Naples Property Preview Blog

 

Oct. 26, 2020

Best September on Record for Naples Housing Market

Homes for Sale in the Isles of Collier Preserve

Naples, Fla. (October 23, 2020) - According to the September 2020 Market Report, released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), performance in several key areas was at a 20-year high compared to activity reported during any other September on record. As such, closed sales increased 52.9 percent to 1,096 closed sales in September 2020 from 717 closed sales in September 2019. Pending sales activity also increased a whopping 83.4 percent to 1,509 pending sales in September 2020 from 823 in September 2019.

"September is typically the slowest month for REALTORS® in Naples," said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, who added, "but agents were very busy this September as the number of showings increased 80 percent to 35,465 appointments compared to 18,745 appointments in September 2019."

Confirming the activity, Budge Huskey, CEO, Premier Sotheby's International Realty, also remarked, "beyond pent-up demand from COVID-19, there is a clear change in buying behavior as a result of the pandemic resulting in a departure from normal seasonality. It's unclear whether this unprecedented pace of sales is sustainable, as some of these buyers were held over from last winter season while others appear to be buying early in advance of the upcoming season."   

Huskey added, "the National Association of REALTORS® forecasted sales in 2020 would increase by only 1 percent; yet there are currently hot markets around the country benefiting from the environment reporting 3 and 4 percent increases to date for the year. In comparison, the incredible allure of the Naples market is reflected in closed sales up 7.5 percent since January compared to the same time frame in 2019."

"I believe that the pandemic pushed some people to make buying decisions a few years early," said Adam Vellano, West Coast Sales Manager, BEX Realty - Florida, who added that "many buyers from northern states have said they are concerned that proposed tax increases could make long-term retirement difficult for them. Instead, they are opting to move to Florida before their home states get aggressive with tax adjustments."

Median closed prices for September increased 18.2 percent to $384,000 from $325,000 in September 2019. Broker analysts reviewing the market data also said they saw an uptick in multiple offer occurrences in September and advise buyers facing this situation not to delay with an offer if they like a property. 

Inventory continues to be a challenge for buyers in Naples. In September, inventory decreased 32.2 percent to 3,980 properties from 5,873 properties in September 2019. Spencer Haynes, Director of Business Development and Broker with John R. Wood Properties said, "Multi-million properties are being grabbed up with many buyers making an offer sight-unseen. There are currently less than 500 properties on the market over $2 million." Not surprisingly, closed sales of homes above $2 million have increased 30.7 percent in the 12-months ending September 2020.

According to the September Market Report, 9.9 percent of the sales reported in September were from new construction sources. But broker analysts say this number does not adequately reflect actual sales activity for the new construction market as sources indicate that builders are just too busy to input every sale in the MLS.

The NABOR® September 2020 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
Sept 2019 Sept 2020 CHANGE
Total closed sales (month/month) 717 1,096 +52.9%
Total pending sales (homes under contract) (month/month) 823 1,509 +83.4%
Median closed price (month/month) $325,000 $384,000 +18.2%
Total active listings (inventory) 5,873 3,980 -32.2%
Average days on market  102 90 -11.8%
Single-family closed sales (month/month) 367 577 +57.2%
Single-family median closed price (month/month) $402,000 $474,000 +17.9%
Single-family inventory 3,057 1,710 -44.1%
Condominium closed sales (month/month) 350 519 +48.3%
Condominium median closed price (month/month) $246,195 $290,000 +17.8%
Condominium inventory 2,816 2,270 -19.4%

"There has been a 19.6 percent increase in closed sales of homes with a minimum of four bedrooms over the last year," said Coco Amar, VP, Strategic Growth, South Florida, William Raveis Real Estate. "This data reflects another shift in buying behavior as a result of the pandemic. The demand for single family homes with additional space to accommodate a home office and a virtual schoolroom is increasing." The September Report showed a decrease of 37.9 percent to 779 properties on the market with four or more bedrooms compared to 1,255 in September 2019.

Upon reviewing the report, Jeff Jones, Broker at Keller Williams Naples, remarked "30 percent of the inventory available in September has been on the market for over 150 days. In many cases, the properties that have been on the market for a long time will require considerable repairs or renovations, which is why they have not sold. Some may not be priced correctly. Working with a REALTOR® can help you negotiate an offer that takes into account the property's condition." 

If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report
Sept. 19, 2020

Summer Housing Market Momentum Expected to Continue into Fall

Downtown Naples Square Condo For Sale

Naples, Fla. (September 18, 2020) - Closed sales activity in the Naples area housing market maintained steady momentum through August with a 35.2 percent increase in overall closed sales to 1,098 closed sales from 812 in August 2019. According to the August 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), homebuying activity in Naples during the last three months exceeded activity reported in the first three months of 2020, more typically known as our peak resident season. Broker analysts reviewing the report predict this momentum, driven from more closed sales, more new pending sales, and more new listings compared to a year ago, will set the Naples area housing market up for continued positive performance into the fall months.

 

The market report showed August had the highest month-over-month increase in pending sales compared to any other month reported in 2020, with a 70.4 percent increase to 1,479 pending sales from 868 pending sales in August 2019. Not surprising, homebuyers seeking single-family homes continued to tilt the scales in August as the report showed a 76.4 percent increase for this home category, while pending sales of condominiums increased 63.9 percent.

In comparison, this summer's closed sales have eclipsed our peak season's closed sales as there were a combined 3,133 closed sales reported during June, July and August compared to a combined 2,659 closed sales reported in January, February and March.

