Bring Your Highest Expectationsâ„¢ THIRD QUARTER MARKET REVIEW FOR 2016 Naples / Bonita Springs / Estero / Marco Island Market Area
Bring Your Highest Expectations™
In the Southwest Florida markets that encompass Naples, Bonita Springs/Estero and Marco Island, the demand for residences was strong in the third quarter. Over 1,500 single family homes and condominiums closed, and while this is fewer than the same time last year, it is representative of more historical norms for this time of year. The slower sales pace, coupled with rising inventory, is driving the change from a seller’s market to a buyer’s market in some segments. This trend is expected to become more widespread as months of supply continues to grow across the markets. The good news for buyers is that prices are stable and no longer escalating at the pace seen in previous seasons, and the selection is the best in a very long time. Sellers willing to price to current market conditions will benefit from the fact that demand remains high and there is no shortage of qualified buyers for Southwest Florida properties! The following bullets provide a summary of market activity in each of the areas. NAPLES SINGLE FAMILY HOMES The year-to-date median sales price remained stable when compared to the same period in 2015. Average sales price dropped 12.5% to $622,318. There were 1,050 single family home closings during the third quarter, down 11% from Q3 2015. Months of supply at the end of the third quarter stands at 7.2 months, down from 9.7 months at the end of Q2 2016 and up from 4.5 months for the same period in 2015. NAPLES CONDOMINIUMS The average price paid for condominiums through the third quarter increased 8% over the same period a year ago to $372,000. Median price for the period was up 2.5% at $240,000. There were 914 condominium closings in the third quarter, an 18% decline from Q3 2015. Months of supply is 6.1 months, down from 7.8 months at the end of Q2 and up from 3.2 months at the end of Q3 2015. BONITA SPRINGS/ESTERO SINGLE FAMILY HOMES The average price paid for a single family home through the end of the third quarter is $440,339, a 9.2% decrease from a year ago. Median price was up 4.8% over the same period to $368,000. During the third quarter, there were 332 single family home closings, down from 350 in Q3 2015. Months of supply is 6 months, down from 9.7 months at the end of Q2 and an increase from 4.1 months a year ago. BONITA SPRINGS/ESTERO CONDOMINIUMS Average condominium price through the first 9 months is $283,449, down 6.5% from an average of $303,285 for the same period a year ago. Median price was approximately the same as last year at $234,800, a decline of 2%. There were 325 closings during the third quarter, 8 fewer than Q3 2015. Months of supply is 5.6 months, up from 2.7 months at the end of Q3 2015. MARCO ISLAND SINGLE FAMILY HOMES The average sales price at the end of Q3 was $843,834, consistent with a year ago. Median price was $645,000 which represents less than a 2% increase over prior year. There were 90 closings of single family homes during the third quarter, a 14% increase over Q3 2015 when there were 79. Months of supply is 10.2 months at the end of Q3 2016, up from 7.7 months at this time in 2015. MARCO ISLAND CONDOMINIUMS Condominium average price was up 8.5% compared to the same period in 2015 at $594,579. Median price declined 9% year-over-year to $350,000. There were 107 closings during the third quarter 2016 vs. 123 for the same period in 2015. Months of supply is 8.1 months, up from 4.6 months a year ago.
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 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. 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.”
Bring Your Highest Expectations™
NAPLES AREA SINGLE FAMILY HOMES
Roll 12 Average Closed Units
Rolling 12 Month Average Sales Price
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
2010
2011
2012
2013
2014
2015
2,000 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 700 600 500
Rolling 12 Quarter Closed
Quarterly Closed Units
Rolling 12 Quarter Closed
Roll 12 Average Sales Price
Quarter Closed Sales
$800,000
Quarter Closed Sales
Quarterly Closed Units / 12 Month Rolling Average Closed Units / 12 Month Rolling Average Sales Price
2016
CONDOMINIUMS Quarterly Closed Units / 12 Month Rolling Average Closed Units / 12 Month Rolling Average Sales Price 2,000 2,000
Rolling 12 Month Average Sales Price
$800,000
Roll 12 Average Sales Price
Quarterly Closed Units
Roll 12 Average Closed Units
1,750 1,750
$700,000 $600,000
1,500 1,500
$500,000 $400,000
1,250 1,250
$300,000
1,000 1,000
$200,000
750 750
$100,000 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010
2011
2012
2013
2014
2015
500 500
2016
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 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. 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.”
Bring Your Highest Expectations™
BONITA SPRINGS / ESTERO SINGLE FAMILY HOMES Quarterly Closed Units / 12 Month Rolling Average Closed Units / 12 Month Rolling Average Sales Price 700 Roll 12 Average Sales Price
Quarterly Closed Units
Roll 12 Average Closed Units
600
$500,000
$200,000
200 200
$100,000
Rolling 12 Quarter Closed
300 300
Rolling 12 Quarter Closed
400 400 $300,000
Quarter Closed Sales
500 $400,000
Quarter Closed Sales
Rolling 12 Month Average Sales Price
$600,000
100 100
$0 Q2 Q3 Q3 Q4 Q4Q1 Q1Q2 Q2Q3 Q3Q4 Q4Q1 Q1Q2 Q2Q3 Q3 Q4 Q1 Q2 Q1 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3
2010
2011
2012
2013
2014
2015
0
2016
CONDOMINIUMS Quarterly Closed Units / 12 Month Rolling Average Closed Units / 12 Month Rolling Average Sales Price
Rolling 12 Month Average Sales Price
$600,000
Roll 12 Average Sales Price
Quarterly Closed Units
700 700
Roll 12 Average Closed Units
600 600 $500,000
500 500 $400,000
400 400
$300,000
300 300
$200,000
200 200
$100,000
100 100
$0
Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
2010
2011
2012
2013
2014
2015
0 0
2016
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 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. 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.”
Bring Your Highest Expectations™
MARCO ISLAND SINGLE FAMILY HOMES Quarterly Closed Units / 12 Month Rolling Average Closed Units / 12 Month Rolling Average Sales Price 250
$1,000,000
Roll 12 Average Sales Price
Quarterly Closed Units
Roll 12 Average Closed Units
$500,000
100
$400,000 $300,000
Rolling 12 Quarter Closed
150
$600,000
Rolling 12 Quarter Closed
$700,000
Quarter Closed Sales
200
$800,000
Quarter Closed Sales
Rolling 12 Month Average Sales Price
$900,000
50
$200,000 $100,000 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2010
2011
2012
2013
2014
2015
0
2016
CONDOMINIUMS Quarterly Closed Units / 12 Month Rolling Average Closed Units / 12 Month Rolling Average Sales Price
Rolling 12 Month Average Sales Price
$1,000,000
Roll 12 Average Sales Price
Quarterly Closed Units
250
Roll 12 Average Closed Units
$900,000
200
$800,000 $700,000
150
$600,000 $500,000
100
$400,000 $300,000
50
$200,000 $100,000 $0
Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2010
2011
2012
2013
2014
2015
0
2016
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 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. 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.”