March 27, 2023

February 2023 Real Estate Market Review | Naples Area

the following info is courtesy of the Naples Area Board of Realtors...

View February 2023 Market Statistics

Buyers looking for homes in Naples during February were met with more choices as overall inventory increased 131.4 percent to 2,835 properties from 1,225 properties in February 2022. Broker analysts reviewing the February 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), attribute some of the rise in inventory to Hurricane Ian as many sellers were forced to address and remedy damage caused by the storm before the property was ready to welcome buyers. February’s overall median closed price is the same as January’s median close price of $600,000.

The gap in sales activity year over year continues to close thanks to continued confidence in the Naples real estate market. Overall pending sales in February decreased 16.8 percent to 1,241 pending sales from 1,480 pending sales in February 2022. Overall closed sales during February decreased 17.2 percent to 682 closed sales from 824 closed sales in February 2022. And showings decreased 15 percent in February to 36,574 showings from 43,032 showings in February 2022. The majority of home sales in Naples during February were cash sales [62.1 percent in February]. The report’s pending sales data reflected several sales contracts that were cancelled numerous times during the month. This rise in contract cancellation rates in February is an indication that sellers need to either fix the problems found during inspections or become more agreeable to negotiate on the price. Brokers also think consumer sentiment over the financial market’s uncertainty could benefit the Naples area housing market as more individuals and investors may to turn to real estate as a more secure place to invest their wealth.

When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.

Dec. 27, 2022

November 2022 Real Estate Market Review | Naples Area

Naples Housing Inventory on the Rise

the following info is courtesy of the Naples Area Board of Realtors...

View November 2022 Market Statistics

 
Naples, Fla. (December 22, 2022) – According to the November 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 552 overall closed sales in November, which is a 41.4 percent decrease from 942 closed sales recorded in November 2021. The post-pandemic home buying surge that took place when mortgage rates were historically low has ended. Housing inventory in Naples is on the rise but remains low at just 2.8 months of inventory reported in November (a balanced market has a six-month supply of inventory). As expected, the limited inventory environment in Naples is restricting sales and increasing prices. Though broker analysts reviewing the report pointed out that cash sales accounted for 62.3 percent of closed sales in November; it is an indication that the Naples housing market remains a solid investment.
 
While optimistic, Budge Huskey, CEO, Premier Sotheby’s International Realty, said, “Things are moving in the right direction, but it will take time to return to what most would consider normal market conditions.”
 
Even new legislation passed last week to stabilize the property insurance market, reduce protracted litigation, and speed up the claims process will take time before it is enjoyed by Florida homeowners.
 
Huskey added, “Inventory in Naples is increasing, but there may be a bifurcation coming as newer homes are more insurable than older ones. This may begin to affect home prices next year because newer homes and their ability to obtain insurance will become more desirable and increase in price; whereas older homes that need attention will struggle to find a willing insurer and may become less desirable and decrease in price.”
 
The November report showed inventory rose in all price categories except the $300,000 and below category, which decreased 14.2 percent from 127 to 109 properties. Overall inventory in November rose 96.8 percent to 2,478 properties from 1,259 properties in November 2021. Comparatively, in November 2019 there were 5,563 properties in inventory, which was split between 2,771 single-family homes and 2,792 condominiums. Today, the inventory is single-family home heavy, which accounts for 63 percent of all homes for sale in Naples.
 
November’s overall median closed price increased 20.4 percent to $600,000 from $498,500 in November 2021. But “the season for aspirational pricing is over,” said Jillian Young, President of Premiere Plus Realty. “The economy is very different from where we were during the frenzied buying activity experienced in the year following the pandemic. Sellers can no longer expect multiple offers that are significantly over the listed price. We had less inventory then, which drove prices higher, and mortgage rates were at 2 and 3 percent, which gave buyers more room to make concessions.”
 
November’s report also showed sellers are more willing to negotiate again as the overall percent of list price received decreased 3.3 percent compared to last November. “A slowdown in sales started to occur during this past summer when COVID restrictions were lifted in foreign countries and people began to travel again,” said Jeff Jones, Broker at Keller Williams Naples. “The opportunity to travel safely means homeowners aren’t here to sell their homes.”
 