August's inventory decreased 29.1 percent to 4,174 properties from 5,887 properties in August 2019. However, despite the month-over-month drop in inventory during August, there were more new listings added over the summer months than new listings added during the peak season months. Broker analysts were quick to point out that some of the new listings added during the summer were likely listings that had been pulled off the market during the Great Lockdown, which occurred in April and May.

"Increased buyer demand is helping to move some of our old inventory," said Adam Vellano, West Coast Sales Manager, BEX Realty - Florida. This increased buyer demand is illustrated by the number of days on the market in August, which decreased 5.9 percent to 96 days compared to 102 days in August 2019. The report also showed the Naples area has only 184 single-family homes under $300,000 available to buyers. And inventory for single-family homes between $300,000 and $500,000 decreased 54.9 percent in August to 446 single-family homes from 990 single-family homes in August 2019.

Vellano remarked that "incentives offered by new home builders after the lockdown restrictions were lifted are starting to go away and these new home prices are also increasing."

Phil Wood, President & CEO of John R. Wood Properties, added that "Eighty-one percent [793] of the total price changes reported in August [970] were decreases in price. But, there were fewer price decreases in August than in June or July. These price decreases indicate that some homeowners might have overpriced their homes when they initially listed them and the adjustments in August now reflect more competitive prices. That's not to say that these homeowners won't see prices increase again as agents report many multiple offer situations occurring across all price categories."

Overall median closed prices in August increased 26.7 percent to $399,000 from $315,000 in August 2019. Single-family home median prices increased 15.7 percent to $457,000 from $395,000 in August 2019, and condominium median closed prices increased 18.4 percent in August to $290,000 from $245,000 in August 2019.

However, keep in mind that the median closed price is a figure that is "in the middle," as half of homes listed are above this price and exactly half are below this price. Broker analysts reviewing the report were quick to point out that one sale of a high-worth property (e.g., $2 million+) during a given month can greatly influence this figure, and that it doesn't mean all home prices increased. As such, when evaluating pricing trends, brokers prefer to use the 12-months ending median closed price statistics. For the 12-months ending August 2020, the median closed price increased 5.4 percent. Interestingly, using this metric, the August report showed median closed prices for homes between $300,000 and $2 million have actually decreased.

"I think we've turned a corner and can safely say that we are now in a seller's market," said Bill Coffey, Broker Manager of Amerivest Realty Naples. "We have 4.8 months of inventory and median closed prices are on the rise." Florida Realtors® considers the benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.

The NABOR® August 2020 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
Aug 2019 Aug 2020 CHANGE
Total closed sales (month/month) 812 1,098 +35.2%
Total pending sales (homes under contract) (month/month) 868 1,479 +70.4%
Median closed price (month/month) $315,000 $399,000 +26.7%
Total active listings (inventory) 5,887 4,174 -29.1%
Average days on market  102 96 -5.9%
Single-family closed sales (month/month) 421 583 +38.5%
Single-family median closed price (month/month) $395,000 $457,000 +15.7%
Single-family inventory 3,041 1,784 -41.3%
Condominium closed sales (month/month) 391 515 +31.7%
Condominium median closed price (month/month) $245,000 $290,000 +18.4%
Condominium inventory 2,846 2,390 -16.0%

According to Vellano, "buyers seeking single-family homes were on the rise this summer because of changing lifestyle preferences caused by the pandemic. Plus, those who now work from home or have children that attend school from their homes want more space. Once we have a better understanding of how to medically treat people with coronavirus and have a vaccine for it, I think people will begin to explore condominium living again."

The August report confirms Vellano's statement, as sales of properties priced above $2 million increased the most (18 percent) compared to other price categories tracked in August.

"This is a great time for high-end buyers to invest in real estate," said Wood. "Because interest rates are low, a 50 percent deposit on a $2 million home means loan payments could be as low as $4,200 a month!"

Geographically, closed sales of properties in the Naples Beach area (34102, 34103, 34108) during August increased 84.4 percent and saw an 82 percent increase in median closed price; the South Naples area (34112, 34113) reported the most new listings in August, with a 32.7 percent increase; and the East Naples area (34114, 34117, 34120, 34137) reported the biggest drop in months of inventory to 2.9 months of inventory in August from 6.4 months of inventory in August 2019.

The August report shows sellers are at an advantage with decreasing inventory and rising prices. If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report
Aug. 25, 2020

Naples Housing Market Sees Summer Sales Surge

Isles of Collier Preserve Homes For Sale

The Naples housing market experienced a continued surge in activity during July, which resulted in a 57.3 percent increase in pending sales (homes under contract) for the month. Closed sales during July increased 35.4 percent compared to July 2019 - greatly surpassing June's closed sales activity following the lifting of COVID-19 restrictions. However, a decreasing supply of inventory, which broker analysts believe is caused by heightened homebuying interest this summer, is making it difficult to keep up with the strong buyer demand.

"Compared to markets on the east coast of Florida and in big cities like Chicago and New York, the Naples real estate market is quite affordable," said Spencer Haynes, Director of Business Development and Broker with John R. Wood Properties. "People aren't just looking for homes in low density areas in Florida, they want to live in a town that fits their lifestyle. And Naples provides a much better lifestyle for the money."

The tapestry of out-of-state license plates on local roads may be an unfamiliar summer sight to local residents, but according to broker analysts reviewing the July 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), these visitors are here to do more than just golf and visit the beach this summer.

