Naples Property Preview Blog

 

Nov. 20, 2017

October Housing Market Rebounds After Hurricane Irma

 Ocean Sunset

Naples, Fla. (November 17, 2017) - The evidence that a hurricane hit the Naples area in September became less visible in October because residents were quick to address damages to their property and our county and utility service providers worked overtime to get the area back to normal as quickly as possible. The Naples area housing market finished on a positive note in October with closed sales increasing 1 percent over last October, according to the October 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). October's housing market activity was better than NABOR® expected.

"October could have been better, but it did pretty well given the fact that we had no historic perspective of how the market would behave after a hurricane," said Bill Coffey, Broker Manager of Amerivest Realty Naples. "Even though overall pending sales decreased 11 percent in October, some pockets of the market saw really good activity during the month. The drop in pending sales is most likely because many homes damaged by the hurricane are in need of repair before they can go back on the market."

There were 57 closed sales of high-end, luxury properties priced above $1 million in October, a 36 percent increase over October 2016. Yet closed sales of properties priced below $300,000 dropped 12 percent, a loss of just 32 sales compared to October 2016. Also reflected in the October report, closed sales for single-family homes priced between $1-$2 million increased 50 percent in October, while closed sales of condominiums priced between $300,000-$500,000 increased 26 percent.

A lull in inventory following the hurricane was predicted by broker panelists at NABOR®'s Third Quarter Market Conference. Their prediction was spot on as the October report shows an 8 percent decrease in inventory, or about 400 fewer homes available compared to October 2016 levels.

"Tradesmen and construction supplies are in high demand right now," said Dominic Pallini, NABOR® President and Broker at Vanderbilt Realty. "Reports of roofing companies and carpenters being booked several months out with hurricane repair jobs puts things in perspective when you look at our inventory. Homebuyers want move-in ready homes, and these delayed listings of homes needing repairs will create a higher demand for inventory moving into season."

Inventory increased on the high and low end of the condominium market in October. While the report showed no increase or decrease in inventory overall, there were an additional 76 condominiums (a 7 percent increase) added to the $300,000 and below market in October, and 10 condominiums (a 10 percent increase) were added to the $2 million and above market.

Median closed prices in the single-family home market increased to $425,000 (13 percent) in October, while median closed prices in the condominium market increased to $250,000 (4 percent). Interestingly, the median closed price for condominiums in the $2 million and above price category dropped 42 percent in October to $2,545,000, while the median closed price for single-family homes in the same price category increased 22 percent to $2,237,000.

"There's been a big increase in showings for high-end homes recently," said Coco Amar, a managing broker at John R. Wood Properties, who pointed out that, geographically, there was a decrease in median closed prices for condominiums in all areas except North Naples in October.

According to Brenda Fioretti, Broker Associate with Berkshire Hathaway Home Services Florida Realty, evidence of bracket creep can be seen in the lower end of the market where some homes once priced below $300,000 have moved into the $300,000-$500,000 price category. "This may also account for some of the lost inventory in the $300,000 and below single-family home market, where demand has always been higher."

The NABOR® October 2017 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. The NABOR® October 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

 

CATEGORIES

Oct 2016

Oct 2017

CHANGE

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

702

623

-11%

Total closed sales (month/month)

556

561

1%

Median closed price (month/month)

$315,000

$342,000

9%

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

$459,000

$480,000

5%

Total active listings (inventory)

5,426

5,010

-8%

Average days on market

85

104

22%

Single-family closed sales (month/month)

295

301

2%

Single-family median closed price (month/month)

$375,000

$425,000

13%

Single-family inventory

2,849

2,432

-15%

Condominium closed sales (month/month)

261

260

0%

Condominium median closed price (month/month)

$240,000

$250,000

4%

Condominium inventory

2,577

2,578

0%

 

"Compared to closed sales in September, which dropped 30 percent month over month, October's 1percent increase in closed sales is an indication that we recovered rather quickly from the hurricane, and buyer interest in our market is still very strong," said Adam Vellano, West Coast Sales Manager, BEX Realty - Florida.

Budge Huskey, President, Premier Sotheby's International Realty, agreed and added that "if the hurricane hadn't happened and the market had kept the same pace as it did last September and October, we would have seen 400 more sales and been on track for a 6 percent increase in total closed sales year-to-date."

