Browse Homes For Sale in the Isles of Collier Preserve

Naples, Fla. (May 26, 2023) – The Naples real estate market enjoyed another month of increased home values driven mainly by another month of below typical inventory levels. According to the area’s top real estate brokers, resale home inventory in Naples this year will unlikely spike to levels we enjoyed before the pandemic. However, since 2019, the number of new listings each month has remained fairly consistent, with most months enjoying an average of between 1,100 and 1,300 new listings. According to the April 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory increased 64.4 percent in April to 2,868 homes for sale from 1,745 homes for sale in April 2022.

“One factor holding back home sales right now is interest rates,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Even though a majority of our sales in Naples are cash transactions, many buyers who own a home up north and want to purchase a home in Naples are having a hard time selling their northern home because the pool of potential buyers that can afford a mortgage at today’s rates is limited.”

Interest rates may also be influencing prospective sellers in Naples who currently enjoy a low interest rate on their mortgage too. In April, new listings decreased 25 percent to 1,116 new listings from 1,488 new listings in April 2022. Though many homes in Naples have doubled in value since 2019, providing sellers with a nice profit to use toward their next home purchase. With a hefty down payment, these sellers can minimize their next home’s mortgage obligation to make monthly payments affordable, even at a higher interest rate.

Interestingly, and according to Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC, months of inventory is decreasing in communities off the water and east of I-75; a telltale sign that living in close proximity to the beach is not always a required factor of homeownership in Naples anymore. “In January 2019, Port Royal had 1.3 years of inventory; and today it has 1.3 years of inventory. But in January 2019, the Vineyards had 10 months of inventory; and today it has less than a month.” Carroll went on to add that in some areas east of Collier Boulevard (SR 951) there is less than four months of inventory.

As a result of slow inventory gains this year, pending and closed sales activity simmered slightly in April compared to March. Pending sales decreased 18.4 percent to 1,123 pending sales from 1,377 pending sales in April 2022, and closed sales in April decreased 24.2 percent to 947 closed sales from 1,250 closed sales in April 2022.

While the April report revealed 1,128 price decreases occurred during the month, Hughes said, “some price negotiating is happening, though low ball offers are not a good strategy in today’s tight inventory market.”

The report also showed the area’s overall median closed price is not increasing by double-digits each month anymore. In April, the median closed price for single family homes increased 3.1 percent to $825,000 from $800,000 in April 2022. But it’s a different story in the condominium market, where the median closed price increased 14.3 percent in April to $526,000 from $460,000 in April 2022.

The NABOR® April 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:

Buyers in Naples today need to be aware of their insurance cost obligation before negotiations. Jeff Jones, Broker at Keller Williams Naples, recommends each buyer “check with their insurer before contract negotiations to make sure the home meets current coverage requirements, and the cost doesn’t sabotage the sale. In all cases, the buyer can assume the seller’s flood insurance policy, but not a homeowner’s policy.”

Another interesting observation about activity in April came from Molly Lane, Senior Vice President at William Raveis Real Estate, who remarked, “Homes in luxury, gated communities that include a golf membership are highly desirable and selling quickly these days because a majority of private courses in Naples have a two-year or more waiting list.”

Understanding a home’s true market value can be a complicated process when there is great market dispersion and many factors influencing list price determination. Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices, said, “Working with an experienced REALTOR® in Naples who has the skills and marketing expertise to navigate the process will be an asset for both a buyer and seller today.” 

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

Homes For Sale in the Isles of Collier Preserve

Naples, Fla. (April 26, 2023) – Closed sales of homes in Naples during the first quarter of 2023 exceeded closed sales reported in the first quarter of 2019 (pre-COVID) when inventory levels were nearly three times the current level. According to the March 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory in March increased 92.4 percent to 2,900 properties from 1,507 properties in March 2022. While still historically low at 3.6 months of inventory, overall inventory in Naples has continued to increase ever since it bottomed out at 0.8 months of inventory in December 2021.

Broker analysts reviewing the report like Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., speculate that “even though buyers today are facing headwinds like high interest rates, rising property and flood insurance rates, and low inventory levels, these factors are not diminishing people’s desire to live in Naples.”

Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, who advocates against comparing activity today to activity during the COVID-boom years (2020-2022), said she is “comforted by the fact that our area shows resilience to 2019. Homebuyers shouldn’t get too hung up on the months of inventory number reported because it fluctuates wildly depending on where you want to buy a home in Naples. For example, the Port Royal area has a 1.3 year supply today. The truth is we are heading back to 2019; a time when the housing market was stable, foundational, and logical. That is what should be happening, and it is.”

With this more accurate comparative method in mind, closed sales decreased 16.5 percent to 1,017 closed sales from 1,218 closed sales in March 2022; but compared to March 2019, closed sales increased 2.6 percent. Pending sales in March decreased 14.5 percent to 1,377 pending sales from 1,611 pending sales in March 2022; but compared to March 2019, pending sales increased 22 percent.

While new listing growth was relatively static in the first quarter of 2023, Wes Kunkle, President and Managing Broker at Kunkle International Realty, believes some potential sellers in Naples are sitting on the fence because they fear a possible recession may impact their home’s value and/or want to wait and see whether interest rates drop. New listings during March decreased 17.9 percent to 1,369 new listings from 1,667 new listings in March 2022; but compared to March 2019, new listings for the month decreased only 2.5 percent. Yet according to Adam Vellano, a Naples Sales Manager at Compass Florida, “the price decreases reported in March were by sellers who failed to price their homes competitively when they originally listed them, but very few of these decreases were below today’s comps.”

The NABOR® March 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:

The overall median closed price in March increased 7.3 percent to $615,000 from $573,000 in March 2022. This increase was driven by the condominium market, which had a 5.9 percent increase in its median closed price. Interestingly, the median closed price for single-family homes in March reported no increase compared to March 2022.

Iterated by top brokers who review the market report each month, it’s impossible to categorize the Naples area housing market as either a buyers or sellers market today. However, an experienced Naples REALTOR® understands the comparative market differences of each unique neighborhood.

Kunkle added that it’s become a “hard decision to sell a home if you have a mortgage at a 3 percent interest rate when today’s rates are over 6 percent.” However, according to Freddie Mac, the average 30-year fixed rate mortgage since 1971 is 7.75 percent. Further, Sherry Stein, CRB, Managing Broker, Berkshire Hathaway HomeServices, was quick to point out that “the average sales price in Naples in March 2019 was $597,081, but today it’s $1,018,469.”

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

If you are a luxury buyer looking for a prime location to invest in real estate, then Naples, Florida should definitely be on your radar. The real estate market in Naples has been thriving for the past few years, and the time to invest is now. In this blog post, we will discuss the reasons why now is the perfect time for luxury buyers to invest in real estate in Naples, Florida.

• A Booming Real Estate Market

The real estate market in Naples has been booming in recent years. In fact, Naples was ranked as the fastest-growing metropolitan area in the United States in 2020 by the US Census Bureau. The demand for properties in Naples has been increasing steadily, which has led to an increase in property prices. However, despite the increase in prices, Naples remains an affordable market compared to other luxury real estate markets like New York City or Los Angeles.

• Perfect Weather

Naples has one of the best climates in the United States. The city enjoys a sunny and warm climate throughout the year, making it a perfect location for those who love outdoor activities. The average temperature in Naples ranges from 75 to 85 degrees Fahrenheit, and the city receives over 300 days of sunshine per year. This makes Naples a popular destination for snowbirds, retirees, and vacationers.

• World-Class Amenities

Naples is known for its luxurious lifestyle and world-class amenities. The city boasts some of the best golf courses, country clubs, and spas in the country. Naples also has a thriving arts and culture scene, with numerous galleries and museums showcasing local and international artists. The city is also home to upscale shopping destinations like Waterside Shops and Mercato, where you can find designer brands like Gucci, Chanel, and Louis Vuitton.

• Safe and Secure

Naples is considered one of the safest cities in the United States, with low crime rates and a strong police presence. The city is also known for its well-maintained streets, beautiful parks, and excellent healthcare facilities.