"A considerable number of buyers already looked at homes during season [January and February], prior to COVID-19 restrictions," said NABOR® President Lauren Melo, PA, Licensed Real Estate Broker with Florida's Realty Specialists. "They watched and waited during those months of restrictions and are now back to buy a home this summer."

There were 15,634 showings during July, less than half the number of showings during June (36,912), yet pending sales increased which indicates that properties were purchased virtually, sight unseen. July's pending sales spiked to 1,446 pending sales in July 2020 from 919 pending sales in July 2019.

The majority of sales that resulted in the 35.4 percent increase in overall closed sales during July occurred in the single-family home market, which saw a 42.8 percent increase in closed sales compared to a 27.3 percent increase reported in the condominium market. Concern over the pandemic has compelled many people to spend the majority of their time indoors, at home. As a result, buyers are looking for single-family homes that offer more personal space, and more space to work from home and home-school children. They want their own backyard, their own private pool, and private garages that single-family homes offer.

Overall inventory decreased 28.8 percent in July to 4,390 properties from 6,168 properties in July 2019. However, many sellers were not hesitant about entering or staying in the market this summer. A steady rise in consumer confidence resulted in 1,193 new listings added to the overall inventory during July (a 21.7 percent increase compared to July 2019). Of those 1,193 new listings, 572 were single-family homes and 621 were condominiums. The report also showed fewer homes were terminated/expired/withdrawn from the MLS in July (599) compared to June (1,677).

For those who are considering selling, now is a good time to jump in the market to take advantage of the high demand for Naples property, according to broker analysts. Plus, with fewer homes on the market for buyers to purchase, this may be the time for your house to stand out from the crowd with less competition and more eyes on your property.

"This is a summer of surprises. New listings surged, closed sales surged, pending sales surged, median closed priced increased and days on the market dropped," said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., who added, "There are several factors in play that are fueling the strong summer real estate activity: 1) winter visitors pushed off buying until the summer; 2) people's ability to work remotely is convincing them that it's okay to relocate; 3) more East Coast residents are migrating to our West Coast; 4) Naples continues to be a more affordable alternative to high-tax living in other areas of the country; and 5) interest rates are low."

While the overall median closed price for July increased 13.5 percent to $368,750 from $325,000 in July 2019, the report also showed there were 829 properties that reduced their list prices during July. It appears sellers recalibrated their pricing and/or were striking new deals.

The report showed closed sales of properties priced above $500,000 increased over 50 percent in July, with the $500,000 to $1 million price category reporting the highest increase (99.1 percent) to 223 closed sales in July 2020 from 112 closed sales in July 2019.

The NABOR® July 2020 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
July 2019 July 2020 CHANGE
Total closed sales (month/month) 852 1,154 +35.4%
Total pending sales (homes under contract) (month/month) 919 1,446 +57.3%
Median closed price (month/month) $325,000 $368,750 +13.5%
Total active listings (inventory) 6,168 4,390 -28.8%
Average days on market  104 92 -11.5%
Single-family closed sales (month/month) 446 637 +42.8%
Single-family median closed price (month/month) $405,000 $462,000 +14.1%
Single-family inventory 3,203 1,957 -38.9%
Condominium closed sales (month/month) 406 517 +27.3%
Condominium median closed price (month/month) $240,000 $272,500 +13.5%
Condominium inventory 2,965 2,433 -17.9%

"Single-family home inventory dropped 38.7 percent in July to 1,957 homes," remarked Melo. "This is the lowest it's been since October 2015. But even at this level, Naples has 4.5 months of supply in the single-family home sector."

In comparison, Naples had 5.2 months of supply in the single-family homes sector in June, which was much higher than Florida Realtors® statewide reported June single-family home figure - 2.8 months of supply.

According to Florida Realtors®, "The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory." The July 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®) showed 5.2 months of inventory (single-family homes and condominiums).

Even though interest rates on mortgages remain low, 43 percent of July's closed sales were cash sales.

"The coronavirus pandemic slowed the housing market in March and April with its lockdowns and restrictions," said Hughes, who was referring to a comparative look at closed sales year-to-date. The July report showed 6,226 closed sales between January 2020 and July 2020 compared to 6,332 closed sales between January 2019 and July 2019. "I believe that, by the end of August, our market will be on track to outperform 2019 year-to-date sales."

If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report
July 24, 2020

June Market Activity Sets the Stage for Strong Summer Sales

Search Property For Sale in Sunny Naples FL

Naples, Fla. (July 24, 2020) - According to the June 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales (homes under contract) increased 61.3 percent compared to June 2019, with single-family homes being the home choice for a majority of buyers. Broker analysts reviewing the report also noted that new listings during June increased 25.8 percent compared to June 2019, which indicates growing consumer confidence for both sellers and buyers leading into the summer Naples real estate market.

The everlasting desirability of the Naples real estate market was undeniable in June, especially in the single-family home market where pending sales increased 83.9 percent to 835 pending sales from 454 pending sales in June 2019. Pending sales of condominiums during June increased 38.7 percent to 634 pending sales from 457 pending sales in June 2019.

"The Naples residential market is showing signs of rebounding after a temporary pause in activity caused by the pandemic during the latter part of March, and through April and May," said Budge Huskey, CEO, Premier Sotheby's International Realty. "Naples seems to be the beneficiary of a migration of people making life changes and coming to our market. Contributing factors are our low density and coastal properties."

