Naples real estate market update for condos – April

Median Sold Price for condos decreased 6.5% since last April – from $263,000 to $246,000.

Naples condos sold in 2016 have had a Median Sold price of $250,000. Last year the median sold price was $240,000. The median sold price increased 4.2%.

The median sold price comparing 2016 to 2015 has increased 4.2%. The rate of price appreciation paid for condos comparing 2015 to 2014 was 14.3%. While 2014 compared to 2013 the percentage increase was 7.7%. The median sold price for 2013 increased 16.4% from 2012.

(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 for sale was 2,426 up from the previous month’s 2,387.

Last April there were 1,668 condos for sale.

The median sold price for a condo in the Naples is 30.6% below the peak of the market in 2005 when the price was $360,000 compared to $250,000 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 $250,000. This represents an increase of 61.3% from the bottom of the market.

The graph below shows the median sold price for condos by year from 2005 to 2016.

Distressed condo properties (potential short sales and foreclosures) – 22 representing 0.9% of the total market – 5 (0.2%) are potential short sales and 17 (0.7%) are foreclosed or REO (real estate owned) properties.

In April 488 condos were sold, while last April 653 were sold. 395 condos were sold in March.

The 2,426 condos for sale represent about 6.6 months of listings to be sold; up from 4.1 months at the end of last April. In March, there were 6.3 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 April of 2016 to March 2016 and April of each of the 3 preceding years.

During April, 686 condos came on the market for sale; last April 628 condos were listed for sale.

445 condos had offers accepted compared to last April’s 628 pending sales.

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 was obtained 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 Trends – April 2016 first appeared on Naples Real Estate Blog - News and Market Trend Statistics.