Single Family Home Inventory Rises
Naples, Fla. (November 20, 2015) - Inventory rose 4 percent in the single-family home resale market during October according to the October 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This rise in single-family home inventory is needed to meet seasonal demand. Broker analysts reviewing the report said it displayed familiar trends that - historically speaking - will set the stage for what is expected to be a busy winter season in real estate.
Unlike the condominium market inventory, which dropped 7 percent, inventory in the single-family home market increased 4 percent overall in October from 2,128 single-family homes in October 2014 to 2,210 single-family homes in October 2015. In North Naples the the single-family home inventory rose 14 percent from 571 single-family homes in October 2014 to 650 single-family homes in October 2015. Single-family home inventory in the $500,000 to $1 million price segment rose 20 percent from 531 single-family homes in October 2014 to 637 single-family homes in October 2015.
A balanced market occurs when there is between five to seven months of inventory. A seller's market occurs when there is less than five months of inventory. A buyer's market occurs when there is more than seven months of inventory.
The NABOR® October 2015 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® October 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Overall pending sales decreased 11 percent from 911 homes in October 2014 to 807 homes in October 2015.
Overall closed sales increased 1 percent from 9,746 homes in the 12-months ending October 2014 to 9,828 in the 12-months ending October 2015.
Overall median closed price increased 14 percent from $265,000 in the 12-months ending October 2014 to $302,000 in the 12-months ending October 2015.
Overall median closed price for homes over $300,000 decreased 4 percent from $542,000 in the 12-months ending October 2014 to $520,000 in the 12-months ending October 2015.
Overall inventory decreased 1 percent from 3,939 in October 2014 to 3,903 in October 2015.
Single-family home inventory increased 4 percent from 2,128 single-family homes in October 2014 to 2,210 single-family homes in October 2015.
Condominium inventory decreased 7 percent from 1,811 condominiums in October 2014 to 1,693 condominiums in October 2015.
There is a 4.63 months supply of inventory.
Average days on market increased 3 percent from 71 days in October 2014 to 73 days in October 2015.
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.
I was born and raised in a suburb right outside of Chicago, IL. I have always been around different types of businesses throughout my life. This is what made me pursue my career in real estate. I have decided to work my most familiar markets to me including Naples, Florida and Chicago, IL.