If you are in the market to buy or sell your home in Southwest Florida, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com.

Posted in Market Report
Oct. 28, 2017

Naples FL Market Shows Resilience

Naples, Fla. (October 27, 2017) - The Naples area housing market maintained positive traction during the Third Quarter of 2017 despite enduring a hurricane that impeded activity for three weeks in September. According to the September 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island), there were 398 closed sales during the month of September, a 30 percent decrease compared to September 2016.

 

September proved challenging for the real estate market as homeowners and agents were forced to wait while public and utility services rebuilt or repaired infrastructure damaged by the hurricane. This was reflected in statistics released for September, which affected total outcomes for the Third Quarter of 2017. However, year-to-date numbers tell a different story as activity in pending, closed and median price categories were up year over year at the end of the quarter!

 

To withstand a hurricane and still outperform last year's activity is a clear sign of market resilience.  Broker analysts agreed that 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.

 

The hurricane hit us in the right month since September is typically when the housing market takes a breath before it begins to intensify again. Yet despite a direct hit by a major hurricane, overall closed sales for the third quarter increased 3 percent (year over year). Not surprisingly, the storm's short-term impact on the housing market in September only tempered sales slightly in the third quarter by 5 percent (quarter over quarter), which translated to just 86 fewer closed sales than in the third quarter of 2016.

 

Activity in July and August outperformed the same months last year. If the hurricane had not hit the area in September, the third quarter of 2017 would have shown much more impressive activity.

 

The hurricane's force slowed inventory in September, which resulted in a third quarter decrease of 9 percent. This was most likely a result of homeowners either delaying to list because they evacuated or removing a listing because they needed time to clean up and make minor repairs to properties following the storm.

 

The hurricane created big concerns and delays from banks too.  Most lenders are requiring re-inspections and re-appraisals of properties after the hurricane.

 

One element the hurricane failed to harm was the continued growth in property value for Naples. Overall median closed prices in the third quarter of 2017 increased 3 percent to $320,000 compared to $312,000 in the third quarter of 2016.

 

The integrity of our real estate market has been renewed now that it survived a direct hit from a major storm like Hurricane Irma.  Even homes built over 50 years ago withstood damage. Our survival actually strengthened buyer confidence.

 

Fortunately, media in most of the core areas where our buyers come from didn't overhype the storm, which helped obscure fears.  This is going to be a very good history lesson for us because the hurricane hit during a time of stable market activity.  By January though, we think our brush with Irma will be forgotten.

 

Sales of existing homes are poised to increase in the coming months too because much of the labor force stepped away from new construction to work for companies that provide a variety of property maintenance, including tree removal and lawn debris cleanup.

 

Material costs for new construction may increase too as there will be shortages across the country due to the hurricanes and fires. Delays in new home construction might spur increases in existing home values, especially if inventory does not keep up with the pace of sales.

 

Compared to other tropical second-home destinations like Puerto Rico, the Southwest Florida housing market fared quite well after it faced a hurricane. Broker analysts believe our area may see an uptick in sales from buyers who had their eyes set on an island home in the Caribbean. 

 

If you are looking to sell your home in Naples, we can help you determine a fair market price for your home and then market your property correctly to appeal to buyers. We can also locate properties that match buyer needs and negotiate a purchase price that reflects the market. Discover more at www.NaplesPropertyPreview.com.

 

 

 

 

Posted in Market Report
Oct. 1, 2017

August Home Sales were Outstanding!

August proved to be an outstanding month for the Naples area housing market with more pending and closed sales than last August.  Sales of 685 homes was impressive for August, up 5 percent compared to August 2016. This was encouraging to broker analysts since inventory increased by only 20 properties compared to August's inventory last year.

 

This turned out to be a great summer for sales in Naples.  Pending sales in August were up 13 percent, overall sales were up 5 percent, and there were some nice surprises in the report that weren’t expected.

 

These surprises included a 75 percent increase in pending sales and a 42 percent increase in closed sales for single-family homes located in South Naples. The August report also showed single-family homes in this geographic area had a 22 percent decrease in median closed price.