• Strong Rental Market

Naples is a popular vacation destination, which means there is a strong rental market for luxury properties. Many vacationers prefer to rent luxury homes and condos in Naples rather than staying in hotels. This makes Naples a great location for luxury buyers who want to generate rental income.

In conclusion, Naples, Florida, is a perfect location for luxury buyers who are looking to invest in real estate. The city has a booming real estate market, perfect weather, world-class amenities, a safe and secure environment, and a strong rental market. All these factors make Naples a great place to invest in luxury real estate. Don't wait too long to invest in Naples, as the market is only going to continue to grow.

Call Susan Sanderson today to start your luxury real estate search, 239-821-2370.

Homes for sale in Isles of Collier Preserve

Naples, Fla. (February 24, 2023) – Evidence of growing confidence in the Naples real estate market revealed itself in January as a wave of new sellers entered the market during the month. New listings in January rose 74.5 percent compared to December 2022, and 3.2 percent to 1,338 new listings from 1,297 new listings a year ago according to the January 2023 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). But the rise in home options during January did not stymy home values as median closed prices rose 11.1 percent to $600,000 from $540,000 in January 2022.

“The good news is that the new listings coming onto the market are evenly split between single family and condos,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Inventory in both these areas have doubled since last January so buyers looking to purchase in either sector this year will have many more options.”

Closed sales in January decreased 33.8 percent to 555 homes from 839 homes in January 2022. But the spike in new listings is a promising turn of events as they pushed inventory in January up 122.7 percent to 2,699 properties from 1,212 properties in January 2022. Broker analysts reviewing the report are optimistic and say it potentially could result in a better-than-expected winter home buying season.

“Inventory between December and January grew nearly 10 percent,” said NABOR® President Nick Bobzien, a broker associate at Downing-Frye Realty. “With the number of showings nearly doubling in January 2023 compared to December 2022, buyers were excited to see new listings come on the market and took advantage of the opportunity as seen by the huge increase in pending sales over the same period.”

After seven months of equable activity, pending sales rebounded as the new year began. In fact, pending sales in January were remarkably higher than pending sales not only in December (682), but also compared to January 2019 (660) and January 2020 (892). Though compared to last January’s phenomenal sales activity, pending sales this January decreased 20.5 percent to 1,092 pending sales from 1,373 pending sales in January 2022.

“Looking at sales over the last 12 months, the current report shows an entire group of homes [those under $500,000] are nearly gone and will likely never come back to levels we enjoyed before the pandemic,” said Budge Huskey, CEO, Premier Sotheby’s International Realty.

Pent-up demand was evident in January. While showings decreased 20 percent compared to January 2022, they nearly doubled compared to December’s reported showings. Of course, another factor contributing to increased contracts (pending sales) during January were the 1,092 price decreases reported for the month, which brought the overall percent of current list price value down to 95.8 percent, a 4.2 percent decrease from 100 percent in January 2022.

“Investors were first to start decreasing home prices in January and this helped provoke an uptick in sales for the month,” said Wes Kunkle, President and Managing Broker at Kunkle International Realty. 

The NABOR® January 2023 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2023:

According to the report, the only home type that experienced a rise in closed sales during January compared to last year were condominiums in the $500,000 to $1 million price category, which increased 4.2 percent. Interestingly, the median closed price of single-family homes decreased 2.7 percent between December and January, but the median closed price for condominiums increased 6 percent. Not surprising, due to high demand for properties in the $300,000 and below price category, condominiums in this price category had the highest reported median closed price increase (16.1 percent) and were the only price category that reported a decrease in inventory (13.1 percent) in January.

“Homeowners who have a low mortgage rate are reluctant to sell and repurchase a home locally because they fear they won’t be able to afford a home in Naples at the higher interest rate today,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “Unlike other cities, Naples has never had to rely on people moving internally to keep the sales pace up. There’s always a new group of buyers migrating to the area to make up the difference.” 

