What happened to the Naples real estate market in July 2019?
The Naples Real Estate Market Update Report for July
Are you curious about the Naples 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.
July home closings were higher than last year in Naples!
Naples Florida July 2019 home sales were brisk with 12,705 closings, 641 sales higher than the same period last year.
That is an increase of 5.3%!
Closed home sales over $2 million were up 1.6%.
How about home inventory levels in Naples FL?
Inventory levels in the Naples real estate marketfor July 2019 are down 2.5% from of a year ago, there are only 5.8 months of supply currently. Year to date, the number of new condominium listings decrease by 4.4 percent; as well as a decrease of 2.2 percent for new listings in the single-family homes market.
Overall Median Home Prices in Naples FL
The July 2019 overall median closed price was $326,200 a decreased of.1 percent compared to July 2018.
The single-family home median closed price decreased 3.3 percent in July, while the condominium market median closed price decreased 5.7 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 rangeMoreover, 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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