The NABOR® November 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 
As to whether Hurricane Ian impacted the Naples housing market, Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., said, “There’s a considerable number of homeowners tied up in insurance disputes right now. Once they are resolved, we may see a slight increase in new listings.” Young added that, “Many homeowners are still displaced from the storm as they weigh their options.” Huskey responded by adding, “There’s also a percentage of homeowners that don’t want to go through the renovation process, especially west of 41, and instead are selling their damaged homes to builders who are eager to buy and tear down a $2 million home to build a $6 million home.” Jones quipped, “Despite whether a homeowner spends the money to renovate or sells to a builder, the average list price of a home for sale in a desirable neighborhood west of 41 is likely to increase.”
When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.
Dec. 12, 2022

2021 Profile of Home Staging

2021 Home Staging Profile from the National Association of Realtors

Nov. 30, 2022

October 2022 Real Estate Market Review | Naples Area

Housing Market Favorable for Preseason Buyers
the following info is courtesy of the Naples Area Board of Realtors...
Naples, Fla. (November 23, 2022) – Speculation that home sales in October would drop dramatically in Collier County following Hurricane Ian was proven inaccurate as closed and pending sales for the month increased 23.7 and 8.7 percent, respectively, compared to closed and pending sales reported in September, according to the October 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). And even though 525 listings were either terminated, expired or withdrawn from the Southwest Florida MLS during October, overall inventory for the month increased 72.7 percent to 2,325 properties from 1,346 properties in October 2021.
“Our current market has created many new opportunities for redevelopment that have caught the attention of a much broader spectrum of buyer,” said Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties. “It is an environment created out of tragedy that will prove beneficial for the Naples area in the long run.”
 
Budge Huskey, CEO, Premier Sotheby’s International Realty, responding to Haynes said, “This is a statement about the confidence of our market in the future. Many older homes that experienced severe flood damage during Ian are in desirable locations. And this is going to start a new building boom with higher quality product.”
 
Admittedly, compared to 2021 which was a standout year for real estate in Collier County, closed sales in October decreased 24.5 percent to 662 closed sales from 877 closed sales in October 2021. Pending sales (homes under contract) also decreased 43.3 percent to 673 pending sales from 1,186 pending sales in October 2021.
 
According to NABOR®’s statistics, October’s overall median closed price held fast at $555,000, the same as was reported in September. But compared to October 2021, the overall median closed price increased 23.3 percent from $450,000. Interestingly, the statistics showed a 1.6 percent decrease in median closed price for condominiums between September and October. Haynes added that, “While we saw a slight increase in new listings by condominium owners who had damage and decided to sell instead of rebuild, the hurricane is not going to spark a ‘fire sale’ trend.” 
 
There was a 26.1 percent increase in new listings in October compared to September, which broker analysts say is typical this time of year. Overall new listings in October decreased 13.9 percent to 908 from 1,054 in October 2021, but new listings for single family homes soared in October and were just 10 properties shy of the 548 new listings reported in October 2021. Preseason buyers will be pleased to find many more options than last year.
 
The NABOR® October 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022:
“Even though interest rates are set to increase again, it’s a good time to be a home buyer in Naples,” said Dominic Pallini, Broker at Vanderbilt Realty. “The overall percent of current list price received is 96.4 percent and has been declining since April. This means buyers today have more room for negotiation.” Haynes responded by explaining that “a successful negotiation could lower mortgage payments enough to offset the interest rate increase.”
 
According to Molly Lane, Senior Vice President at William Raveis Real Estate, “Whether a homeowner decides to rebuild or sell a property damaged by Ian has a lot to do with location and circumstance. Some retirees with an older damaged home west of 41 are choosing to sell as is and buy elsewhere in Naples, typically more inland and with a higher elevation, while newer homeowners in the affected areas are choosing to invest in a rebuild.”
 
Huskey responded that, “For every one homeowner that moves out of a neighborhood west of 41, there are two buyers looking to move in. We may see a short-lived variance occur within our market in the coming months as some discounting for homes with lower elevations may occur. But this also means there may be a premium set on those homes with a higher elevation.”
 
