Naples, Florida November Housing Market Returns to Normal
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November Housing Market Returns to Normal Release Date: Friday, December 15, 2017
Pending Sales increased 3% 12-months ending 11/2017
Closed Sales increased 3% 12-months ending 11/2017
Median Closed Price increased 4% 12-months ending
Inventory decreased 7% 12-months ending 11/2017
Average DOM increased 15% 12-months ending 11/2017
There were 116 cash sales for homes priced below $300,000 in November, according to Lauren U. Melo, a broker with Florida's Realty Specialists.
"This was higher than expected and may indicate the return of investors to the market," she said in a statement.
While sales activity was down in November, local brokers say the demand for million-dollar homes continues to be strong.
Sales in the $2 million and up price segment increased 21 percent for single-family homes and 22 percent for condominiums over the year.
"The luxury market has gone wild," said Phil Wood, president and CEO of Naples-based John R. Wood Properties, in a statement. "November had a 63 percent increase in pending sales for single-family homes over $1 million. This is a clear indication that high-end buyers continue to find Naples a desirable location for an investment."
Irma led some sellers to take their homes off the market. Some properties have not been relisted because they're waiting on repairs, or their owners have changed their minds after getting new roofs or other upgrades due to the storm.
"Buyers and sellers have good reason to be confident as there are many positives on both sides of the fence," said Mike Hughes, the vice president and general manager for Downing-Frye Realty in Naples, in a statement. "Sellers should get their properties on the market now and buyers should move quickly as multiple offers could occur as a result of the tight inventory." Presented by NABOR, printed in naplesnews.com
A tighter inventory is pushing prices up.
The median closing price — the price at which half the homes sell for more and half for less — rose 9 percent to $330,000 in November, up from $303,000 a year ago.
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