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

Olde Towne Condominium For Sale in Olde Naples

Naples, Fla. (February 1, 2023) – In the first year after a two-year interruption in normal activity caused by the COVID-19 pandemic, the Naples real estate market is stable in terms of value, but there are not as many homes to choose from, and prices have elevated. As pandemic restrictions loosened in 2022, sellers and buyers pivoted their attention from the housing market to the travel market. As a result, and according to the December 2022 and 2022 Annual Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales in 2022 decreased 34.8 percent to 10,156 properties from 15,570 properties in 2021. And while inventory is beginning to rebound, increasing 106.3 percent to 2,465 properties in December 2022 from 1,195 properties in December 2021, broker analysts reviewing the report are uncertain where and when an influx of inventory will arrive to meet our pre-pandemic levels.

The report showed only 105 homes for sale below $300,000 in December compared to 1,816 in December 2019. Reviewing the report, Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., remarked that “aside from the below $300,000 price category, inventory nearly doubled in every other price category by the end of 2022 compared to 2021.”

Demand for the Naples lifestyle remained constant in 2022, and low inventory pressed median closed prices upward. The overall median closed price in December 2022 increased 13.9 percent to $575,000 from $505,000 in December 2021. Looking back at December 2019, the median closed price was $344,255; and inventory was double what it is today.

“We can expect values to stabilize despite our tight market,” said Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC. Carroll believes the challenge moving forward will be convincing sellers and buyers that factors in place during the pandemic, when prices soared due to elevated demand, are completely different than they are today. “It’s going to take a while for us to readjust to our new market conditions.”

Economic factors affecting our market include a possible recession, and rising mortgage rates, which are still over six percent, on average. “Many people who bought a home in the past ten years enjoyed a very low fixed rate,” said Jillian Young, President, Premiere Plus Realty. Carroll added that, “when you factor in rising rates, insurance, assessments, and taxes, the cost of buying a home today in Naples is a lifestyle that many people can’t afford.”

These same factors are affecting new listing inventory as well. Demand for homes in 2022 kept REALTORS® busy looking for new listings, which dropped 8.4 percent to 13,577 compared to 14,819 in 2021. Many homeowners, especially those who purchased homes below $300,000 or at low interest rates, are now unable to afford a change in local address due to the increase in mortgage rates.

Then, in the wake of Hurricane Ian, the Naples real estate market pivoted again in the fourth quarter of 2022. Homes that suffered damage fell into two categories depending on their age and the Federal Emergency Management Agency (FEMA) 50 percent rule. (The FEMA 50 percent rule, as part of the National Flood Insurance Program, mandates that if a home incurs substantial damage — determined when repair costs total or exceed 50 percent of the property’s market value — it must be brought up to current building codes and floodplain regulations.) “Older homes in affected areas like the Moorings, Park Shore and Naples Park are facing this situation now, which might produce some new inventory, as the owners may not want to bear the cost of renovation,” said Adam Vellano, a Naples Sales Manager at Compass Florida.

The NABOR® December 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022:

The number of single-family homes in inventory decreased by 54 homes between November and December 2022, while condominium inventory rose by 44 condominiums during the same time frame. “Condos were a big asset class to offload in December,” said Young. “After the hurricane, assessments rose, and new mandatory reserve requirements were put in place, so a lot of condos are coming back onto the market.”

Hughes commented that, “new home builds are slowing down since many builders are busy with hurricane renovations.” While new home builds slumped in December, according to the report, new construction sales consumed 16.7 percent of all closed sales in December, up slightly compared to the last two months.

According to Vellano, “We are not a traditional market in that we don’t rely on people moving internally like other metropolitan areas in the U.S. Because of our location’s desirability, there has and will always be a demand for property by people who want a piece of the Naples lifestyle.” 

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

Isles of Collier Preserve Villas For Sale

Naples, Fla. (December 22, 2022) – According to the November 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), there were 552 overall closed sales in November, which is a 41.4 percent decrease from 942 closed sales recorded in November 2021. The post-pandemic home buying surge that took place when mortgage rates were historically low has ended. Housing inventory in Naples is on the rise but remains low at just 2.8 months of inventory reported in November (a balanced market has a six-month supply of inventory). As expected, the limited inventory environment in Naples is restricting sales and increasing prices. Though broker analysts reviewing the report pointed out that cash sales accounted for 62.3 percent of closed sales in November; it is an indication that the Naples housing market remains a solid investment.