When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.
Oct. 21, 2022

September 2022 Real Estate Market Review | Naples Area

Hurricane Ian Failed to Upset Naples
Housing Market’s Resilience
the following info is courtesy of the Naples Area Board of Realtors...
Naples, Fla. (October 21, 2022) – The impact of Hurricane Ian, as witnessed on the last two days of September, is not reflected in the September 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Given this, September’s data showed a predictable pattern of slow closed and pending sales with a slight increase in inventory, which is traditionally the case in historically stable Septembers. (The September 2022 infographic and chart are located at the end of this email.) While the report captured activity prior to Hurricane Ian’s arrival, broker analysts who reviewed the report on October 18th are confident Naples’ recovery will be swift and the resiliency of its home values will be protected.
 
“There is indeed significant loss, yet the full scope of [the hurricane’s] impact was limited to a specific area along the coast and tributaries [in Collier County],” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “Such an event always brings with it a rebuilding boom, and most people will make the decision to restore and improve rather than exit the area. It’s remarkable how quickly progress is being made each and every day.”
 
Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., added that “Unlike Hurricane Irma, Hurricane Ian was not a severe wind event so roughly 80 percent of the county was unaffected. For buyers looking to purchase non-waterfront homes, the market is unchanged.”
 
Not surprising, several broker analysts said there has been an increase in buyer interest for homes in communities east of U.S. 41 since the storm. Adam Vellano, a Naples Sales Manager at Compass Florida, remarked that, “Some homes have been withdrawn from the MLS, some have been terminated, but there’s also been a steady flow of new listings in these last two weeks.”
 
Obviously, some properties in Naples that experienced damage from the hurricane will come off the market because they will need to be assessed by insurance adjusters and undergo repairs. But unlike harder hit Lee and Charlotte counties, very few properties in Collier County were destroyed.
 
A considerable number of businesses and properties that experienced the storm’s surge were swift to recover. Major area attractions like the Zoo, popular restaurants and golf courses have already reopened. Vellano added, “If you visit our popular shopping districts today, you’d be hard pressed to recognize we had a major hurricane event two weeks ago.” 
 
Indeed, our county’s hurricane building code standards and quality craftsmanship by local builders helped to greatly reduce the amount of major structural damage in the area. Additionally, drainage improvements to the City and County’s stormwater infrastructure and new flood prevention management ordinances attributed to Naples’ quick recovery efforts.
 
Molly Lane, Senior Vice President at William Raveis Real Estate, who lived in Connecticut during two major storm flooding events said we might see “FEMA change the base flood elevation on new builds.” Though many spec homes built west of 41 are already 10 feet above sea level and the vast majority appeared to avoid serious flooding during Hurricane Ian.
 
Broker analysts that reviewed the September 2022 Market Report are concerned national media’s portrayal of the storm’s destruction is influencing the public’s perception of the housing market in Collier County. Hughes said, “A lot of people who visit Naples are assessing their winter plans now. They are trying to figure out whether they should come down and it doesn’t help that our area is part of the media’s narrative when reporting on the hurricane’s destructive effects. It is simply not the case. Naples is well positioned to bounce back, and it will quickly.”
 
Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties, assures the public and NABOR® members that September’s Market Report did not reveal any surprises and that instead of spending time analyzing the report you should spend the time helping human service organizations that provide direct recovery support.
When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.  Check out his booklet, Preparing Your Home for a Successful Sale.
April 2, 2019

February 2019 Real Estate Market Review | Naples Area

February Market Report Shows Many Options for Buyers

the following info is courtesy of the Naples Area Board of Realtors...

 

Naples, Fla. - Home buyers had many more options to choose from in February as housing market inventory increased 7 percent to 7,442 homes in February 2019 compared to 6,912 in February 2018. In addition to 1,498 new listings added to the Southwest Florida MLS in February, the February 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), also reflected a 4 percent decrease in the overall median closed price to $335,000 in February 2019 compared to $350,000 in February 2018.

 

 

 

"This is typically the time of year when we see inventory jump," said W. Kunkle, President and Managing Broker at Kunkle International Realty. "New listings increased 34 percent in the single-family home market and 7 percent in the condominium market [based on a comparison of February statistics]. That's a lot of great new options for buyers!"