 

The condominium market performed just as well as the single-family home market in August, reporting a similar 13 percent increase in pending sales. The Pending Home Sales statistic is a forward-looking indicator that is based on contract signings.

 

We believe that summer's sales activity outpaced last years because of renewed consumer confidence. Buyer traffic continued to exceed expectations in August.

 

The overall median closed price for August was $328,000, a 2 percent increase over August 2016. Geographically, prices in the Naples Beach area continue to rise faster than all other areas tracked. In fact, median closed prices for single-family homes in the Naples Beach area increased 32 percent in August.

 

Median closed price for single-family homes jumped 10 percent in August to $422,000. This initially surprised broker analysts but, as reflected in the report, this figure was heavily influenced by 17 sales in the $2 million and above single-family home market, which saw a 54 percent increase in median closed price. All other price categories in the single-family home market reported median closed price increases of 5 percent or below.

 

However, when taking a long look at closed pricing trends (12-month ending), August's median closed price for single-family homes was $405,000, the same as August 2016. Median closed price actually dropped 5 percent for single-family homes over $300,000 to $510,000 for the 12-month ending August 2017 from $535,000 in the 12-months ending August 2016.

 

Overall inventory for August barely budged with a total of 4,807 homes compared to 4,787 in August 2016. Single-family home inventory decreased 4 percent, while the condominium market saw a 6 percent increase in inventory for August.

 

Inventory for condominiums priced below $300,000 in August increased by 133 units to 1,107 total units available. This was the highest increase (14 percent) of all property types and price categories reported in the month.

 

Statistically, major weather events impact housing market sales, and Hurricane Irma was no exception. There was virtually no activity for almost two weeks following the storm.   We won't truly know the impact of Hurricane Irma on the area's housing market for a few months.  The event presents a great opportunity for sellers to refresh their homes and make them more appealing to buyers before season starts.

 

If you are weighing the pros and cons of renovations to your home following Hurricane Irma before you decide to sell, give me a call for assistance. I can do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.NaplesPropertyPreview.com.

 

Posted in Market Report
Aug. 25, 2017

Naples FL - July Home Sales were Stellar!

http://www.NaplesPropertyPreview.comNaples, Fla. (August 25, 2017) - REALTORS® in Naples sold more existing homes in July (682) than they did in January (603) or February (613), a statistical reality that busts an old myth that home sales stall in the summer. In fact, overall closed sales in the market's sweet spot (homes priced between $300,000 and $500,000) increased 32 percent in July. Broker analysts reviewing the July 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island), said a 9 percent increase in closed sales during July was very good, but the continued reduction of inventory, especially in the single-family home market, is cause for concern as it limits choices for buyers.

One segment of the market that brokers are watching closely is the $300,000 and below single-family home market, which saw pending sales decrease 24 percent, closed sales decrease 19 percent, and inventory decrease 2 percent in July. In fact, the entire single-family home market is getting stretched thin as inventory tightens. In July, inventory rose just 3 percent overall, but single family home inventory decreased 1 percent.

According to the report, overall median closed prices in July increased 6 percent to $319,000 from $300,000 in July 2016. For homes in the $300,000 and below price category, the median closed price increased only 3 percent to $225,000 from $219,000 in July 2016. And for homes above $300,000, the median closed price decreased 7 percent to $485,000 from $524,000 in July 2016

Many broker analysts reviewing the July report agreed that an increase in conventional sales (homes purchased with financing) is a good sign that first-time homebuyers are gaining a foothold in the market. As such, the July Market Report showed total closed sales were split almost equally between cash sales and conventional sales.

Brokers are optimistic that the third quarter closed sales will finish ahead of the second quarter, and point to activity in the $500,000 to $1 million price category, which saw the overall pending sales increase 44 percent in July from July 2016. "The median closed price went down 16 percent for condos in this $500,000 to $1 million price category. This may be a reflection of smart pricing strategies finally taking hold."

For months, broker analysts and NABOR® have warned against setting unrealistic pricing, a strategy that many brokers, said can "hurt a homebuyer because a home is often overlooked if it's overpriced."