While optimistic, Budge Huskey, CEO, Premier Sotheby’s International Realty, said, “Things are moving in the right direction, but it will take time to return to what most would consider normal market conditions.”

Even new legislation passed last week to stabilize the property insurance market, reduce protracted litigation, and speed up the claims process will take time before it is enjoyed by Florida homeowners.

Huskey added, “Inventory in Naples is increasing, but there may be a bifurcation coming as newer homes are more insurable than older ones. This may begin to affect home prices next year because newer homes and their ability to obtain insurance will become more desirable and increase in price; whereas older homes that need attention will struggle to find a willing insurer and may become less desirable and decrease in price.”

The November report showed inventory rose in all price categories except the $300,000 and below category, which decreased 14.2 percent from 127 to 109 properties. Overall inventory in November rose 96.8 percent to 2,478 properties from 1,259 properties in November 2021. Comparatively, in November 2019 there were 5,563 properties in inventory, which was split between 2,771 single-family homes and 2,792 condominiums. Today, the inventory is single-family home heavy, which accounts for 63 percent of all homes for sale in Naples.

November’s overall median closed price increased 20.4 percent to $600,000 from $498,500 in November 2021. But “the season for aspirational pricing is over,” said Jillian Young, President of Premiere Plus Realty. “The economy is very different from where we were during the frenzied buying activity experienced in the year following the pandemic. Sellers can no longer expect multiple offers that are significantly over the listed price. We had less inventory then, which drove prices higher, and mortgage rates were at 2 and 3 percent, which gave buyers more room to make concessions.”

November’s report also showed sellers are more willing to negotiate again as the overall percent of list price received decreased 3.3 percent compared to last November. “A slowdown in sales started to occur during this past summer when COVID restrictions were lifted in foreign countries and people began to travel again,” said Jeff Jones, Broker at Keller Williams Naples. “The opportunity to travel safely means homeowners aren’t here to sell their homes.”

The NABOR® November 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 

As to whether Hurricane Ian impacted the Naples housing market, Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., said, “There’s a considerable number of homeowners tied up in insurance disputes right now. Once they are resolved, we may see a slight increase in new listings.” Young added that, “Many homeowners are still displaced from the storm as they weigh their options.” Huskey responded by adding, “There’s also a percentage of homeowners that don’t want to go through the renovation process, especially west of 41, and instead are selling their damaged homes to builders who are eager to buy and tear down a $2 million home to build a $6 million home.” Jones quipped, “Despite whether a homeowner spends the money to renovate or sells to a builder, the average list price of a home for sale in a desirable neighborhood west of 41 is likely to increase.”

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

Isles of Collier Preserve - Homes for sale

Naples, Fla. (November 23, 2022) – Speculation that home sales in October would drop dramatically in Collier County following Hurricane Ian was proven inaccurate as closed and pending sales for the month increased 23.7 and 8.7 percent, respectively, compared to closed and pending sales reported in September, according to the October 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). And even though 525 listings were either terminated, expired or withdrawn from the Southwest Florida MLS during October, overall inventory for the month increased 72.7 percent to 2,325 properties from 1,346 properties in October 2021.

“Our current market has created many new opportunities for redevelopment that have caught the attention of a much broader spectrum of buyer,” said Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties. “It is an environment created out of tragedy that will prove beneficial for the Naples area in the long run.”

Budge Huskey, CEO, Premier Sotheby’s International Realty, responding to Haynes said, “This is a statement about the confidence of our market in the future. Many older homes that experienced severe flood damage during Ian are in desirable locations. And this is going to start a new building boom with higher quality product.”

Admittedly, compared to 2021 which was a standout year for real estate in Collier County, closed sales in October decreased 24.5 percent to 662 closed sales from 877 closed sales in October 2021. Pending sales (homes under contract) also decreased 43.3 percent to 673 pending sales from 1,186 pending sales in October 2021.