While closed sales in May were down nearly 50 percent compared to May 2019, closed sales in June decreased only 4.6 percent to 881 closed sales from 923 closed sales in June 2019. However, according to Brenda Fioretti, Managing Broker with Berkshire Hathaway Home Services Florida Realty, "June had the third highest number of showings this year, behind the historically high showing months of January and February. In comparison, there were 36,912 showings in June compared to 42,299 showings in January and 44,137 showings in February."

Before the pandemic, the number of closed sales of single-family homes and condominiums was about equal each month; but the June Market Report revealed a shift in buyer preference to single family homes compared to June 2019, as closed sales of single-family homes increased 2.9 percent to 498, while closed sales in the condominium market decreased 12.8 percent to 383. This trend could be attributed to buyers wanting a larger home with more space to accommodate working from and sheltering at home.

Inventory decreased 27.6 percent to 4,739 homes in June from 6,547 homes in June 2019. The majority of this depletion was reported in the single-family home market, which decreased 34.5 percent, while the condominium market had a decrease in inventory of 20.3 percent. The report also showed the largest drop in inventory occurred in the $300,000 to $500,000 single family home market, which decreased 47.7 percent in June compared to June 2019.

As a result of heightened buyer demand, the median closed price increased 8.2 percent to $357,000 in June from $330,000 in June 2019. Bill Coffey, Broker Manager of Amerivest Realty Naples, remarked, "The overall median closed price increased in June because the luxury market is hot this summer, and the level of demand is driving up the prices, particularly in the $1 million and above market."

Coffey's comment was validated by other brokers reviewing the report including Huskey and Phil Wood, President & CEO of John R. Wood Properties, who both claimed their offices saw multiple offer situations in the luxury market during June. Fioretti added that her agents reported multiple offers in every price point during June.

Wood added that closed sales for the year are not yet on track with last year's activity due to the pandemic, yet he's optimistic because "as of June, the number of closed sales were only 400 less than last year at this time." He added, "When the stock market dropped at the beginning of the pandemic, high-end buyers hit pause. But the stock market is strong today and these buyers - who we typically only see during high season - are seeking to buy luxury properties in Naples this summer."

The NABOR® June 2020 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
June 2019 June 2020 CHANGE
Total closed sales (month/month) 923 881 -4.6%
Total pending sales (homes under contract) (month/month) 911 1,469 +61.3%
Median closed price (month/month) $330,000 $357,000 +8.2%
Total active listings (inventory) 6,547 4,739 -27.6%
Average days on market  104 96 -7.7%
Single-family closed sales (month/month) 484 498 +2.9%
Single-family median closed price (month/month) $398,450 $437,500 +9.8%
Single-family inventory 3,382 2,215 -34.5%
Condominium closed sales (month/month) 439 383 -12.8%
Condominium median closed price (month/month) $265,000 $270,000 +1.9%
Condominium inventory 3,165 2,524 -20.3%

Despite a decrease in overall inventory for June, the report showed geographic areas where new listings grew including the Naples Beach area (34102, 34013, 34018), which added 260 new properties to its inventory compared to 159 new property listings added during June 2019. But supply is simply not keeping up with demand as overall inventory for the Naples Beach area decreased 16.1 percent.

If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report
May 24, 2020

April Report Shows Naples Real Estate Market Held Its Value During Pandemic

Naples, Fla. (May 22, 2020) - Coronavirus slowed real estate market activity in April as expected during Florida's safe-at-home restrictions. According to the April 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales decreased 28.6 percent to 838 closed sales compared to 1,173 closed sales in April 2019. Inventory decreased as well in April by 29.1 percent to 5,394 homes compared to 7,605 homes in April 2019. The April report also confirms home values remain intact. 

"Our priority is the safety of Naples residents and our members, as we all continue to practice socially responsible distancing while we conduct business during this health crisis," said NABOR® President Lauren Melo, PA, Licensed Real Estate Broker with Florida's Realty Specialists. "With the assistance of technology, creativity, and cooperation, real estate professionals are successfully completing transactions."

To encourage a safe path to homeownership, NABOR® implemented three new actions in April to assist members as they conduct business during the COVID-19 pandemic:

NABOR® lobbied state and local governments to successfully recognize real estate services as an essential service, in accordance with the U.S. Department of Homeland Security;

NABOR® created a COVID-19 addendum and amendment to sales contracts to protect buyers and sellers;

NABOR® trained members on new COVID-19 related services including virtual open house tours, COVID-19 stimulus relief package benefits, and new lender requirements. 

According to Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, "The good news is that - even during a pandemic - Naples home values are being maintained. The report shows April's overall percent of current list price received increased .5 percent." This figure represents what the buyer paid for their home compared to the seller's listed sale price. In April, the contract price averaged 95.9 percent of list price. In comparison, during April 2019, the contract price averaged 95.4 percent of list price. This statistic demonstrates that homes in the Naples area did not lose their values during April, the worst month of the pandemic to date.  

Median closed prices increased .3 percent in April to $340,000 from $339,000 in April 2019. "Although there were slightly fewer price decreases in April than in March, still 1,654 or 31 percent of all listed properties experienced reductions in their offering price during April," said Jeff Jones, Broker at Keller Williams Naples.

Like many essential service businesses, REALTORS® in Naples focused on implementing new strategies and modifying their business models during April to comply with self-distancing practices and accommodate for the welfare and safety of their staff, clients and the community.

"We saw a surge in virtual showings during April," said Budge Huskey, CEO, Premier Sotheby's International Realty. "What happened was a buyer would participate in several virtual showings, typically while their REALTOR® did the walkthrough onsite. Then, once the buyer eliminated the options down to one or two homes, they would do a physical walkthrough."

