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2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Spring 2018 Market Update
Now is the best time to buy, sellers are motivated, interest rates have been favorable, and there’s a good supply of homes to choose from.
Average Sold Home Price: $750,000

Average Time on Market: More than 120 days

Market Trend: No Change

Buyer's or Seller's Market: More buyers than sellers

Multiple Offers? No

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Other

Housing Hot Spots: Hammock Isles, Avellino Isles, Bellerive, Chardonnay, Clubside Reserve, Concord, Erin Lke, Fountainhead, Glen Lake Estates, Laguna Royale, Lalique, Montelena, Regency Reserve, San Miguel, San Rafael, Silver Oakes, Sonoma Lake, Terracina, Terra Lago, Tra Vigne, Tuscany, Valley Oak, Venezi Grande, Villa Verona, Villa Vistana, Vintage Reserve, Vista Pointe, Wedgewood

Contact Information
Carolyn Starns and Billie Dalesio-Faccinto
239-331-4094
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Mortgage Rates for Jun 19th, 2018
30 year fixed rate: 4.55%
15 year fixed rate: 4.00%
30 year jumbo rate: 4.02%
15 year jumbo rate: 4.49%
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Real Estate Professional, Carolyn Starns and Billie Dalesio-Faccinto Carolyn Starns and Billie Dalesio-Faccinto
Downing-Frye Realty, Inc.
Specializing in Naples - The Vineyards Real Estate
3411 Tamiami Trail N. - Suite 100
Naples, Florida 34103
239-331-4094
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Carolyn Starns and Billie Dalesio-Faccinto for current Naples - The Vineyards, FL market conditions before acting on this information.)
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