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 This reduction in inventory - which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August - resulted in a six-month supply of inventory for Collier County at the end of August.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.