As people were urged to stay home in April, showings decreased to 9,420 from 22,862 in April 2019 (does not include virtual showings). As a result, pending sales in April decreased 53.6 percent, as was expected.

"The desire for virtual home showings has risen rapidly," remarked Fioretti. "During video tours, agents become the eyes of the buyer. They're talking more than they would on a traditional tour, pointing out things that would be obvious in person but aren't as clear through a camera lens like the quality of workmanship on any repairs or whether a bedroom will fit a king-size bed. Virtual home tours are becoming the new first step in homebuying," added Fioretti.

Another asset that REALTORS® added to their toolbox in April was NABOR®'s COVID-19 contract addendum (or amendment for active contracts). The revised contract extends a closing date for an agreed amount of time if the lender is unable to approve the loan due to temporary obstacles caused by the pandemic including employee furloughs, and delayed appraisals, inspections, or government filing services.

"Given the amount of uncertainty right now, agents are quickly adding our special coronavirus addendum to new and existing contracts to provide some breathing room for delays in this fast-changing environment. These new documents are keeping deals together," said Jones. "It's providing much peace-of-mind for both buyers and sellers."

The NABOR® April 2020 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
Apr 2019 Apr 2020 CHANGE
Total closed sales (month/month) 1,173 838 -28.6%
Total pending sales (homes under contract) (month/month) 1,322 613 -53.6%
Median closed price (month/month) $339,000 $340,000 +0.3%
Total active listings (inventory) 7,605 5,394 -29.1%
Average days on market  98 87 -11.2%
Single-family closed sales (month/month) 510 409 -19.8%
Single-family median closed price (month/month) $464,500 $429,500 -7.5%
Single-family inventory 3,850 2,639 -31.5%
Condominium closed sales (month/month) 663 429 -35.3%
Condominium median closed price (month/month) $272,500 $270,000 -0.9%
Condominium inventory 3,755 2,755 -26.6%

Adam Vellano, West Coast Sales Manager, BEX Realty - Florida, said the April report "shows real estate is essential. The fact that REALTORS® were able to process over 800 closed sales during a month when most of the world was on lockdown is a testament to our market's desirability and how real estate professionals are quickly adapting and conducting business in new ways. REALTORS® are helping their customers buy and sell homes through this crisis."

Not all geographic areas in Collier County reported a decrease in closed sales during April. Single family home sales in East Naples (34114, 34117, 34120, 34137) during April increased 7.2 percent.

Broker analysts reviewing the April Market Report are optimistic that activity in the Naples area real estate market will resume momentum in the coming months (barring a return to April's restrictions). If you're a seller who took your home off the market in April because you feared social distancing would prevent a sale, consider relisting your home in May. You could attract an eager buyer. Property values are holding steady with price increases in two price categories reported in April (i.e., the $300,000 and below price category and the $2 million and above price category reported median closed price increases in April). And the overall list to sales price has remained steady at about 95 percent (for April 2019 compared to April 2020).

If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report
Jan. 18, 2020

Decade Ends with Strongest Year in Home Sales!

Homes for Sale - Isles of Collier Preserve

Naples, Fla. (January 17, 2020) - According to the 2019 Year End Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), existing home sales through December 2019 are the highest in a decade. Overall closed sales in 2019 increased 5.6 percent to 10,244 closed sales compared to 9,704 closed sales in 2018. In comparison, the only other year that came close to reaching this stellar sales activity was 2015, which had 10,154 closed sales.

Overall pending sales in 2019 also broke a record during the last decade; resulting in 12,604 total pending sales, a 9.4 percent increase over 2018, which reported 11,520 pending sales.

The 2019 Year End Market Report showed closed sales in 2019 increased in all but the $2 million and above price category, which had a 4 percent decrease to 523 closed sales compared to 544 closed sales in 2018. Of those in this price category, 376 were for single-family homes, and according to Wes Kunkle, President and Managing Broker at Kunkle International Realty. "The MLS further revealed that 14 single-family homes priced above $4 million closed in December 2019 compared to just 7 in 2018."

Condominium closed sales held steady with a 1.9 percent increase in 2019 to 5,085 compared to 4,990 in 2018, but broker analysts reviewing the year-end report anticipate closed sales of condominiums in January will be much higher, especially since pending sales for condominiums increased 28.8 percent in December.

A breakdown of December's closed sales by area showed Naples Beach reported the highest increase in closed sales during December with a 59.1 percent increase to 140 closed sales compared to 88 closed sales in December 2018. Closed sales by zip code revealed 34113 and 34108 commanded impressive increases, 62.3 percent and 61.5 percent, respectively, in December 2019 compared to December 2018.

"Growth in the eastern part of the county, including the addition of many desirable amenities like restaurants, retail shopping centers, banking, and personal care, is redefining what is a desirable 'location' for Collier County," said Coco Amar, VP, Strategic Growth, South Florida, William Raveis Real Estate. "West of 41 was a location high point for many years, but I think buyers are finding beach proximity is less important than the lifestyle offered in and around new communities now." 

While inventory fell 21 percent in 2019 to 5,401 properties compared to 6,801 properties in 2018, the Collier County market is still commanding a much higher supply than the state's average levels (as reported by Florida Realtors®). As such, the Market Report showed Collier County enjoyed 6.2 months of supply in the single-family home market during December, while the state reported 3.6 months of supply for the month. Likewise, the report showed 6.4 months of supply in the condominium market for December compared to 5.5 months of supply statewide.