High prices are a strategy that can work in an accelerating market, but it's risky. A home might sit for months without an offer and sellers typically end up marking the price down, perhaps lower than it should have sold for in the first place. A licensed REALTOR® uses real-time MLS data that can help a seller hit the sweet spot when setting the listing price: a price that's high enough to reflect the home's value, but attractive enough to gain buyer attention and get it sold quickly.

Another segment that brokers are watching closely is the number of days on the market it takes for a property to sell, which is on the rise and hit 105 days in July. One reason for this could be cosmetic. "Many homebuyers are looking for a coastal, contemporary look, not the Mediterranean or Tuscan look that dominates much of the existing home market and appears dated. Sellers must either consider making renovations to meet the light, coastal look buyers want or reducing the home's price in order to stay competitive with the new construction product that reflects this new coastal, contemporary style.

The NABOR® July 2017 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. The NABOR® July 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

Geographically, pending and closed sales activity in South Naples in July outperformed all other areas, showing a 36 and 35 percent increase, respectively. With respect to property type, single-family homes in North Naples saw the most impressive activity in its pending and closed sales (23 and 45 percent, respectively); possibly as a result of a 14 percent decrease in its median closed price and a 3 percent decrease in its inventory.

"Because inventory dropped 1 percent in the single-family home market in July, this may be the first sign that we are not far from a shift in the market," said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., who went on to add, "the housing market is cyclical, and the rate of inventory increase has been trending down since December. If this behavior continues and we go below our lowest inventory point (3,563), which was in July 2014, I predict we'll shift from a buyer's to a seller's market and probably start to see prices increase again."

If you are in the market to buy or sell your home in Southwest Florida, visit www.NaplesPropertyPreview.com or call me direct at 239-821-2370. 

 
Posted in Market Report
June 23, 2017

Naples Real Estate Shines in May

Naples, Fla. (June 16, 2017) - Overall closed sales of homes in May shined brighter than any other month previously reported in 2017, with an impressive 23 percent increase to 1,027 closed sales in May 2017 from 838 closed sales in May 2016. Likewise, overall pending sales (homes under contract) also outperformed activity reported in the last four months. It’s obvious that real estate agents will be very busy this summer.

If May's momentum continues, this year should turn out better than last year.  Home sales during the summer months have become stronger over the past few years. We are no longer seeing a huge disparity in activity between winter and summer like we once did.

One familiar obstacle summer buyers will face again this year is a reduction in available inventory. Whereas the market saw a 26 percent increase in inventory in January 2017 to 6,393 homes from 5,091 in January 2016, the May report showed only a 4 percent increase to 5,404 homes in May 2017 from 5,207 homes in May 2016. Inventory increases are leveling off. Many broker analysts who track market activity, report that they have witnessed upwards of 900 listings disappear from the Southwest Florida MLS since May 1st. 

Those who let a listing expire at the end of our winter season are missing a huge opportunity to sell their property during the summer months.  Our area attracts a variety of buyers during the summer such as international travelers, families from Northern states, and those relocating from other parts of Florida.

Comparatively, the overall median closed price decreased 8 percent in January, while the May report showed an increase of 5 percent to $355,000 in May 2017 from $338,000 in May 2016. Incidentally, January's median closed price was $314,000. If the logic behind removing a listing at the end of season is based on old beliefs that a property will obtain a higher sale price during the winter months, then sellers need to examine the May statistics more closely. According to NABOR reports, there were 424 more closed sales during May than January.

Buyers during the summer seem to be more serious.  In season, we get a lot of traffic, but it's mostly lookers. In the summer, people are ready to buy. They ask real buyer questions, and most often have financing in place.

Activity in the $2 million and above price category has really picked up strength this year. As reflected in the report, overall pending sales in the $2 million and above price category increased 52 percent in May. There were also 78 closed sales of homes in this price category in May 2017, up from 36 closed sales in May 2016. And while the overall median closed price for homes above $300,000 increased 8 percent to $590,000 in May 2017 from $547,000 in May 2016, the overall median closed price for this top reported price category decreased 8 percent to $2,950,000 in May 2017 from $3,220,000 in May 2016. 

