The Real Deal Miami

October sales of Naples-area houses and condos rose 17% from last year

The Naples Area Board of Realtors reported that the median sale price of houses rose 1% to $344,000 last month while the median sale price of condos rose 6% to $265,000
November 17, 2018 03:10PM

Jeff Jones, managing broker of Engel & Völkers in Naples and Bonita Springs

The number of Naples-area houses and condos sold in October increased 17 percent to 730 from 623 last year.

The Naples Area Board of Realtors also reported that the number of houses and condos listed for sale in October rose to 5,992 from 5,010 last year, a 20 percent increase.

“About 10 percent of the new inventory in our MLS during October was new construction. A good portion of this building is taking place in East Naples [Eastern Collier County], which had the highest single-family home inventory reported in October,” Jeff Jones, managing broker for the Engel & Völkers offices in Naples and Bonita Springs.

Closed sales of houses in October rose to 366, up 22 percent from last year, and closed sales of condos during the month increased 18 percent to 308.

The median sale price of houses in October edged up to $344,000 from $342,000 last year, up 1 percent.

The median sale price of condos in October rose to $265,000 from $250,000 last year, up 6 percent.

Naples-area condos listed for sale in October totaled 2,815, or 9 percent more than last year, while the area’s inventory of houses listed for sale surged 31 percent to 3,177.

“There are some neighborhoods where I still see an oversupply in the spec home market, but I’m also seeing inventory begin to tighten in very desirable areas west of U.S. 41,” Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, said in a prepared statement. – Mike Seemuth