According to NABOR®’s statistics, October’s overall median closed price held fast at $555,000, the same as was reported in September. But compared to October 2021, the overall median closed price increased 23.3 percent from $450,000. Interestingly, the statistics showed a 1.6 percent decrease in median closed price for condominiums between September and October. Haynes added that, “While we saw a slight increase in new listings by condominium owners who had damage and decided to sell instead of rebuild, the hurricane is not going to spark a ‘fire sale’ trend.” 

There was a 26.1 percent increase in new listings in October compared to September, which broker analysts say is typical this time of year. Overall new listings in October decreased 13.9 percent to 908 from 1,054 in October 2021, but new listings for single family homes soared in October and were just 10 properties shy of the 548 new listings reported in October 2021. Preseason buyers will be pleased to find many more options than last year.

The NABOR® October 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022:

“Even though interest rates are set to increase again, it’s a good time to be a home buyer in Naples,” said Dominic Pallini, Broker at Vanderbilt Realty. “The overall percent of current list price received is 96.4 percent and has been declining since April. This means buyers today have more room for negotiation.” Haynes responded by explaining that “a successful negotiation could lower mortgage payments enough to offset the interest rate increase.”

According to Molly Lane, Senior Vice President at William Raveis Real Estate, “Whether a homeowner decides to rebuild or sell a property damaged by Ian has a lot to do with location and circumstance. Some retirees with an older damaged home west of 41 are choosing to sell as is and buy elsewhere in Naples, typically more inland and with a higher elevation, while newer homeowners in the affected areas are choosing to invest in a rebuild.”

Huskey responded that, “For every one homeowner that moves out of a neighborhood west of 41, there are two buyers looking to move in. We may see a short-lived variance occur within our market in the coming months as some discounting for homes with lower elevations may occur. But this also means there may be a premium set on those homes with a higher elevation.”

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

Isles of Collier Preserve Homes For Sale

Naples, Fla. (October 21, 2022) – The impact of Hurricane Ian, as witnessed on the last two days of September, is not reflected in the September 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Given this, September’s data showed a predictable pattern of slow closed and pending sales with a slight increase in inventory, which is traditionally the case in historically stable Septembers. (The September 2022 infographic and chart are located at the end of this email.) While the report captured activity prior to Hurricane Ian’s arrival, broker analysts who reviewed the report on October 18th are confident Naples’ recovery will be swift and the resiliency of its home values will be protected.

“There is indeed significant loss, yet the full scope of [the hurricane’s] impact was limited to a specific area along the coast and tributaries [in Collier County],” said Budge Huskey, CEO, Premier Sotheby’s International Realty. “Such an event always brings with it a rebuilding boom, and most people will make the decision to restore and improve rather than exit the area. It’s remarkable how quickly progress is being made each and every day.”

Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., added that “Unlike Hurricane Irma, Hurricane Ian was not a severe wind event so roughly 80 percent of the county was unaffected. For buyers looking to purchase non-waterfront homes, the market is unchanged.”

Not surprising, several broker analysts said there has been an increase in buyer interest for homes in communities east of U.S. 41 since the storm. Adam Vellano, a Naples Sales Manager at Compass Florida, remarked that, “Some homes have been withdrawn from the MLS, some have been terminated, but there’s also been a steady flow of new listings in these last two weeks.”

Obviously, some properties in Naples that experienced damage from the hurricane will come off the market because they will need to be assessed by insurance adjusters and undergo repairs. But unlike harder hit Lee and Charlotte counties, very few properties in Collier County were destroyed.

A considerable number of businesses and properties that experienced the storm’s surge were swift to recover. Major area attractions like the Zoo, popular restaurants and golf courses have already reopened. Vellano added, “If you visit our popular shopping districts today, you’d be hard pressed to recognize we had a major hurricane event two weeks ago.” 

Indeed, our county’s hurricane building code standards and quality craftsmanship by local builders helped to greatly reduce the amount of major structural damage in the area. Additionally, drainage improvements to the City and County’s stormwater infrastructure and new flood prevention management ordinances attributed to Naples’ quick recovery efforts.

