Naples Condos Market Statistics – May 2017

Median sold price for Naples Condos increased 8.5 percent since last May – from $265,000 to $287,500. (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 $274,000. Last year the median sold price was $241,900. The median sold price has increased 13.3 percent.

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

Naples Condos Percentage Change from Prior Year - May 2017

In May 507 condos sold, while last May 440 sold. 454 condos sold in April.

Historical Price Perspective:

The median sold price for a condo in the Naples area is 23.9 percent below the peak of the market in 2005 when the price was $360,000 compared to $274,000 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 $274,000. This represents an increase of 76.8 percent from the bottom of the market.

Listings and Months of Inventory:

Naples condos for sale was 2,561 down from the previous month’s 2,892.

Last May there were 2,352 condos for sale.

The 2,561 condos for sale represent about 7.4 months of listings; up from 6.6 months at the end of last May. In April, there were 8.3 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 May of 2017 to April 2017 and May of each of the 4 preceding years.

Distressed Properties:

Distressed condo properties (potential short sales and foreclosures) – 31 representing 1.2 percent of the total market – 9 (0.3 percent) are potential short sales and 22 (0.9 percent) are foreclosed or REO (real estate owned) properties.

Looking Forward:

During May, 496 condos with a median original list price of $274,900 came on the market for sale; last May 500 condos with a median original list price of $275,000 were listed for sale.

424 condos had offers accepted with a median list price of $259,000 compared to last May’s 366 pending sales with a median list price of $249,450 or an increase in median list price of 3.8 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 Real Estate Update – Condos – May 2017 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.