 

The February Market Report showed inventory for each home type was about even in February with 3,801 single-family homes available (a 10 percent increase compared to February 2018) and 3,641 condominiums available (a 4 percent increase compared to February 2018).

 

While there were 100 fewer closed sales in February 2019 compared to closed sales in February 2018 (a 14 percent decrease), the added inventory has broker analysts like D. Pallini, Broker at Vanderbilt Realty, convinced that buyers are not rushing into a sale like many did when inventory levels were much lower; and instead, are meticulously evaluating all their options that include new and existing homes.

 

"The average days on the market increased in February, which tells me that buyers are looking at more homes before they make an offer," said Pallini. "Plus, there is a lot more new construction this year than a year ago. Agents were rarely in the office in February because showings really increased dramatically."

 

Unlike many Florida markets, sales of homes in Naples are very geographically influenced. Historically, the closer a property was to the beach, the faster it would sell. But that's not always the case anymore. Days on market were the lowest in the South Naples area (34112, 34113) in February; yet prices for single-family homes in this geographic area decreased 25 percent to $420,000 in February 2019 from $560,000 in February 2018.

 

"Our statistics show that the closed prices of properties that were sold in February averaged 95 to 96 percent of the current list price," B. Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. "This shows that once a property is priced to attract buyers, the seller can realize a final closing price within 4 to 5 percent of asking price."

 

Fioretti added that "many of the current listed properties are priced in excess of the range that is attracting buyers so sellers often have to reduce their asking price to the point where buyers are interested, looking and ready to make an offer. Pricing a home appropriately from the start helps the seller realize a much shorter marketing time and makes for a smoother transaction."

 

P. Wood, President & CEO of John R. Wood Properties, added that REALTORS® help buyers find the right homes at the right price in the right area faster because they understand how each geographic area and the neighborhoods within them are different. "For example, closed sales of single-family homes near the beach decreased in February compared to a year ago while its median closed price increased; but closed sales of single-family homes increased in the South Naples area during February and its median closed price fell."

 

The NABOR® February 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

 

CATEGORIES

FEB 2018

FEB 2019

CHANGE

Total closed sales (month/month)

695

595

-14%

Median closed price (month/month)

$350,000

$335,000

-4%

Total active listings (inventory)

6,912

7,442

+7%

Average days on market 

95

102

+7%

Single-family closed sales (month/month)

315

291

-7%

Single-family median closed price (month/month)

$439,000

$405,000

-8%

Single-family inventory

3,427

3,664

+7%

Condominium closed sales (month/month)

381

304

-20%

Condominium median closed price (month/month)

$275,000

$265,000

-4%

Condominium inventory

3,485

3,641

+4%

 

"The high-end market continues to do very well in our area," said M. Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., who added that those high-end sales are usually made by very astute buyers and if the economy was bad or on a path to becoming bad, then they wouldn't be buying as they are currently.

 

"You can't look at our market with only one lens," Hughes added. "A lot can change in a quarter mile. Sellers are best served when they work with a REALTOR®, whose job is to offer home buyers and sellers a good understanding of neighborhood market trends and comparative pricing strategies. This is very important during high season, and especially today, when buyers have more housing options."

 

View February 2019 Market Statistics

When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.  Check out his booklet, Preparing Your Home for a Successful Sale.

 

 

Jan. 25, 2019

2018 Year End Real Estate Market Review | Naples Area

Naples, Fla. (January 18, 2019) – The Naples area housing market ended 2018 with impressive annual activity statistics in all areas of the residential real estate market including an 11 percent increase in total closed sales and a 14 percent increase in inventory compared to 2017. Sales of homes over $1 million continued to drive the market in 2018, especially in the condominium market where closed sales of condominiums over $1 million increased 37 percent! According to the Year End 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory at the end of 2018 was the highest on record in six years.

“Prices held steady in 2018 with just a 3 percent increase in median closed price,” said B. Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “However, for homes over $300,000, the median closed price actually decreased 1 percent.”