The May report also showed overall inventory increased 4 percent to 5,404 homes in May 2017 from 5,207 homes in May 2016. Homes in the $300,000 and below price category had the highest inventory increase of all other price categories, reporting a 12 percent increase to 1,551 properties in May 2017 from 1,391 properties in May 2016. While still an increase over last year, the rate of the market's overall inventory increase is tempering. In fact, brokers are concerned that housing options in some geographic areas, such as in the Central Naples single family market, may start to pinch sales as this area experienced a 50 percent increase in single-family closed sales during May, but had only an 8 percent decrease in inventory.

The NABOR® May 2017 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. The NABOR® May 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

CATEGORIES

May 2016

May 2017

CHANGE

Total homes under contract (pending sales)

921

1,027

12%

Total closed sales

838

1,027

23%

Median closed price

$338,000

$355,000

5%

Median closed price >$300K

$547,000

$590,000

8%

Total active listings (inventory)

5,207

5,404

4%

Average days on market 

73

98

34%

Single-family closed sales

396

485

22%

Single-family median closed price

$432,000

$435,000

1%

Single-family inventory

2,744

2,734

0%

Condominium closed sales

442

542

23%

Condominium median closed price

$276,000

$289,000

5%

Condominium inventory

2,463

2,670

8%

 

Buyers who are looking for a condominium in the Naples Beach or North Naples area this summer may encounter some challenges as these areas are running low on inventory.  In North Naples there was a 47 percent increase in closed sales of condominiums during May, a 26 percent increase in pending sales of condominiums during May, and only a 9 percent increase in inventory. The situation is even more alarming on the beach, as both pending and closed sales of condominiums increased by double digits, but its inventory rose only 1 percent in May. 

If you currently have a home for sale in the Naples market, brokers recommend against terminating the listing during the summer. In fact, there were 875 closed sales in June 2015 and 832 closed sales in June 2016, both higher than the number of closed sales in January (603) and February (613) of 2017. 

As a highly desirable second-home location that rarely falls below 70 degrees, Naples will always increase in population during the winter months and then decrease during the summer. But according to county growth reports, the permanent residential population in Naples is also growing steadily. When asked, several brokers say that a large majority of the next season's part-time residents, along with a host of new permanent transplants, prefer to do their home buying during the summer. So before you pull your home off the market, give us a call so we can help you market your property correctly to appeal to summer buyers. We can also locate properties that match summer buyer needs and negotiate a purchase price that reflects the market. Discover more at www.NaplesPropertyPreview.com

 

Posted in Market Report
May 29, 2017

Naples Real Estate has Strong End-of-Season Activity

Inventory decreased for the second consecutive month and prices continued to remain stable in April, setting into motion a burst in end-of-season sales for homes in the market's sweet spot - the $300,000 to $500,000 price category. Activity in that price category for both single-family and condominium homes in the resale market continued to outpace all other price categories during the month of April. While overall closed sales for the month decreased 5 percent, closed sales for homes in the sweet spot saw a 14 percent increase.

April showed a 41 percent increase in pending sales for homes in the $2 million and above price category. There were 10 sales over $5 million in April. This was a good sign we had a very strong season. April's activity sets us up for a good summer.

Overall inventory in April increased 8 percent to 5,920 homes in April 2017 from 5,480 homes in April 2016. Most notable was a remarkable 35 percent increase in the $2 million and above condominium inventory for April. However, April's inventory decreased by 470 homes from March's level, which was 6,390 homes.

Homes that are unrealistically priced influenced April's average days on market, which showed an increase of 35 percent to 97 days in April 2017 from 72 days in April 2016.

Prices overall have remained relatively flat over the last year. Only the homes in the $300,000 and below price category increased in median closed price in the 12-months ending April 2017 from $207,000 to $219,000. There were actually minor decreases in all other price categories above $300,000.

The last frontier of growth is eastern Collier County where buyers seeking single-family homes have more affordable options. This area, which includes 34114, 34117, 34120 and 34137, saw a 17 percent increase in closed sales to 122 single-family home closed sales in April 2017 from 104 single-family home closed sales in April 2016.

