Naples, Bonita, and Estero General Area
The current Naples, Bonita, and Estero area market remains strong. As of September 30, 2014 we have 4,639 active properties on the market, an increase of 103 from the end of August. There are currently 1,975 pending sales, an increase of 172 pending from the end of August. We have seen 13,203 properties close in the past year (Oct 2013 – Sept 2014). This is actually just one more closed sale than that of the prior year (Oct 2012 – Sept 2013). The average sale price and median sale price have gone up 10.4% and 11.7%, respectively, the past 12 months compared to the prior 12 months. Another good sign is we have seen a shrink in the number of days on market. The days on market average and median for the past 12 months were 92 days and 48 days, respectively. This is a decrease from the average of 153 days and the median of 109 days from the prior 12 months. Properly priced inventory is moving fast when put on the market. Also, we are now at a supply level of 4.2 months, which puts us in an undersupplied market. Typically when the supply level approaches the six month level we will see developers enter or expand in the market. This is occurring throughout the Naples and Bonita Market. We expect demand to remain strong for several years with the Baby Boomers continuing to move into the market. With the current level of low supply and the addition of new construction we anticipate prices will continue to appreciate in the coming months, but at a slightly slower pace than the prior 12 month period.