“July was a great month for pending and closed sales,” said Mike Hughes, Vice President and General Manager of Downing-Frye Realty. “We closed over 275 transactions in July, and had over 230 pending sales with 169 of them priced below $500,000. We have now closed over 1,950 transactions for the year. On the last day of July, our closed sales volume went above $1,000,000,000.00 for the year.
“We opened a small office on Marco Island in March 2017. Our Marco closings are up 53 percent so far this year. The next five months will only add to this number. We are very pleased with how well the Downing-Frye brand has been received on the island.”
Naples Area: Luxury Homes Lead Sales
Overall closed sales increased 2 percent to 2,926 properties in the 2Q of 2018 from 2,880 in the 2Q of 2017. But in the $2 million and above single-family home market, closed sales rose 25 percent in the 2Q of 2018, which — along with other market indicators — leads many broker analysts to believe that interest in luxury homes will remain in high demand. Available inventory at the end of the 2Q of 2018 was 5,165 properties, just 24 units behind the inventory level at the end of the 2Q of 2017 (5,189 properties).
“This tells me that homes are coming onto the market at the same rate we are selling them,” said Mike Hughes. Inventory rose 15 percent in the $2 million and above condominium market during the 2Q of 2018, which may be a factor in the uptick of pending sales in the luxury condominium market as it rose 32 percent during the 2Q of 2018.