Bring Your Highest Expectationsâ„¢ MONTHLY MARKET REPORT FOR SEPTEMBER 2017 Naples / Bonita Springs / Estero / Marco Island Market Area
Bring Your Highest Expectations™
NAPLES, BONITA SPRINGS AND ESTERO Closed Sales The number of closed sales year-to-date for Naples, Bonita Springs and Estero increased 4.4% year-over-year. Closed sales priced above $2 million increased 23.7% through September compared to the same period in 2016 (370 vs 299). During the past 12 months, closings in this segment are up 15% over the prior 12 months (450 vs. 391).
New Listings/Inventory Available inventory on October 1, 2017 consisted of 5,807 units, a decrease of 4.5% from October 1, 2016. This represents 5.8 months of supply based on current absorption rates. During the 12 months ending September 30, 2017, a total of 19,509 listings were added to the market, a decline of 3% from the prior 12 months.
Average and Median Sales Price Year-to-date average sales price for the area increased 4.2% to $544,229, up from $522,121 for the same period in 2016. Median closed price is approximately the same at $325,000, compared to $320,000 last year. Average price of sales above $2 million remained static over the past 12 months at $3,839,000, up 3% from the 12 months ending September 30, 2016.
MARCO ISLAND Closed Sales During the 12 months ending September 30, 2017, the Marco Island area recorded 858 residential closings, an increase of 3% over the prior 12 months (858 vs. 833). Year-to-date 681 closings occured compared to 662 for the same period in 2016.
New Listings/Inventory Available inventory on October 1, 2017 consisted of 607 single family homes and condominiums, down from 622 units at the same time last year. This represents 8.5 months of supply based on the current sales pace. During the 12 months ending September 30, 2017, a total of 1,240 new listings were added to the Marco Island market, down 17.6% from the prior 12 months.
Average and Median Sales Price Year-to-date average price of closed sales stands at $671,300 vs. $703,300 for the same period in 2016. Average sales price for the 12 months ending September 30, 2017 is $697,370, down slightly from $702,215 at the end of the prior 12 months. Median price increased 5.2% from $545,477 to $573,877.
HURRICANE IRMA IMPACT ON THE NUMBERS The impact from Hurricane Irma on the Southwest Florida real estate market will not be fully known for several months. As expected, the event substantially affected the month of September. Residents evacuated in large numbers, many businesses were without power and had to remain closed for prolonged periods, and real estate closings scheduled to occur during the month had to be delayed. The result was that closings in the Naples, Bonita Springs and Estero combined market were down 35% for the month when compared with September 2016, and Marco Island closings were down over 50%. In the coming months, John R. Wood Properties will carefully monitor data on all listing and sales activity by area and price range to help us fully understand the impact of the storm based on specific segments of the market. At the time of this report, all signs point to a busy season, although it appears to be starting a little later than normal. Buyers are arriving daily and making purchases, and many winter residents are completing clean-up to their property and preparing them for the market. Restaurants and other businesses are mostly back in full swing, and traffic is heavier than a month or two ago.
The Marco Island statistics are obtained from the Marco Island MLS system and include only those sales and current listings on Marco Island and Key Marco.
