market in Oct 2019?
The Naples FL Real Estate Market Update Report for October 2019
Are you curious about the Naples FL real estate market?
Mortgage rates are dropping, is this a good time to buy my first home?
Should I sell my home in Naples now?
Here is some insight into the current Naples real estate market for October 2019.
October home closings were higher than last year in Naples!
Naples Florida October 2019 home sales were strong with756 closings verse 689 the same period last year.
That is an increase of 10%!
Showing are up and no surprise, with more showings comes more sales. There are 987 pending sales waiting to close, up 24%.
STILL: Closed home sales under $500,00 were still the fastest moving with 9.8% sold this October over last October.
How about home inventory levels in Naples FL?
Inventory levels in the Naples real estate market for October 2019 are down 18% again, from a year ago with 5351 houses on the market. This is up from 4989 in September, but this means there is still a only 6 month of supply of homes for sale in Naples Florida, currently. This follows our seasonal flow. More homes will come on the market in 2020.
Overall Median Home Prices in Naples FL
The October 2019 overall median closed price was $330,000 a decrease of .2.9 percent compared to October 2018, which was $340,000.
The single-family home median closed price decreased 4.3 percent in October as well as the condominium market median price decreasing 2 percent.
Houses priced under $1 million dollars far out sold homes over $1 million dollars.
What does all this mean?
Given the overall balance between supply and demand, opportunities exist for both buyers and sellers. Buyers, currently, have more options than in recent years. Interest rates are falling, making it more affordable for first time home buyers to enter the market. This will help to sell more homes, especially under the $1 million dolllar range. Moreover, sellers, if their homes are priced competitively, should be able to sell in a reasonable timeframe at a price in line with recent closed sales.
Read the complete Naples Real Estate Report, provided by John R Wood Properties.
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