The NABOR® April 2017 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. The NABOR® April 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

CATEGORIES

April 2016

April 2017

CHANGE

Total homes under contract (pending sales)

1,084

1,075

-1%

Total closed sales

947

902

-5%

Median closed price

$325,000

$355,000

9%

Median closed price >$300K

$559,000

$525,000

-6%

Total active listings (inventory)

5,480

5,920

8%

Average days on market 

72

97

35%

Single-family closed sales

429

404

-6%

Single-family median closed price

$434,000

$419,000

-3%

Single-family inventory

2,877

2,986

4%

Condominium closed sales

512

498

-3%

Condominium median closed price

$262,000

$296,000

13%

Condominium inventory

2,597

2,934

13%

 

Financing has become more complex in the last year and may be one reason the days on market have increased. For the 902 homes that closed in April 2017, the majority (65.3 percent) were cash sales and only 34.7 percent were conventional (financed) sales, a statistic that signifies the seasonal wealth factor. 

If you are in the market to buy or sell your home in Naples Florida, visit www.NaplesPropertyPreview.com or call me direct at 239-821-2370. 

Posted in Market Report
March 17, 2017

Naples: More Choices Better Prices

 

Overall inventory rose yet prices remained stable in February.  Overall pending sales (homes under contract) and overall closed sales also increased in February keeping REALTORS® out in the field and busy with showings and closings.

Compared to this time last year when we were challenged to find properties for customers, the February report showed inventory is up by nearly 1,000 new listings, giving us almost nine months of inventory to show eager buyers.  Buyers have more choices now. This trend is promising.

Overall inventory rose 16 percent to 6,466 homes in February 2017 from 5,577 homes in February 2016. The largest increase in inventory during February was in the condominium market, which saw a 23 percent increase to 3,207 condominiums in February 2017 from 2,599 condominiums in February 2016. In fact, condominiums in the $1 million to $2 million price category increased the most of all housing types with a 43 percent jump in inventory to 284 condominiums in February 2017 from 198 condominiums in February 2016. Also reflected in the report, the North Naples area experienced the highest increase in condominium inventory, with a 40 percent increase to 989 condominiums in February 2017 from 704 condominiums in February 2016.

The February report also showed overall pending sales increased 10 percent to 1,092 pending sales in February 2017 from 993 pending sales in February 2016; and overall closed sales increased 18 percent to 613 closed sales in February 2017 from 518 closed sales in February 2016.  The condominium market also held the record in February for highest increases in both of these areas too. For example, pending sales of condominiums in the $300,000 to $500,000 price category had the highest increase of all other home types and price points in February with a 53 percent increase, and closed sales of condominiums in the $500,000 to $1 million price category had the highest increase of all other home types and price points in February with a 75 percent increase.

Overall median closed prices increased just 3 percent to $333,000 in February 2017 from $323,000 in February 2016. Interestingly, the median closed price for single-family homes decreased 5 percent to $402,000 in February 2017 from $425,000 in February 2016. Geographically, the Naples Beach area saw a 29 percent decrease in median closed price to $650,000 in February 2017 from $917,000 in February 2016.

Buyer hesitation doesn't seem to be a factor with the real estate market in Naples just yet. In fact, cash sales increased to 68 percent of the closed sales made in February. And for good reason: There were 400 price reductions in one week in the Southwest Florida MLS during February, which motivated buyers to make a purchase decision. Along with being named the happiest place to live in America, Naples continues to have a very healthy and balanced real estate market.

When you are ready to put your home on the market, look to Susan Sanderson for the experience and local knowledge you need to ensure your sale in the Naples area is a success. Our team can also help you negotiate the best price for your new Naples area home.  For more information visit: www.NaplesPropertyPreview.com

 

 

 

Posted in Market Report
Feb. 28, 2017

NAPLES FL HOME SALES ARE VERY STRONG

The new year rebounded with a strong gust of activity in the Collier County real estate market!  Increases in overall pending sales (homes under contract), overall closed sales and overall inventory indicate a strong season ahead. Broker analysts who reviewed the January 2017 Market Report, which tracks home listings and sales within Collier County (excluding Marco Island) using the Southwest Florida MLS, are confident that market indicators are favorable to support momentum through season.

Many areas of Naples are in a buyer's market now, and home sales were very strong in January, Properties that are selling rapidly are those that are priced at true market value.  The increase in inventory is a positive opportunity, especially for buyers looking in the under $300,000 condominium market, which increased by over 400 units in January."