Upon reviewing the YE 2018 Market Report, Fioretti concluded that there are many positive trends for both home buyers and sellers in 2019. The top 5 positive trends for home buyers and sellers are:

5 POSITIVE TRENDS FOR SELLERS

  • Colder winters up north are bringing more visitors to the Naples area
  • Naples area homes are selling faster (average days on market decreased 9 percent from list to closing)
  • Buyers interest in the Naples market is on the rise as a result of aggressive builder advertising in northern markets
  • More comparable home prices are available with the increase in inventory
  • Location, location, location continues to appeal to home buyers

5 POSITIVE TRENDS FOR BUYERS

  • Inventory is increasing which translates to more options for home buyers
  • There are as many condos for sale as there are single family homes which expands overall opportunities for home buyers (Total: 6,261)
  • The stability of the overall median closed price builds buyer confidence in the market
  • Mortgage interest rates are currently low (< 5%) spurring home buying decisions
  • Location, location, location continues to offer appeal!

Single-family homes in the Naples Beach area (34102, 34103, 34108) reported the highest median closed price increase (14 percent) in 2018 compared to 2017. But that’s most likely due to closed sales of a few multimillion homes that took place last year including a $48.8 million transaction in June for a home in Port Royal.

The median closed prices listed on NABOR®’s market reports do not reflect average sales prices. Rather, the median closed price demonstrates a rate wherein half the closed sales were purchased for amounts below the figure (median) and half the sales were purchased for prices above it. As such, of the 662 single-family homes located in the Naples Beach area that sold in 2018, the median closed price was $1,268,000 in 2018 compared to the 652 single-family homes that sold in 2017 where the median closed price was $1,117,000. Incidentally, closed sales in this area increased only 2 percent.

Conversely, closed sales of single-family homes in the Ave Maria/Immokalee area increased 233 percent to 143 homes in 2018 compared to 43 single-family homes in 2017. Median closed prices for single-family homes in the Ave Maria/Immokalee area decreased 4 percent to $245,000 in 2018 compared to $255,000 in 2017.

According to K. Zorn, broker/owner, Better Homes and Gardens Real Estate Pristine, many small builders are listing their newly constructed homes on the Southwest Florida MLS (multiple listing service), which is reflected in the increased inventory statistics in all price points and in all geographic locations. “Inventory for single-family homes under $500,000 increased the most in 2018, which is good news for buyers who don’t necessarily require a home within walking distance of the beach. In fact, the highest increase in inventory for 2018 was 34 percent, and it appeared in the under $300,000 single-family homes category.”

While the Ave Maria/Immokalee area also reported the highest increase in single-family inventory (40 percent) among all geographic areas tracked, the single-family home inventory in Central Naples (34104, 34105, 34116) increased 38 percent to 391 homes in 2018 from 283 homes in 2017.

As pointed out by NABOR® President J. Jones, Managing Broker for Engel & Völkers Naples and Bonita Springs offices, the 3 percent increase in overall pending sales for 2018 concerned him at first as it looked too low compared to activity in other areas of the report. However, after much discussion with several broker analysts also reviewing the annual market report including M. Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., it was determined that, according to Hughes, “the smaller-than-expected increase was because many closings for a large percentage of homes under contract in the 4th quarter of 2017 were delayed while repairs from Hurricane Irma damage took place.”

The NABOR® Year End, 4th Quarter and December 2018 Market Reports provide comparisons of single family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall Year Ending 2018 (single-family and condominium) findings:

CATEGORIES
YE 2017 YE 2018 CHANGE
Total homes under contract (pending sales) (month/month)
9,121
9,365
+3%
Total closed sales (month/month) 8,815 9,771 +11%
Median closed price (month/month) $330,000 $339,000 +3%
Median closed price >$300K (month/month) $514,000 $510,000 -1%
Total active listings (inventory) 5,491 6,261 +14%
Average days on market  104 95 -9%
Single-family closed sales (month/month) 4,347 4,768 +10%
Single-family median closed price (month/month) $418,000 $425,000 +2%
Single-family inventory 2,685 3,131 +17%
Condominium closed sales (month/month) 4,468 5,003 +12%
Condominium median closed price (month/month) $263,000 $265,000 +1%
Condominium inventory 2,806 3,130 +12%