Molly Lane, Senior Vice President at William Raveis Real Estate, who lived in Connecticut during two major storm flooding events said we might see “FEMA change the base flood elevation on new builds.” Though many spec homes built west of 41 are already 10 feet above sea level and the vast majority appeared to avoid serious flooding during Hurricane Ian.

Broker analysts that reviewed the September 2022 Market Report are concerned national media’s portrayal of the storm’s destruction is influencing the public’s perception of the housing market in Collier County. Hughes said, “A lot of people who visit Naples are assessing their winter plans now. They are trying to figure out whether they should come down and it doesn’t help that our area is part of the media’s narrative when reporting on the hurricane’s destructive effects. It is simply not the case. Naples is well positioned to bounce back, and it will quickly.”

Spencer Haynes, Vice President of Business Development and Broker with John R. Wood Properties, assures the public and NABOR® members that September’s Market Report did not reveal any surprises and that instead of spending time analyzing the report you should spend the time helping human service organizations that provide direct recovery support.

The NABOR® September 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 

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

Homes For Sale in the Isles of Collier Preserve

Naples, FL (September 23, 2022) – Indications that the Naples area housing market is transitioning to a balanced market became more evident during August as both inventory and days on the market increased. According to the August 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall inventory increased 71.3 percent to 2,140 properties from 1,249 properties in August 2021. Of the homes on the market during August, 35.8 percent of them (766) experienced a price decrease and the overall list price received for the month slipped slightly to 96.4 percent from 99.2 percent in August 2021. Broker analysts say these factors are attributed to seller and buyer behaviors that resemble a healthy market environment.

While overall closed sales for August decreased 36.7 percent to 669 from 1,057 in August 2021, it increased 5.6 percent compared to July’s closed sales. Historically, closed sales and pending sales (homes under contract) in August do not outperform July’s closed and pending sales. But this year is different. “Pending sales in August increased nearly 20 percent [19.2%] compared to July,” said Bill Coffey, Broker Manager of Amerivest Realty Naples. “This means that people wrote more contracts in August, but we will be tracking to see if this becomes a trend.”

Jeff Jones, Broker at Keller Williams Naples, commented, “There are many opportunities for buyers. The market is healthy, inventory is up, demand continues and prices are realistic. Also, with rents skyrocketing, the option to buy is more desirable.”

The overall median closed price continued to increase in August, up 30.7 percent to $575,000 from $440,000 in August 2021. “There were only 31 single-family homes and 79 condominiums under $300,000 on the market during August,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. In August 2019, there were over 1,400 properties on the market under $300,000. But with so few available in the lowest price category today, Hughes remarked that “we should expect the median closed price to continue to stay high as long as the high-end market continues to stay very active.”

While looking at new listings reported in August, Molly Lane, Senior Vice President at William Raveis Real Estate, commented that, “We are on par with new listings compared to pre-pandemic levels in August 2019.” There were 850 new listings in August, a 16.9 percent decrease compared to 1,023 in August 2021. Jones responded that “buyers should be aware that new listings don’t just come from new sellers entering the market, but also from existing inventory where the home’s list price was decreased or from sales that were pending but fell through and went back on the market.”

The NABOR® August 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2022: 

While showings were down 13 percent compared to August 2021, they were higher than showings reported during June and July. And there were 5,000 more showings in August compared to showings reported during pre-pandemic August 2019. Incidentally, there were 4,917 properties in inventory during August 2019 compared to 2,140 properties in August 2022.

Hughes remarked that the pandemic influenced many people’s behaviors, which led to outstanding showing and sales activity starting in late 2020 and through 2021. “People pushed up their plans to either retire early and move to Florida or purchase a second home in Florida. Demand for homes in Florida continues to be strong despite the Fed raising rates and fears of a recession. For Southwest Florida in particular, we’ve always enjoyed either good years or great years.”

Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty, mentioned that during NABOR®’s recent Economic Summit, all three economists who spoke at the event agreed on this message to buyers: “Don’t wait for prices or interest rates to go down.” Fioretti encourages buyers sitting on the fence to jump in the market now because interest rates are not expected to go back to previous levels. 