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Marco Island MLS, Copyright 2017, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
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Bring Your Highest Expectations™
NEW LISTINGS / CLOSED UNITS 12-Month Comparisons 27,000
NEW LISTINGS
NAPLES, BONITA SPRINGS AND ESTERO 2010 2011 2012 2013 2014 2015 2016 2017
24,000 21,000 18,000 15,000 12,000
CLOSED UNITS
9,000 6,000 3,000 0
1,800
2010
2011
2012
2013
2014
2015
2016
2017
2010 2011 2012 2013 2014 2015 2016 2017
---------------- 10,972 ---------------- 11,282 ---------------- 11,490 ---------------- 12,966 ---------------- 13,121 ---------------- 13,500 ---------------- 11,777 ---------------- 12,046
NEW LISTINGS
MARCO ISLAND
1,600
2010 2011 2012 2013 2014 2015 2016 2017
1,400 1,200 1,000 800
---------------------------------------------------------------------------------------------------------------------------------
1,649 1,543 1,342 1,403 1,401 1,348 1,505 1,240
CLOSED UNITS
600 400 200 0
---------------- 24,041 ---------------- 21,304 ---------------- 19,621 ---------------- 19,411 ---------------- 18,498 ---------------- 18,557 ---------------- 20,083 ---------------- 19,509
2010
2011
2012
2013
2014
2015
2016
2017
2010 2011 2012 2013 2014 2015 2016 2017
------------------ 669 ------------------ 766 ------------------ 859 ------------------ 994 ------------------ 1,004 ------------------ 980 ------------------ 833 ------------------ 879
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Marco Island MLS, Copyright 2017, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
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Bring Your Highest Expectations™
AVERAGE SALES PRICE 12-Month Comparisons $550,000 $520,000
NAPLES, BONITA SPRINGS AND ESTERO $534k
$490,000
$507k
$520k
$460,000 $430,000
$454k
$400,000
$411k
$370,000 $340,000 $310,000
$341k
$345k
2010
2011
$358k
$280,000 $250,000
$850,000 $800,000 $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000
2012
2013
2014
2015
2016
2017
$702k
$697k
2016
2017
MARCO ISLAND
$673k $605k $563k
$543k
$536k
2010
2011
$524k
2012
2013
2014
2015
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Marco Island MLS, Copyright 2017, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
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Bring Your Highest Expectations™
Neighborhood Snapshot Report© Naples, Bonita Springs and Estero Market Area 12-Month Sold Comparison Report for Select Communities
SINGLE FAMILY HOMES Monthly Snapshot as of October 1, 2017
AVAILABLE INVENTORY
CLOSED PAST 12 MONTHS
MONTHS OF SUPPLY
Aqualane Shores
23
23
12.00
$4,390,130
Audubon Country Club
24
17
16.94
$940,941
Barefoot Beach
14
13
12.92
$3,838,654
Bonita Bay
26
75
4.16
$1,212,105
Brooks
51
81
7.56
$759,637
Collier’s Reserve
13
13
12.00
$1,246,819
8
4.50
12
10.00
39
15.08
Crossings
3
Grey Oaks
35
Kensington
10
Lely Resort Mediterra Monterey Olde Cypress Old Naples
53
71
103
7
23
49 21 70
27
AVERAGE CLOSED PRICE
$905,000
7.92
$2,581,486
8.27
$752,238
3.65
9.33
$901,458
$2,018,169 $645,108 $791,148
82
10.24
$3,623,721
Palmira Golf and Country Club
29
Park Shore/Moorings/Seagate/Coquina Sands Non-Waterfront
68
101
8.08
$1,853,488
Park Shore/Moorings/Seagate/Coquina Sands Waterfront
16
18
10.67
$3,259,667
Pelican Bay
12
46
23
53
28
33
10.18
$1,163,857
31
37
10.05
$1,475,122
20
13.20
$958,600
Pelican Bay (Bay Colony) Pelican Landing Pelican Landing (The Colony) Pelican Marsh Pelican Sound Pine Ridge Port Royal Quail Creek Quail West Royal Harbor Tiburon
8
11 3
42 22 50 17 6
27
3.13
$589,315
$1,516,060
3
32.00
$4,516,667
11
12.00
$1,483,394
12 28 51
5.21
3.00
18.00