Interestingly, inventory levels dropped in all price categories except in the $2 million and above condominium market, which reported a 16.3 percent increase in inventory during December.

Broker analysts reviewing the Market Report like Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., agree that "the sales environment today is much different than it was in 2005 - when we also had low inventory and high sales. Back then, you might see the same home for sale multiple times [flipping] during the year. But it's a different market today. Last year we had a rolling inventory; we're not selling the same properties, there are fresh new listings every month."

The NABOR® YE 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
YE 2018 YE 2019 CHANGE
Total closed sales (year/year) 9,704 10,244 +5.6%
Total pending sales (homes under contract) (year/year) 11,520 12,604 +9.4
Median closed price (year/year) $338,000 $332,514 -1.6%
Total active listings (inventory) 6,801 5,401 -20.6%
Average days on market  95 101 +6.3%
Single-family closed sales (year/year) 4,714 5,159 +9.4%
Single-family median closed price (year/year) $425,000 $415,000 -2.4%
Single-family inventory 3,479 2,678 -23.0%
Condominium closed sales (year/year) 4,990 5,085 +1.9%
Condominium median closed price (year/year) $265,000 $260,000 -1.9%
Condominium inventory 3,322 2,723 -18.0%

 

 

Median closed prices in 2019 decreased 1.6 percent to $332,514 from $338,000 in 2018. Only the $2 million and above price category had a significant increase of 6.7 percent during the year. But, on a month to month comparison, median closed prices in December 2019 increased 6.7 percent to $348,000 compared to $326,000 in December 2018. However, the overall average closed price in Collier County during 2019 increased 19.3 percent to $772,380.
 
Showings remain on the rise as well. There were 10 showings for each listing reported in December 2019 compared to just 7 in December 2018.
Broker analysts agreed that new state actions, led by Governor Ron DeSantis, to address water quality issues during 2019 made a significant impact in local real estate activity during 2019, especially during the summer months.

On whether an election year is a good time to buy a home, broker analysts contend that stable pricing, great financing rates, and above state-level months of supply in inventory are three great reasons for Naples real estate agents to be optimistic in 2020. Of course, location shouldn't be overlooked, as well.

If you're 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 or call Susan Sanderson at 239-821-2370.

 

 
Posted in Market Report
Dec. 21, 2019

November Home Activity Shows Buyers Trying to Beat the Pack

View Isles of Collier Preserve Homes For Sale

Naples, Fla. (December 20, 2019) - An increase in traffic on roads and beaches, and in restaurants, hotels, and open houses during November was reflected in a 27 percent increase in overall pending sales (homes under contract), and a 46 percent increase in showings for the month compared to November 2018. Several broker analysts who reviewed the November 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), said they saw a noticeable increase in buyer interest starting back in October. The presence of more eager buyers before our traditional high season has contributed to the depletion of inventory, which decreased 19.4 percent in November to 5,5

"We currently have a six-month supply of inventory," said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, who added that there were price reductions in 28 percent of all homes on the market in November. But according to Budge Huskey, President, Premier Sotheby's International Realty, "Six months of inventory offers Naples a great advantage when compared to other popular Florida areas like Tampa and Orlando, which currently average two to three months of inventory, as buyers have more options."

"Naples is not a major business center where demand is driven by significant employment gains," added Huskey, "yet we continue to enjoy another solid year in real estate sales due to all the unique offerings which make Naples such as special destination to so many around the country."

But these inventory reductions aren't necessarily coming from just the resale market. "A portion of our inventory is made up of new listings available by builders,", "Many big, new home developments are now complete and just about sold out so there is less new product available, thus contributing to some of the decrease in overall home inventory."

Overall closed sales in November increased 2.4 percent, but it was the single-family home market that led the month's closed sales with a 5.3 percent increase compared to closed sales in the condominium market, which decreased 0.6 percent.

In response to slow sales in the condominium market, Coco Amar, a managing broker at John R. Wood Properties remarked, "We've had such huge activity in the condominium market over the last three years, it was bound to slow down a bit." But despite closed sales of condominiums being tepid in November, the report showed pending sales in the condominium market were up 26 percent compared to an increase in pending sales in the single-family homes market of 28 percent. This substantial increase is a direct result of the early influx of buyers.

Inventory levels for the single-family and condominium markets were about even in November; with 2,771 properties and 2,792 properties, respectively. Inventory declines during November were highest in the low end of the single-family home market (under $300,000), which saw a 35.4 percent decline in November. But inventory increased 19.6 percent in the $2 million and above condominium market.

"With overall inventory down and showings up, now is a great time to put your home on the market!" 

The NABOR® November 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
NOV 2018 NOV 2019 CHANGE
Total closed sales (month/month) 671 687 +2.4%
Total pending sales (homes under contract) (month/month) 792 1006 +27.0
Median closed price (month/month) $330,000 $332,500 -0.8%
Total active listings (inventory) 6,896 5,563 -19.3%
Average days on market  94 91 -3.2%
Single-family closed sales (month/month) 340 358 +5.3%
Single-family median closed price (month/month) $413,000 $425,000 +2.9%
Single-family inventory 3,573 2,771 -22.4%
Condominium closed sales (month/month) 331 329 -0.6%
Condominium median closed price (month/month) $254,000 $260,000 +2.4%
Condominium inventory 3,323 2,792

-16.0%

"People who own homes in Naples are staying longer and more are staying year round," said Amar. "There has definitely been a shift in the market this year as we are seeing buyers more interested in homes under $500,000 than those priced over $2 million."

