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Naples Real Estate Update – Condos – February 2017

Naples Condos Market Statistics – February 2017

Median sold price for Naples Condos increased 3.7 percent since last February – from $244,500 to $253,500. (The Median Sold price is the middle price, where half of the sales are of lower value and half are of higher value.)

Naples condos sold in 2017 have had a median sold price of $255,000. Last year the median sold price was $241,900. The median sold price has increased 5.4 percent.

The graph below shows the median sold price for condos by year from 2005 to 2017.

Naples Condos Market Statistics - February 2017 - Median Sold Price by Year

Median Sold Price by Year for Naples Condos

Median sold price percentage change from the prior year:

  • 2017 – + 5.4
  • 2016 – + 0.8
  • 2015 – + 14.3
  • 2014 – + 7.7
  • 2015 – + 16.4

The median sold price for a condo in the Naples area is 32.1 percent below the peak of the market in 2005 when the price was $360,000 compared to $244,500 this year.

The median sold price for a condo bottomed in 2010 and 2011 at $155,000. In 2017, the median sold price has been $244,500. This represents an increase of 57.7 percent from the bottom of the market.

Listings and Months of Inventory:

Naples condos for sale was 2,992 up from the previous month’s 2,916.

Last February there were 2,349 condos for sale.

The 2,992 condos for sale represent about 8.8 months of listings; up from 6.0 months at the end of last February. In January, there were 8.6 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.

Naples Condos Market Statistics - February 2017 - Number of Listings and Months of Inventory by Price Range

Number of Listings and Months of Inventory by Price Range

The table below compares the months of inventory in February of 2017 to January 2017 and February of each of the 4 preceding years.

Naples Condos Market Statistics - February 2017 - Comparison Analysis for Months of Inventory

Naples Condos Market Statistics – February 2017 – Comparison Analysis for Months of Inventory

Distressed condo properties (potential short sales and foreclosures) – 26 representing 0.9 percent of the total market – 5 (0.2 percent) are potential short sales and 21 (0.7 percent) are foreclosed or REO (real estate owned) properties.

In February 308 condos sold, while last February 254 sold. 299 condos sold in January.

Looking Forward:

During February, 706 condos with a median original list price of $289,000 came on the market for sale; last February 813 with a median original list price of $279,900 condos were listed for sale or a decrease in median price of 3.3 percent.

509 condos had offers accepted with a median list price of $297,700 compared to last February’s 419 pending sales with a median list price of $288,500 or an increase in median list price of 3.2 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. Thank you for reading the Naples Condos Market Statistics – February 2017 post.

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 Real Estate Update – Condos – February 2017 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.



This post first appeared on Naples Real Estate Blog - News And Market Trend Statistics -, please read the originial post: here

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Naples Real Estate Update – Condos – February 2017

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