$822,472
$584,500
$8,620,241
11.76
$2,081,345
7
10.29
$2,705,714
60
8.40
33
15
Vineyards
42
29
West Bay Club
16
25
Vanderbilt Beach
12.89
6.18 6.21 7.68
$2,269,273 $2,042,957 $625,205
$1,186,740
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Marco Island MLS, Copyright 2017, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
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Bring Your Highest Expectations™
Neighborhood Snapshot Report© Naples, Bonita Springs and Estero Market Area 12-Month Sold Comparison Report for Select Communities
CONDOMINIUMS Monthly Snapshot as of October1, 2017
AVAILABLE INVENTORY
CLOSED PAST 12 MONTHS
MONTHS OF SUPPLY
AVERAGE CLOSED PRICE
Barefoot Beach
5
16
3.75
$1,094,594
Bonita Bay
61
100
7.32
$619,304
Brooks
45
91
5.93
$275,602
Dunes
26
23
13.57
$1,121,424
Grey Oaks
13
7
22.29
$922,500
Kensington
18
12
18.00
$455,158
Lely Resort
111
146
9.12
$324,864
Mediterra
20
18
13.33
$568,250
Olde Cypress
5
6
10.00
$440,867
Old Naples
73
134
6.54
$777,218
Palmira Golf and Country Club
12
14
10.29
$326,343
Park Shore/Moorings/Seagate/Coquina Sands - Non-Waterfront
51
79
7.75
$325,210
Park Shore/Moorings/Seagate/Coquina Sands - Waterfront
118
280
5.06
$1,296,955
Pelican Bay
81
247
3.94
$870,301
Pelican Bay (Bay Colony)
17
23
8.87
$3,198,909
Pelican Landing
48
60
9.60
$337,183
Pelican Landing (The Colony)
36
66
6.55
$928,888
Pelican Marsh
41
59
8.34
$443,881
Pelican Sound
26
60
5.20
$303,602
Pine Ridge
17
24
8.50
$232,242
Tiburon
20
34
7.06
$725,924
Vanderbilt Beach
54
87
7.45
$741,687
Vineyards
94
107
10.54
$347,151
West Bay Club
12
37
3.89
$487,635
John R. Wood Properties, Bring Your Highest Expectations. “The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Marco Island MLS, Copyright 2017, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
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Bring Your Highest Expectations™
Island Snapshot Report Marco Island 12-Month Sold Comparison Report
SINGLE FAMILY HOMES Monthly Snapshot as of October 1, 2017
AVAILABLE INVENTORY
CLOSED PAST 12 MONTHS
MONTHS OF SUPPLY
AVERAGE CLOSED PRICE
Direct Waterfront
106
115
11.06
Indirect Waterfront
94
154
7.32
$936,778
Golf Course
8
15
6.40
$499,883
$1,313,035
Beachfront
5
0
0
Inland
69
98
8.45
$504,376
0
Preserve
5
7
8.57
$1,146,429
CONDOMINIUMS Monthly Snapshot as of October 1, 2017
AVAILABLE INVENTORY
CLOSED PAST 12 MONTHS
MONTHS OF SUPPLY
AVERAGE CLOSED PRICE
Direct Waterfront
66
102
Indirect Waterfront
21
26
9.69
$462,462
Golf Course
1
1
12.00
$760,000
Beachfront
137
179
9.18
$811,666
Gulf View
21
29
8.69
$767,362
Inland
66
120
6.60
$250,021
Preserve
8
12
8.00
$374,392
7.76
$367,859
Definitions Direct Waterfront
Properties with direct waterfront access indicates there are no bridges or the Marco Island High Span Bridge to navigate to open water.
Indirect Waterfront
Properties with indirect waterfront access indicates there is at least 1 bridge, not including the Marco Island High Span Bridge, to navigate to access open water.
Golf Course
Properties with frontage on the golf course.
Beachfront
Properties with direct views of the Gulf of Mexico and direct beachfront access.
Gulf View
Properties with direct views of the Gulf of Mexico with NO direct beachfront access.
Inland
Properties with inland similar housing views.
Preserve
Properties with views of a preserve or mangroves.
John R. Wood Properties, Bring Your Highest Expectations.
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“The source of this real property information is the copyrighted and proprietary database compilation of Marco Island MLS, Copyright 2017, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”