The report showed overall median closed prices increased .8 percent in November to $332,500 from $330,000 in November 2018. Interestingly, median closed prices in the $2 million and above price category increased 4.6 percent in November, while the median closed price in the under $300,000 market decreased 5 percent.

Vellano also pointed out that the November Market Report showed "40 percent of the current inventory has been on the market for over 150 days, and 20 percent has been on the market for over 300 days." Amar responded that much of this entails two types of inventory: teardowns and those that require major renovations. "These sellers will need to reduce prices further if they want to attract buyers."

If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report
Nov. 22, 2019

Buyers are Back: Homes Under Contract Soar 24% in October

Isles Of Collier Preserve Home For Sale

Naples, Fla. (November 22, 2019) - As predicted by a group of Naples real estate brokers, buyer activity began to rise in October with a remarkable 23.7 percent increase in overall pending sales (homes under contract) to 987 pending sales during October 2019 compared to 798 pending sales in October 2018. Sellers also felt a surge in showings (up 40 percent compared to October 2018), and the number of price reductions slowed to just 15 percent of the properties available in October's overall inventory compared to September, which saw 26 percent of its inventory's prices reduced. Price reduction activity is an important behavior for buyers to watch as it is an indication of how eager sellers are to sell.

Closed sales during October increased 9.7 percent to 758 closed sales compared to 689 closed sales in October 2018, according to the October 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

"These pre-season pending sales numbers are setting us up to have a good winter sales season," said Dominic Pallini, Broker at Vanderbilt Realty. "Inventory is also going up yet prices have been holding steady."

Even though October's overall inventory decreased 17.7 percent to 5,351 homes for sale from 6,500 homes for sale in October 2018, there were actually 362 more homes that came onto the market in October compared to September. According to Pallini, a fair amount of the new inventory is in the new construction market where builders are pricing homes aggressively and offering sweeteners to agents and buyers via incentives.

"A large majority of the new construction over the last year appears to be in the market's "sweet spot", which is the category of homes priced below $500,000," said Jeff Jones, Broker at Keller Williams Naples. "This influx of new construction is probably why the median closed price in that price range hasn't shifted much."

According to Tom Bringardner, Jr., President/CEO of Premier Commercial, "median closed prices in the upper end of the market [homes priced at $2 million and above] rose 8 percent" in October 2019 to $3,200,000 from $2,962,500 in October 2018. However, when 57 percent of the market's available inventory are homes priced under $500,000, and the majority of new listings every month are also in this range, it's easy to understand how the overall median closed price reported for the entire market appears to be decreasing.

The overall median closed price decreased 3 percent in October to $329,950 from $340,000 in October 2018. But it's important to remember that there are also three times as many properties for sale under $300,000 than properties for sale over $2 million in Naples.

"Inventory has kept prices attractive which drives demand," said Budge Huskey, President, Premier Sotheby's International Realty. "The under $500,000 market is driving our overall market today. This is naturally bringing the median closed price down."

The NABOR® October 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
OCT 2018 OCT 2019 CHANGE
Total closed sales (month/month) 689 756 +9.7%
Median closed price (month/month) $340,000 $329,950 -3.0%
Total active listings (inventory) 6,500 5,351 -17.7%
Average days on market  94 104 +10.6%
Single-family closed sales (month/month) 371 389 +4.9%
Single-family median closed price (month/month) $425,000 $395,000 -7.1%
Single-family inventory 3,376 2,675 -20.8%
Condominium closed sales (month/month) 318 367 +15.4%
Condominium median closed price (month/month) $265,000 $255,000 +3.8%
Condominium inventor 3,124 2,676

-14.3%

Jones noted that homes built prior to the current modern "coastal" era designs are lingering on the market due to the growing unpopularity of the older Tuscan and Mediterranean home designs and architecture. In response, several brokers wondered if this could explain why the days on market for homes in the Naples Beach area increased by a month in October since many of the homes are not amongst the more popular modern designs and architecture.

Geographically, closed sales in October were highest (64.4 percent) in areas located in the 34109 zip code (east of Goodlette Frank Rd., west of I-75, south of Immokalee Rd., and north of Pine Ridge Rd.). Other locations that experienced sales increases over 50 percent month/month in October were 34117 (south of Golden Gate Blvd., and east of Collier Blvd.), and 34112 (south of Davis Blvd., north of Rattle Snake Hammock Rd., east of U.S. 41, west of Collier Blvd.).

According to the October 2019 ShowingTime Report, a monthly supplemental report now released with monthly Market Reports, REALTORS® in Collier County reported over 5,000 more showing appointments in October 2019 - a total of 18,531 - compared to October 2018, which had 13,271 showing appointments, a statistic that indicates the heartbeat on overall real estate market activity.

If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report
Oct. 27, 2019

Home Showings Lead to Increased Sales

 

Isles of Collier home for sale

Isles Of Collier Preserve Home For Sale

Naples, Fla. (October 25, 2019) - The Naples area housing market enjoyed another 7 percent increase in overall closed home sales for the third month in a row. This trend leads broker analyst Adam Vellano to suggest that the consistent uptick in summer home sales illustrates that Collier County is becoming less seasonal.

According to the September 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showings in September 2019 were up 31 percent over September 2018. This translated into a 13.7 percent increase in pending sales (written contracts) or 823 pending sales in September 2019 compared to 724 pending sales in September 2018. Strong showing activity during the summer resulted in 698 closed sales during September 2019.

