“May was another strong month,” said Mike Hughes, Vice President and General Manager of Downing- Frye Realty. "We had a long and busy season this year. We are now ramping up for an anticipated busy summer season. Selling real estate in Southwest Florida is pretty much year round these days.”
The overall number of pending sales of Naples homes over $2 million also increased 23 percent in May. Further, average days on market (DOM) for homes over $1M decreased 13% vs. May 2017, indicating another month of strong growth at the high end of the market.
“Summer buyers are going to be very happy this year because there will be plenty of choices,” said Mike Hughes. May's inventory is up slightly to 5,419 from 5,404 in May 2017, and it’s actually rebuilding from an annual low of 4,608 properties in inventory at the end of September 2017.
Geographically, inventory is down slightly in Naples Beach (-3%) and North Naples (-5%), while on the increase in Central (+3%), South (+7%), and East Naples (+4%).
Inventory by price range showed some well needed growth at the entry and mid price ranges, while inventory dropped significantly for homes over $1M:
Market data courtesy of Downing-Frye Realty and NABOR.
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