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Naples Real Estate Market Update
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Naples Homes Market Statistics –
Median sold price for Naples homes increased 5.8 percent since last March – from $382,705 to $405,000. (The median sold price is the middle price, where half of the sales are of lower value and half are of higher value.)
Naples homes sold during 2017 have a median sold price of $387,000. Last year the median sold price was $385,000. The median sold price has increased 0.5 percent.
The median sold price for a home bottomed in 2009 at $195,000. In 2017, the median sold price has been $387,000. This represents an increase of 98.5 percent from the bottom of market.
Median means "in the middle". So, with regard to List Price, this means exactly half of homes listed are above this price and exactly half are below. For example, let's say there are 5 homes for sale in a market at prices of $175,000, $200,000, $250,000, $350,000, and $600,000. The Median Price would be the one in the middle, or $250,000.
Note that this is not the same as Average Price. Using the same example above, the average price would be $315,000 which is significantly higher than the median of $250,000. Statisticians might say that median is a better indicator of the "typical" home within an area because it is not affected by "outliers" (the $600,000 home in this example).
Here's why this is helpful to you...
When selling or buying a home, the most useful information associated with Median Listing Price is the trend displayed in the graph. If the graph shows a downward trend, it means that sellers are dropping their prices in response to a softening market. A "soft" market is also referred to as a "cold" or "buyers" market. If Median Listing Price is trending down, it may take longer to sell a home and buyers may have more bargaining power. If Median Listing Price is trending up, the market may be "hot" and homes will likely be selling more quickly. Sellers will have the advantage when prices are going up.
Nova Homes of South Florida has 16 plans to choose from. Homebuyers can customize their plan, bring in a plan, or Nova Homes will design their dream home from scratch. Call 239.307.6116 or visit www.novahomesbuilder.com
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