"With an average of 17.4 showings per listing, agents stayed busy this summer," said Jeff Jones, Broker at Keller Williams Naples, which, according to Vellano, means "inventory was coming to the buyer." Jones noted that 28 percent of the available inventory experienced a price decrease in September.

Broker analysts warn consumers that this market behavior won't last long as they anticipate inventory to increase before the end of the year. "Decreases in inventory are customary this time of year," said Phil Wood, President & CEO of John R. Wood Properties. "And increases in inventory preceding winter season are customary too. But the low inventory is not because there was a deficit of buyers. This is apparent in the consistently high number of showings during the summer and better closed sales numbers compared to last year."

The September report showed median closed prices remained stable during the third quarter (July, August & September). In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7 percent decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed price in January 2019 was $325,000.

With over 500 listings pulled from the MLS in September, it is no surprise that overall inventory for the month fell. However, even though it decreased 17.8 percent to 4,989 homes compared to 6,070 homes in September 2018, inventory for September was higher than August by 72 homes.

The NABOR® September 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
SEPT 2018 SEPT 2019 CHANGE
Total closed sales (month/month) 651 698 +7.2%
Median closed price (month/month) $327,408 $325,000 -0.7%
Total active listings (inventory) 6,070 4,989 -17.8%
Average days on market  93 102 +9.7%
Single-family closed sales (month/month) 321 359 +11.8%
Single-family median closed price (month/month) $395,000 $405,000 +2.5%
Single-family inventory 3,208 2,567 -20.0%
Condominium closed sales (month/month) 330 339 +2.7%
Condominium median closed price (month/month) $242,250 $245,000 +1.1%
Condominium inventory 2,862 2,422 -15.4%

 

As noted by brokers reviewing the housing data, September had a 6-month supply of inventory. "Inventory levels are always low in September," said Bill Coffey, Broker Manager of Amerivest Realty Naples. "You're going to see those homes that were pulled off the MLS on the market again in the next few months. But it's too bad because buyers who don't have options in the resale market in Naples now are not waiting for more homes to come onto the market, but instead are buying resale homes in Lee County or even further north."

Geographically, condominiums in South Naples (34112, 34113) saw a 22.1 percent spike in its median closed prices to $213,000 in September 2019 from $174,500 in September 2018. Alternately, condominiums in North Naples saw a 16.4 percent decrease in median closed prices to $242,500 in September 2019 from $290,000 in September 2018.

If you're 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 or call Susan Sanderson at 239-821-2370.

 

Posted in Market Report
Sept. 23, 2019

August Home Sales Strong as Prices Hold Steady

Closed sales of homes in Collier County increased 7.4 percent in August, but overall inventory fell 17.8 percent to 4,917 properties compared to 5,980 in August 2018, according to the August 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This reduction in inventory - which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August - resulted in a six-month supply of inventory for Collier County at the end of August.

"We know that traditionally, inventory will begin to creep up in September, October and November as many sellers try to get a jump on the competition that might list their properties closer to our winter season," said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. "But the pre-season months (September through November) can be a great time for buyers as well. Buyers will find less competition [from other buyers] in the pre-season months. They will also get an early peek at properties that will probably sell during season."

The August ShowingTime report indicated that local REALTORS® scheduled 16,878 appointments during August. This is an increase of 16 percent compared to showings in August 2018. On average, a home in the Naples area is shown 16 times before it secures a contract.

Incidentally, the $300,000 to $500,000 price category led closed sales in August with a 10.1 percent increase followed by closed sales of properties under $300,000, which increased 6.5 percent. 

Sales of single-family homes were up almost 10 percent this August, despite the reduced inventory overall, new listings coming on the market were up 4 percent in August and builder inventory is up as well. 

The median closed price in August decreased just 0.2 percent to $317,918, which is only $582 lower than the median closed price in August 2018 ($318,500). In fact, price increases have only been reported in two of the last 12 months (October 2018, 3.7%; and April 2019, 3.4%).

The August Report showed median closed prices for homes below $300,000 and homes between $1 million and $2 million decreased 4 percent in August, while homes between $300,000 and $1 million showed no change in median closed prices.

The August 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
AUG 2018 AUG 2019 CHANGE
Total closed sales (month/month) 741 796 +7.4%
Median closed price (month/month) $318,500 $317,918 -0.2%
Total active listings (inventory) 5,980 4,917 -17.8%
Average days on market  99 103 +4.0%
Single-family closed sales (month/month) 356 417 +17.1%
Single-family median closed price (month/month) $405,000 $399,000 -1.5%
Single-family inventory 3,147 2,523 -19.8%
Condominium closed sales (month/month) 385 379 -1.6%
Condominium median closed price (month/month) $250,000 $245,000 -2.0%
Condominium inventory 2,833 2,394 -15.5%

 

We have an entire generation of first-time homebuyers who have never seen interest rates over 6 percent. With the recent quarter percentage point cut in interest rates, there isn't been a better time to lock in and buy then now!

Geographically, closed sales of single-family homes in the East Naples area increased the most in August by 35.6 percent followed by closed sales of single-family homes in North Naples, which increased 15.6 percent.

There were 1,443 price reductions made during August [29 percent of the total homes listed], which is important for buyers as this is an indication that many sellers are eager to sell!

If you're 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 or call Susan Sanderson at 239-821-2370.

Posted in Market Report