According to the January Market Report, overall pending sales increased 9 percent to 924 pending sales in January 2017 from 847 pending sales in January 2016. Broker analysts said they are most encouraged by pending sales activity in the middle range of the market; namely, homes between $300,000 and $2 million, which all experienced double digit increases in January.

Overall closed sales increased 6 percent to 603 closed sales in January 2017 from 571 closed sales in January 2016. Interestingly, January was the first time both overall pending sales and overall closed sales were on the upswing simultaneously since March 2015.

Overall inventory for all price segments increased by double digits in January which is not uncommon as we move into the selling season in Naples. Condominium inventory in the $2 million and above category had the highest gain with a 44 percent increase to 135 condominiums in January 2017 from 94 condominiums in January 2016.

Increases in inventory typically drive prices down, and yet, with a 28 percent increase in inventory in the $500,000 to $1,000,000 condominium price range, we show an increase in the median price of 9 percent compared to last year.

Geographic proximity to the beach remains a driving force in the Naples real estate market. As such, properties located in the Naples Beach area experienced a 15 percent increase in overall median closed price to $784,000 in January 2017 from $680,000 in January 2016. Pending sales for the Naples Beach condo market for January 2017 increased by almost 40 percent compared to last year and closings were up 16 percent. This was mostly driven by a somewhat limited condominium market in the Naples Beach area, where inventory increased 34 percent and pending sales shot up 39 percent in January. 

We are in a different market than we were a year ago.  "The stock market is performing very well, home sales are now very strong in northern states, and winter came early up north so people fled to Florida's warm weather early too."

If you're ready to embark on a journey to buy a home in Collier County, call me, so I can help you find a property that will best suit your needs and budget.  I am also happy to help sellers by doing a market comparison and recommending a listing price that is realistic and fair for their home. 

Discover more at:  www.NaplesPropertyPreview.com

Posted in Market Report
Jan. 4, 2017

Hit The Beach - Naples Style!

When you think of Southwest Florida…. think of our pristine beaches!

From Marco Island to Sanibel, Southwest Florida offers easy access to the glistening Gulf of Mexico. Our world-class beaches offer something for everyone:  beach combing, shelling, fitness walking, sailboarding, fishing….or just relaxing in the warm sun and gentle gulf breezes. And don’t forget the magical sunsets over the Gulf. No two are ever alike!

 

As you explore the Gulf beaches, you may want to begin with these favorites, located in the greater Naples area:

 

Delnor-Wiggins Pass State Recreation Area: Located near Naples Park, at the end of Immokalee Rd. As visitors drive into the park, they notice a sign saying, “Welcome to the Real Florida.” Natural vegetation, a mangrove forest, and abundant wildlife border the beach area. Endangered sea turtles regularly nest on the beach at Delnor-Wiggins.  You will enjoy shelling, shaded picnic areas, and abundant parking areas. With over a mile of sandy beach, those who wish to “get away from it all” will discover solitude and natural beauty at Delnor-Wiggins.

 

Clam Pass Beach: Clam Pass is part of the Collier County Park system and is nestled at the end of Pine Ridge Rd./Seagate Dr.  Visitors to Clam Pass may hike the ½ mile boardwalk from the parking area to the beach, or if you prefer, take the free tram to the beach. Either way, you will have a great view of dense mangrove forest.  Once at the beach, the glistening white sand against the blue Gulf waters will captivate you. No wonder Clam Pass Beach has been ranked as one of the top 20 beaches in the United States!

 

Naples Pier: “The Pier” has been a City of Naples landmark since 1888. Today, it is a destination for visitors who enjoy the short stroll out the Pier for unique views up and down the Gulf Shore. You may be lucky enough to catch a glimpse of frolicking dolphins, or celebrate a memorable catch with a local fisherman. The Pier is a well-known spot from which to enjoy a breathtaking sunset - add it to your list one evening before dinner at your favorite Naples restaurant! Broad beaches extend north and south of the Pier; these beaches are a popular destination for fireworks on the 4th of July and New Year’s Eve.

 

These are just a starting point for your own Southwest Florida beach adventures. I know you will discover your own favorites!