Even though the Southwest Florida MLS system is not as widely used by REALTORS® working in commercial real estate in Naples, the data collected does help agents gauge this sector of the market. According to W. Kunkle, President and Managing Broker at Kunkle International Realty, “Vacancy rates for commercial properties are low right now. I’m seeing most vacancy rates well under 5 percent.” Historically, commercial real estate activity is directly affected by the residential real estate market. When nearly 1,000 more homes are sold annually compared to a previous year, as was the case between 2017 and 2018, it is realistic to expect the number of businesses will increase to meet the needs of those new consumers. Dozens of new commercial properties are in various stages of development across Collier County, many of which have large grocery store anchors.

When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.  Check out his booklet, Preparing Your Home for a Successful Sale.

Dec. 21, 2018

November 2018 Real Estate Market Review | Naples Area

November Housing Market Report Shows Activity Heating Up
the following info is courtesy of the Naples Area Board of Realtors...
Naples, Fla. (December 21, 2018) - Home sales in November increased by double digits across every price category resulting in an overall increase of 24 percent compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12 percent to 5,971 homes, according to the November 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
 
"The November report shows greater balance in the market which is propelling strong performance," said B. Huskey, President, Premier Sotheby's International Realty, who added that the 24 percent increase in overall closed sales for November is "significant because it reflects our recovery from the hurricane last year."
 
The $0 to $300,000 single-family home market had the most impressive activity in November where inventory rose 38 percent and closed sales increased 30 percent compared to November 2017. This section of the market also saw its median closed price hold steady at $250,000. 
 
"New home construction in the lower price tiers is rushing to meet the needs of buyers and it's building our inventory in much needed areas within eastern Collier," said M. Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. The November market report supports Hughes' claim as the East Naples area (34114, 34117, 34120 and 34137) saw the highest number of closed sales for single-family homes - 105 - with another 121 sales pending.
 
According to C. Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, activity in the $0 to $300,000 price category is rallying in Collier. "Inventory under $300,000 consumes over half of the available condominium inventory. It had the highest inventory increase [38 percent] in the single-family home market too. The November report shows our inventory levels are just about even between condos and single-family homes now."
 
"We haven't seen this level of inventory going into season in six years," said NABOR® President J. Jones, Managing Broker for Engel & VölkersNaples and Bonita Springs offices. "Plus, days on market is cascading downward which is a sign of better pricing. The trend to price homes to sell is clearly taking hold and it's definitely making a difference in overall sales numbers. Visitors will be impressed at the choices and stable prices this season."
 
The NABOR® November 2018 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The November 2018 NABOR® sales statistics are presented in chart format, including these overall 3Q (single-family and condominium) findings:
CATEGORIES
Nov 2017 Nov 2018 CHANGE
Total homes under contract (pending sales) (month/month)
728
700
-4%
Total closed sales (month/month) 521 645 +24%
Median closed price (month/month) $330,000 $334,000 +1%
Median closed price >$300K (month/month) $482,000 $485,000 +1%
Total active listings (inventory) 5,322 5,971 +12%
Average days on market  101 95 -6%
Single-family closed sales (month/month) 271 327 +21%
Single-family median closed price (month/month) $433,000 $420,000 -3%
Single-family inventory 2,606 3,033 +16%
Condominium closed sales (month/month) 250 318 +27%
Condominium median closed price (month/month) $250,000 $255,000 +2%
Condominium inventory 2,716 2,938 +8%
 
Broken down geographically, Collier's housing market in November had some interesting pockets of activity. For example, median closed prices decreased 19 percent in the Naples Beach area (34102, 34103, 34108); but increased 12 percent in the North Naples area (34109, 34110, 34119). There was a 90 percent increase in closed sales of condominiums in East Naples (34114, 34117, 34120, 34137), which brokers attribute to an increase in new construction of townhome developments east of Collier Boulevard. And single-family homes in Central Naples (34104, 34105, 34116) sold the fastest with an average 66 days on the market from listing to closing.
 
When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.  Check out his booklet, Preparing Your Home for a Successful Sale.

