June 2019: Montgomery Real Estate Market Update

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“As we wrap up another successful winter season, our Realtors are preparing for a busy summer,” said Mike Hughes, General Manager for Downing-Frye Realty, Inc. “Let’s take a quick look at our winter season. We had 1,608 pending sales for the first five months of 2019. Of these pending sales, 1,224 have already closed with many scheduled to close over the next 45 days. Despite all of these closings, we still have a listing inventory in excess of 1,100 properties. With an average closed sales price of $616,376, our agents can’t wait for the summer season. If you are thinking about listing your property, now would be a good time as the kids are getting out of school for the summer. Once the kids are out of school, we get a lot of summer visitors. What a great time of the year to visit! If you are a buyer, the listing inventory in Southwest Florida is strong right now with plenty of choices across all price ranges.”

Naples Area Real Estate: SOLID APRIL SALES

April was a solid month with strong sales activity in both the single-family and condominium markets. Closed sales during April increased 12.8 percent to 1,158 properties in April 2019 from 1,027 properties in April 2018. Unlike last year, April 2019 had more closed sales for homes on the lower end of the price spectrum versus last year which had more closed sales in higher price points. Closed sales of single-family homes in April 2019 increased 4.4 percent, and closed sales of condominiums increased 20.1 percent compared to April 2018 market statistics. The overall median closed price decreased 5.6 percent to $340,000 in April 2019 from $360,000 in April 2018. New condominium listings in April 2019 increased by 9.2 percent, while new listings of single-family homes decreased by 3.2 percent.

Bonita & Estero Real Estate: STABLE PRICES

Home prices have been stable in the Bonita Springs/Estero market, and properties priced to current market value are leading the sales activity. Pending home sales increased by 5 percent in April 2019 compared to April 2018, while the twelve month comparison shows a 6 percent increase. Closed sales in April 2019 were down 8 percent vs. April 2018, while overall closed sales for the 12 month period were up 3 percent. The median closed sale price in April 2019 was down 5 percent compared to April 2018, but up one percent for the 12 month period. The average days on market remained at 97 days. The current inventory in April 2019 was 1,866, just slightly more than the 1,812 properties on the market in April 2018. The desire for Bonita/Estero homes was confirmed by over 13 million website views reported by realtor.com.

Florida Real Estate: PENDING SALES & MEDIAN PRICES UP

Florida’s housing market reported more sales, higher median prices and increased inventory in April compared to a year ago. Sales of single-family homes statewide totaled 26,992 in April 2019, up 6.2% over April 2018, and closed sales of condo-townhouses totaled 11,817, up 3.2% compared to a year ago. In April, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for the 88th consecutive month. The statewide median sales price for single-family existing homes was $259,470, up 2.6% from the previous year, and for condo-townhouse units was $194,050, up 2.1% over the year-ago figure. “April was easily the strongest month we’ve seen so far this year for home sales in the Sunshine State,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Prior to April, single-family closed sales for 2019 were actually down year-over-year, but with April’s little surge (up 6.2%), sales in 2019 are now up by 1% compared to where we were through the first four months of 2018.

Nationwide US Real Estate: EXISTING HOME SALES SHOW MINOR DECLINE

Total existing-home sales fell 0.4% from March to a seasonally adjusted annual rate of 5.19 million in April. Total sales are down 4.4% from a year ago (5.43 million in April 2018). Lawrence Yun, NAR’s chief economist, is not overly concerned. “We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” Yun said. He noted that sellers have to realize that price growth has moderated. The median existing-home price for all housing types in April was $267,300, up 3.6% from April 2018 ($257,900). April’s price increase marks the 86th straight month of year-over-year gains. Total housing inventory at the end of April increased to 1.83 million, up from 1.67 million existing homes available for sale in March and a 1.7% increase from 1.80 million a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, up from 3.8 months in March and up from 4.0 months in April 2018.

Contact Us For Real Estate Help Today

Are you thinking about buying or selling your home? Jay Montgomery is a licensed realtor that specializes in Southwest Florida and can make the process as easy and stress-free as possible for you. If you’re ready to get started, contact Jay today here.

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