Naples real estate market update for condos – November

Median sold price for Naples Condos decreased 3.1 percent since last November – from $250,000 to $242,250.

Naples condos sold in 2016 have had a median sold price of $240,000. Last year the median sold price was $240,000. The median sold price has not changed.

The graph below shows the median sold price for condos by year from 2005 to 2016. (The median sold price is the middle price, where half of the sales are of lower value and half are of higher value.)

The median sold price comparing 2016 to 2015 has not changed. The rate of price appreciation paid for condos comparing 2015 to 2014 was 14.3 percent. While 2014 compared to 2013 the percentage increase was 7.7 percent. From 2012 to 2013 the median sold price increased 16.4 percent.

In November 280 condos were sold, while last November 294 were sold. 253 condos were sold in October.

Price Recovery Data

The median sold price for a condo in the Naples area is 33.3 percent below the peak of the market in 2005 when the price was $360,000 compared to $240,000 this year.

The median sold price for a condo bottomed in 2010 and 2011 at $155,000. In 2016, the median sold price has been $240,000. This represents an increase of 54.8 percent from the bottom of the market.

Naples condos for sale was 2,471 up from the previous month’s 2,282.

Last November there were 1,611 condos for sale.

The 2,471 condos for sale represent about 7.4 months of listings to be sold; up from 4.0 months at the end of last November. In October, there were 6.8 months of inventory.

Below is a table showing the number of condo units for sale and months of inventory by price range. Red indicates a seller market, yellow represents a neutral market, and green represents a buyers market by price range.

The table below compares the months of inventory in November of 2016 to October 2016 and November of each of the 4 preceding years.

Distressed Properties Market Composition

Distressed condo properties (potential short sales and foreclosures) – 21 representing 0.8 percent of the total market – 5 (0.2 percent) are potential short sales and 16 (0.6 percent) are foreclosed or REO (real estate owned) properties.

Looking Forward:

During November, 631 condos with a median original list price of $305,000 came on the market for sale; last November 545 with a median original list price of $310,000 condos were listed for sale or a decrease in median price of 1.6 percent.

326 condos had offers accepted with a median list price of $264,400 compared to last November’s 354 pending sales with a median list price of $262,997 or an increase in median list price of 0.5 percent.

Other detailed market reports are available for – Naples Homes, Bonita Springs homes, Bonita Springs condos, Estero homes, and Estero condos by clicking on the appropriate link.

If you missed last month’s report – click on this link – Naples Condos Market Update.

Your questions and comments are always welcome.

The data came from the SWFLAMLS a collaborative effort of the multiple listing services of Naples, Bonita Springs/Estero, Fort Myers, and Cape Coral.

This post - Naples Condos Market Statistics – November 2016 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.