Nov. 16, 2018

October 2018 Real Estate Market Review | Naples Area

the following info is courtesy of the Naples Area Board of Realtors...

Naples, FL - Closed sales of homes in the Naples market grew 20 percent to 674 sales in October 2018 compared to 561 sales in October 2017. The last few months have seen not only a return to a steady housing market for Naples since Hurricane Irma, but also an increased buyer appetite for homes in Collier County. We are pleased to report that inventory during October jumped 20 percent to 5,992 homes - the highest October inventory level since 2012 - which is good news for buyers according to leading broker analysts who reviewed the October 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

While buyers struggle to find inventory in other highly desirable locations across the country, this is not the case in Naples. "We have almost 7.5 months of inventory," said Bill C. "In fact, inventory for single-family homes under $300,000 grew by 79 percent to 483 homes in October!"

 

Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, believes the spike in inventory during October is a reflection of the market's recovery after Hurricane Irma in September 2017. "There are some neighborhoods where I still see an oversupply in the spec home market, but I'm also seeing inventory begin to tighten in very desirable areas west of U.S. 41."

 

Historically, inventory begins to increase in October in preparation of seasonal visitors entering Naples' prime home-selling season. According to Jeff J., "About 10 percent of the new inventory in our MLS during October was new construction. A good portion of this building is taking place in East Naples [Eastern Collier County], which had the highest single-family home inventory reported in October. Builders also tell me that over 80 percent of their inventory is sold by REALTORS® rather than the builders' sales staff."

 

Overall pending sales for October were up 17 percent with the $1 to $2 million price category reporting the highest increase (39 percent) for the month compared to October 2017.

 

The October report also showed the overall median closed price increased 1 percent to $344,000 from $342,000 in October 2017; but went down 1 percent for homes priced over $300,000 to $475,000 from $480,000 in October 2017. Interestingly, the median closed price in the Naples Beach area decreased 13 percent in October to $595,000 in October 2018 from $682,000 in October 2017. However, in the 12-months ending October 2018, the median closed price rose 4 percent to $344,000 from $330,000 in the 12-months ending October 2017. In the Naples Beach area, the median price rose 4 percent in the 12-months ending October 2018 to $790,000 from $763,000 in 12 months-ending October 2017.

 

The NABOR® October 2018 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The October 2018 NABOR® sales statistics are presented in chart format, including these overall 3Q (single-family and condominium) findings: 

 

CATEGORIES

Oct 2017

Oct 2018

CHANGE

Total homes under contract (pending sales) (month/month)

623

730

+17%

Total closed sales (month/month)

561

674

+20%

Median closed price (month/month)

$342,000

$344,000

+1%

Median closed price >$300K (month/month)

$480,000

$475,000

-1%

Total active listings (inventory)

5,010

5,992

+20%

Average days on market 

104

93

-11%

Single-family closed sales (month/month)

301

366

+22%

Single-family median closed price (month/month)

$425,000

$426,000

0%

Single-family inventory

2,432

3,177

+31%

Condominium closed sales (month/month)

260

308

+18%

Condominium median closed price (month/month)

$250,000

$265,000

+6%

Condominium inventory

2,578

2,815

+9%

 

View October 2018 Market Stats

Added Carroll, "In addition to predictions that our inventory will continue to increase as we approach the winter season, giving home buyers more choices, we also saw the passing of Amendment 2, which put a permanent cap of 10 percent on annual non-homestead property assessment increase, keeping a reasonable protection for home owners in place. Along with a trend for home sellers to price properties realistically, these factors should inspire even more buyers of second-home properties in the coming months to make their purchase decision this season while all these factors work in their favor."

 

Increased inventory is expected to lead to increased sales. Higher volume sales during our peak selling months during season is important for both homebuyers and sellers. For home buyers, it means a higher likelihood of finding the right property. For home sellers, it means shorter marketing time and a higher likelihood of finding a buyer.

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Oct. 22, 2018

3rd Quarter 2018 Real Estate Market Review | Naples Area

the following info is courtesy of the Naples Area Board of Realtors...