When you're done exploring the best beaches in Naples and would like to look for your "Piece of Paradise", give me a call to explore Naples Real Estate or visit www.NaplesPropertyPreview.com to update yourself on available Naples properties.

 

Posted in Things To Do
Nov. 24, 2016

More Buyers Choosing to Finance their Naples Home Purchase

Over 44 percent of homes purchased in October used conventional financing methods (e.g., mortgages), according to a report released by the Naples Area Board of REALTORS® (NABOR®) that detailed activity in the greater Naples housing market during October 2016. The October 2016 Market Report, which tracks home listings and sales within Collier County (excluding Marco Island), showed a gradual - but continuous - decline in cash sales with growth in conventional sales during the last 12 months.

In October 2015, cash sales accounted for nearly 65 percent of all homes sales in Naples, whereas in October 2016, cash sales accounted for only 56 percent of all homes sales in Naples. Interestingly, homes purchased in the $300,000 to $500,000 price category in October reflected the highest percentage of conventional sales (60 percent) of all the price categories reported.

Increased use of conventional mortgages in October may be an indication of increased consumer confidence coupled with a better lending environment. In October 2014, only 32 percent of all home sales used conventional financing. In October 2015, conventional financing increased to 35 percent of overall sales.

The October 2016 Market Report showed overall pending sales decreased 13 percent to 702 pending sales in October 2016 from 807 pending sales in October 2015. Interestingly, overall pending sales in the $500,000 to $1 million price category actually increased 14 percent to 125 pending sales in October 2016 from 110 pending sales in October 2015. Likewise, pending sales of condominiums in the $500,000 to $1 million price category increased 30 percent to 57 condominiums in October 2016 from 44 condominiums in October 2015. The increase in pending sales extended to the single-family home market as well, in which both the $300,000 to $500,000 price category and $500,000 to $1 million price category increased 3 percent.

In the closed sales category, the October 2016 Market Report showed overall closed sales decreased 7 percent to 556 closed sales in October 2016 from 601 closed sales in October 2015. However, closed sales of condominiums in the $1 million to $2 million price category increased 80 percent to 9 condominiums in October 2016 from 5 condominiums in October 2015. And closed sales of single-family homes in the $300,000 to $500,000 price category increased 21 percent from 120 single-family homes in October 2016 from 99 single-family homes in October 2015.

For October, the overall median closed price increased 6 percent to $320,000 in the 12-months ending October 2016 from $302,000 in the 12-months ending October 2015. Conversely, the overall median closed price for homes above $300,000 did not reflect a recordable change. Homes in the $300,000 and below price segment, which experienced a 10 percent increase to $215,000 in the 12-months ending October 2016 from $195,000 in the 12-month ending October 2015, is once again responsible for driving the overall median closed price increase.

Even though we are selling homes in a very desirable location, when days on market increase, one factor affecting this is overpriced properties. And because historically, inventory increases right before season, REALTORS® need to take a bold stance now and guide home sellers to a more realistic asking price based on today's market.

The Market report showed a six month supply of inventory to sell. We have not seen this high a level of inventory in the month of October since 2013. So as we move into season with this healthy level of inventory, buyers will have more options, which is all the more reason sellers should seek guidance now from a REALTOR® who knows the local market and can help them price their properties right.

Geographically, inventory in the Naples Beach (34102, 34103, 34108) and North Naples (34109, 34110, 34119) areas increased the most in October. In the Naples Beach area, single-family home inventory rose 25 percent to 567 single-family homes in October 2016 from 454 single-family homes in October 2015, and condominiums increased 71 percent to 655 condominiums in October 2016 from 384 condominiums in October 2015. For North Naples, single-family home inventory rose 35 percent to 878 single-family homes in October 2016 from 650 single-family homes in October 2015, and condominiums increased 64 percent to 734 condominiums in October 2016 from 447 condominiums in October 2015.

There are plenty of homes to buy and sell in Naples.  It's going to take some time to see how the market will react to the election and the changes in the government.  The value of a home relates to local sale prices and a realistic price means a rapid sale.

If you are considering selling your home or buying a new home, give me a call today!  I can help establish the best price to sell your home for or identify properties best suited for you if you are planning on buying a home in Naples.

Visit www.NaplesPropertyPreview.com for more information.

 

Posted in Market Report