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

Isles of Collier Preserve Homes For Sale

Naples, FL (August 23, 2022) – Naples housing market experts reviewing the July 2022 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), confirm the data reflected familiar activity levels akin to pre-pandemic summer months. Historically, closed sales in Naples during summer months trend around 800 sales a month. But during the last two years, summer sales were well above 1,000 closed sales a month. This July, overall closed sales decreased 43.4 percent to 662 closed sales from 1,170 closed sales in July 2021. For perspective, in July 2018 and 2019, there were 774 and 829 closed sales, respectively. The current level of activity is what market experts expected in a post-pandemic summer and consider it a sign that we are on a path back to a balanced market.

Additional indications in the July report that support this shift is the number of pending sales. As such, overall pending sales decreased 33.8 percent to 751 pending sales from 1,135 pending sales in July 2021. The tempering of closed and pending sales, which began in June, is producing one very welcome result: an increase in inventory. In July, inventory rose 87.6 percent to 2,429 properties from 1,295 properties in July 2021 (there were 5,200 properties in inventory during July 2019).

“In a balanced housing market, buyers have more opportunities,” said Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices Florida Realty. “They might look at five or six homes, maybe take a break for a couple of days, then go look at five or six more. That’s possible in a balanced market because homes aren’t flying off the shelf.”

Starting in the fall of 2020 and continuing into this past spring, the Naples housing market experienced remarkable sales activity that was fueled by a frenzy of home buying by those seeking the ideal Naples lifestyle. However, as pandemic pandemonium diminished, broker analysts predicted a slow, gradual return to a balanced market would occur in Naples.

Dominic Pallini, Broker at Vanderbilt Realty, remarked that, “We have a very resilient market. When sales went off the charts during the pandemic, our inventory plummeted, and this contributed to price increases. In July, there were 905 price reductions compared to 293 price reductions in July 2021. But demand is still very high. The difference is that today, buyers don’t feel the pressure to buy like they did during the pandemic. They are taking their time to find a home that they feel justifies the price.”

Adding his opinion that our market has shifted and is now on a trajectory to become balanced again, Budge Huskey, CEO, Premier Sotheby’s International Realty, said, “The report showed pending sales were off less than closed sales in July, which indicates we have likely reached the bottom and can expect to now turn the other way.”

Market experts reviewing the July report say buyers should not expect home values to drop dramatically. While year over year price growth is trimming, demand is still high, and inventory is still not at pre-pandemic 2019 levels. The median closed price in July increased 16 percent to $545,000 from $469,950 in July 2021; it decreased 9.8 percent from $604,000 in June.

The NABOR® July 2022 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings 

“Pre-COVID, we were averaging 90 days on market,” said Adam Vellano, a Naples Sales Manager at Compass Florida. “We are currently at 26 days on market, so while we are moving in the right direction, we still have a long path back to being balanced.”

“For sellers who were sitting on the fence, it appears they might have missed the pandemic peak,” added Huskey. “The fact that we are no longer in nirvana is further supported by other data in the report including the number of listings withdrawn in last three months.”

Jeff Jones, Broker at Keller Williams Naples, responded by stating, “While down compared to July 2020 and July 2021, the number of new listings coming on to the market this July [944] was still slightly higher than it was in July 2019 [935].”

With regard to the 905 properties that had a price reduction in July, Jones repeated his message to buyers in June that, “Price reductions should be viewed as new listings because the newly lowered price is now attractive to a larger pool of buyers. Thus, these properties represent new opportunities for home buyers.”

Fioretti summed up the market experts’ analysis of the July report by stating, “In a balanced market, buyers tend to place reasonable offers on homes and sellers tend to accept them. Homes remain on the market for a moderate amount of time—neither lagging for months nor getting snapped up in mere hours or days. Home prices remain stable or grow at a steady pace. My advice to buyers is, ‘Don’t wait for prices to go down. Lower your expectations so you can jump into the home ownership arena now. Interest rates are still lower than what they may be in the future.

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