Naples, Fla. - One year after Hurricane Irma, overall closed sales in Naples increased 62 percent to 644 homes in September of 2018 compared to 398 closed sales of homes in September of 2017. According to broker analysts, this impressive increase in month over month sales is a result of the effect of the hurricane when homes sales halted following the massive storm.
 
"The September Market Report shows how resilient and desirable our market is," said Lauren M. "A three percent increase in pending and closed sales, year over year, is strong considering the reduced sales activity during the troubled period following the hurricane. This was when many sellers were making repairs caused by the hurricane. The September statistics show that our market is in a good position to see positive activity for the fourth quarter."
Overall pending sales in the third quarter are up 20 percent, closed sales are up 13 percent, the median closed price is up 3 percent, inventory is up 4 percent, and the days on market decreased 1 percent; all indicators that the third quarter real estate market in Naples remains strong.
 
"Luxury properties are driving the market in the third quarter," remarked Coco A. "Third quarter pending sales in the $1 million to $2 million price category are up 18 percent and in the $2 million+ category they are up 50 percent compared to the pending sales in the third quarter of 2017."
 
According to the 3Q 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales of homes between $300,000 and $500,000 increased at a higher rate (24 percent) than other price categories during the third quarter. Sales of homes between $1 million and $2 million increased 18 percent to 122 homes for the third quarter of 2018 from 103 homes for the third quarter of 2017. Overall closed sales in the $2 million price category increased 20 percent in the third quarter of 2018 to 79 properties from 66 properties sold in the third quarter of 2017.
 
Most remarkable in the 3Q Market Report was the strong activity in the condominium market where pending sales increased 21 percent and closed sales increased 20 percent compared to the third quarter of 2017. The single-family home market also saw a strong increase in overall pending sales activity which was up 20 percent and its closed sales activity was up 6 percent.
 
"Even though the overall median closed price for the 12-months ending September 2018 increased 5 percent to $344,000 from $329,000, median closed prices for homes below $1 million saw no change in price, compared to 12-months ending September 2017," said Brenda F. "In fact, only homes priced between $1 million and $2 million in the 12-months ending September 2018 saw an increase, which was 3 percent to $1,375,000 from $1,340,000. The median closed prices for homes over $2 million decreased 4 percent year over year to $2,991,00 from $3,100,000."
 
The NABOR® September and 3Q 2018 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® sales statistics are presented in chart format, including these overall 3Q (single-family and condominium) findings: 

 

CATEGORIES
3Q 2017 3Q 2018 CHANGE
Total homes under contract (pending sales) (quarter/quarter)
1,675
2,014
+20%
Total homes under contract (pending sales) (year/year)
9,146
9,424 +3%
Total closed sales (quarter/quarter) 1,803 2,032 +13%
Total closed sales (year/year) 8,885 9,130 +3%
Median closed price (quarter/quarter) $320,000 $330,000 +3%
Median closed price (year/year) $329,000 $344,000 +5%
Median closed price >$300K (quarter/quarter) $498,000 $478,000 -4%
Median closed price >$300K (year/year) $512,000 $517,000 +1%
Total active listings (inventory) 4,608 4,776 +4%
Average days on market  99 98 -1%
Single-family closed sales (quarter/quarter) 927 979 +6%
Single-family closed sales (year/year) 4,351 4,409 +1%
Single-family median closed price (quarter/quarter) $418,000 $419,000 0%
Single-family median closed price (year/year) $410,000 $435,000 +6%
Single-family inventory 2,314 2,495 +8%
Condominium closed sales (quarter/quarter) 876 1,053 +20%
Condominium closed sales (year/year) 4,534 4,721 +4%
Condominium median closed price (quarter/quarter) $248,000 $251,000 +1%
Condominium median closed price (year/year) $265,000 $265,000 0%
Condominium inventory 2,294 2,281 -1%
 
According to Jeff J., "Sales activity in East Naples was impressive during the third quarter. This geographic area saw an increase of 21 percent in its closed sales and an increase of 16 percent in its inventory compared to the third quarter of 2017!"
When you are ready to put your home on the market, contact Jeremy O'Guinn for the experience, negotiating skills, and local knowledge you need to ensure your experience is a success.

View 3Q 2018 Market Statistics

View September 2018 Market Statistics