2015 Naples, Bonita Springs and Estero Real Estate Market Report
Southwest Florida continued to be a popular choice for buyers in 2015. The year posted the second highest number of closings on record, and just 178 fewer than the record-breaking year in 2014. Sales above $1 million continued to increase, as they have each year since 2010, and were up 6% at year-end.
The number of pended sales during the year was down 3% from 2014 levels, driven by the decrease in available product priced below $250,000. This category was down 23% while all other price segments posted increases in newly-pended sales.
Available inventory in the combined Naples, Bonita Springs and Estero market area increased slightly over prior year for the first time since 2007. Condominium supply increased in all price categories except for units priced below $250,000 (down 27%) and those priced between $500,000 and $750,000 (down 7%).
Single family home availability increased 4% compared to prior year with supply increasing in all price segments except those priced at less than $500,000, which was down 10%.
Prices continued to climb with the median sales price in the overall market increasing 14% to $305,000 and the average sales price up 10% to $524,000. The average sales price was driven by the number of closed sales above $5 million, the highest on record with 89 sales.
The outlook for Southwest Florida real estate remains optimistic for the coming year. A slightly increasing supply of resale product should create a wider selection for buyers than in recent seasons, and a ready supply of new product further widens the choices.
John R. Wood Properties is honored to have represented buyers and sellers in almost 4,000 transactions during 2015. Our global marketing reach, combined with unparalleled local expertise and white-glove customer service, are the cornerstones of our success as a market leader for the past 58 years.
This report is intended to give the reader a broad overview of trends in the Naples, Bonita Springs and Estero market. Buyers and Sellers with an interest in specific properties should request current market data for those neighborhoods and properties.
Gulf Shore Boulevard
2015 Annual Real Estate Market Report
Activity on the beach decreased slightly from 2014 with 198 sales vs. 219 in 2015. (Exhibit 1). The decrease is mostly attributable to limited inventory, but competition from several new high-rise developments in Naples and Bonita Springs may also be a factor. Sales on the bay were up 25% with 86 sales vs. 69 in the prior year. (Exhibit 2). The beachfront buildings with the highest number of sales were Allegro with 14, followed by Lausanne with 13. Harborside Gardens recorded the most activity on the bay with 8 closings during the year.
The average sales price of beachfront condominiums increased 11% year-over-year. This marks the fifth consecutive year of price increases in this segment. (Exhibit 3) Following two years of relatively stable prices along the bayfront, average sales price posted a 6% gain over 2014. (Exhibit 4)
The average price-per-square-foot increased for properties on both sides of Gulf Shore Boulevard. (Exhibits 5 and 6) Actual yearly averages, by building, ranged from a low of $216 to a high of $605 on the bay and $361 to $1,111 on the beach.
Available inventory on the beach dropped 17% over the previous year, while supply on the bay was approximately the same. Based on closings for the past 12 months, the beachfront supply stands at four months and bayfront at three months. Price increases are expected to continue in 2016 as inventory levels remain at record lows.
Buildings on the beach and bay vary considerably in age, condition and amenities and the averages referenced in this report provide only a broad view of market trends in this segment. When contemplating a sale or purchase, buyers and sellers are advised to request current information concerning any specific property of interest.
• The number of sales closed during the month of December is the second highest on record for the month (993). The highest for this period was December 2014 with over 1,100 closed sales.
• During the past 12 months, closings increased in all price categories with the exception of properties priced below $250,000, which decreased 4.4% from prior year. This was driven by shrinking supply rather than a lack of demand.
• Closed sales priced above $2 million remained strong throughout the year with 481 sales as of year-end 2015. This represents a 10% increase over year-end 2014 when there were 439 closings in this category.
• Available inventory as of January 1, 2016 consisted of 5,131 units, an increase of 59 units over January 1, 2015.
• The average list price over the past 12 months was $624,503, an increase of 7% over the average of $582,461 during the 12 months’ ending December 2014.
• There were a total of 1,375 new listings placed on the market in December, an increase of almost 5% over December 2014.
AVERAGE AND MEDIAN SALES PRICE
• The average price of closed sales during the month of December increased 4.9% year-over-year, while the median price was up 14.2%.
• The average price of properties priced above $2 million was statistically level with the prior year end ($3,803,000). Median price in this segment increased 5.4% to $3,093,012.
Housing Expectations for 2016
NAR sent us this infograph giving us an overview of what we can expect in 2016 for the housing market and the economy.
Why Do Americans Consider Moving?
In a recent Harris Poll, Americans listed “change in climate/weather” as their top reason for wanting to relocate.
41% would move for a better job opportunity.
Being closer to loved ones filled out 3 of the top 6 reasons why American’s move.
If you are searching for open houses this weekend stop by and take a look at our digital HomeLook Magazine. All open houses are scheduled for January 17, 2016 from 1-4PM.
Lucarno in Mediterra
16626 Cortona Lane
16626 Cortona Lane
Bathrooms: 3 full | 1 partial
Est. Square Feet: 3,697
GOLF MEMBERSHIP AVAILABLE IMMEDIATELY!! Inspirational living with alluring lakeside vistas & a poolside terrace seamlessly draw beauty into the interior. A sophisticated blend of modern comfort, design & Tuscan architecture define this sumptuous villa residence with 3 bedrooms, study & 3.5 baths. The finest quality finishes were employed in the recent 2013 renovation highlighted with hand scraped hardwood floors, Carrera marble counters & Italian pendant light fixtures. The new chef?s kitchen is replete with Wolf gas cook-top, marble topped island/breakfast bar, butler?s pantry & coffee bar. Nearby a 300 ± bottle Subzero climate controlled wine refrigerator is perfectly sited by the center sculpture garden courtyard for entertaining. Adjoining the kitchen thru a wide arched gallery, the formal dining area flows to the lofty beamed Great Room highlighted by a linear gas fireplace. Comfort and fluidity of modern design is defined in the serene master suite with captivating spa bath & enviable master wardrobe. Two bedroom suites one an attached Casita with private entry provides luxurious accommodations.
Mediterra Real Estate for Sale
Padova | 15102 Frescott Way
15102 Frescott Way – Sweeping 15th fairway vistas of Mediterra’s South course, backdrop this magnificent 5,676 sq ft estate home sited on a cul de sac. Designed for indoor-outdoor living, this versatile floor-plan is punctuated by a series of generous screened alfresco areas with two pools, spa, summer kitchen, dining, fireplace, & cabana bath. Designer interiors complement the gracious formal living room with fireplace, elegant dining room, butler’s pantry, seated wet-bar, & 90+ bottle climate controlled wine storage. The adjacent kitchen with island, breakfast bar & nook would delight any chef with Dacor gas range, pot faucet, 3 ovens, Asko dishwasher & Sub Zero refrigerator. A light filled gallery to the master wing includes a handsomely appointed office/study with cork floor and a grand coffer ceiling highlights the sumptuous poolside master suite with his & her wardrobes, & marble spa bath. Upstairs two en-suite bedrooms provide comfortable accommodations & view-filled wraparound balcony; architectural details include elaborate coffer ceilings, custom woodworking, & exquisite finishes of marble, granite, & quartzite. Amenities are whole house generator, whole house sound, & 3 AC garages.