Naples Area Real Estate News & Market Trends
by Robert Nardi

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because, at Nardi Realty, we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 15, 2020

Market Watch May 2020

Relatively Stable Market

By Robert Nardi

Like all industries impacted by the COVID-19 pandemic, the Naples area housing market was not immune to its effect in March. While home sales dropped, home prices remained steady, and in some cases, increased. Because the stay-at-home order went into effect mid-month, real estate activity during the first two weeks of March was strong, while activity during the second half of March tempered remarkably well.

Overall closed sales in March increased 15.8 percent to 1,148 closed sales compared to 991 closed sales in March 2019. This was an increase of 359 closed sales over February (789 closed sales) and 426 more closed sales than January (722 closed sales)! The report also showed a 22.5 percent increase in closed sales for the first quarter of 2020 (2,689 total closed sales) compared to the first quarter of 2019 (2,195 total closed sales).   Pending sales were down 38.1 percent for the month to 977 pending sales, compared to 1,578 pending sales in March 2019. However, pending sales increased 5.3 percent during the first quarter of 2020 compared to the first quarter of 2019.   

Showings in March decreased 41 percent compared to showings in February, and there were still over 19,000 appointments scheduled to show homes in March. Serious buyers are not being discouraged by the stay-at-home order.  

The March report showed overall inventory remained strong through March, with 5,772 available properties. This was a 27.5 percent decrease in inventory compared to March 2019, which had 7,965 properties available. Interestingly, while March had only 53 fewer homes on the market than what was available in February, the month of March had 11 more homes available in inventory than reported in January! Plus, Collier County holds steady with 6.4 months of supply compared to other highly desirable counties in Florida like Orlando, which reported 2.3 months of supply in March.  

 

There were fewer price reductions during March compared to previous months in the quarter. The overall median closed price in March increased 10 percent to $372,750 compared to $339,000 in March 2019. The month of March also reported the highest median closed price compared to the other months in the first quarter. However, while median closed prices for the single-family home market increased 16 percent in March to $470,000 compared to $405,500 in March 2019, the median closed price for the condominium market decreased 1.3 percent in March to $276,500 compared to $280,000 in March 2019.   

Geographically, the Naples Beach area (34102, 34103, 34108) had the most inventory in the Naples area available in March, with 8.6 months of supply. New listings were highest in East Naples (34114, 34117, 34120, 34137), which had an increase in March of 9.2 percent. 

The NABOR® March 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 found in a chart format ( CLICK HERE for those who enjoy number crunching.

What does this all mean? 

At least for my Firm and me, we have not had that much of a slow-down. Some seasonal renters left early, and many landlords were accommodating. On the other side of the coin, many seasonal renters extended their stay. Because of Collier County’s (which includes Naples, Ave Maria, Immokalee & Marco Island) smaller population, there appears to be far less positive COVID-19 patients recorded than in other major U.S. cities. To date, there are 712 positive COVID-19 patients and 27 deaths. 

Real Estate was deemed “essential” by our Florida Governor, and I can see why. People must live somewhere, and people before this outbreak had contracts on their home, and they, in turn, put a contract on another home. With all the unemployment currently, are we also going to deny people housing too? It did not make sense to increase the fires that are already burning. 

Since the COVID-19 outbreak, luckily, we have had many sales and listings. We are selling homes either by bringing our customers physically to the property (wearing masks, having disinfected wipes, hand sanitizer, and social distancing) or remotely by using virtual tours, facetime, new video, and pictures. We can even hold Open Houses virtually. 

As far as sales go, home pricing has not seen a shift down. Most of the sales have been in the customary 5% or below list price. Naples is a unique market since it is a vacation destination, and our weather is truly picture-perfect this season. Homes here are still in demand for the 2nd home buyer, and with the population growing, we are attracting a new set of buyers who will be living here full-time based on their occupations. 

Southwest Florida withstood three hurricanes since 2004.   We were resilient through those natural disasters, and we are still resilient today! Each day we have hope for a better tomorrow.

“Happy Mother’s Day” to all you wonderful Mothers out there! Enjoy your special day! 

 

In the meantime, stay safe, wear your masks, wash your hands, and social distance for now.

Posted in Market Updates
April 15, 2020

Market Watch April 2020

COVID-19 & SWFL Real Estate

By Robert Nardi

I usually start with all the statistics for the month, but because of the state we are in, I thought I would begin with my thoughts concerning COVID-19 and real estate in Southwest Florida.   My office is physically closed, but we are all working remotely.   I wrote to my sales associates letting them know that Southwest Florida is strong and resilient!  We wrestled through three hurricanes since 2004 and of course Irma in 2017 was a doozy and we still came back undefeated and better than ever.   Even with COVID-19 I feel we will be in the same position.   Is real estate slower right now?   Of course it is, some of my listings went in to “withdrawal” because they didn’t want any further showings.  After all,  the sellers were 75 years old and older.   I absolutely understand.   Is the Firm still busy?   Yes, I am happy to report we are.   We were having an amazing year in 2020 until this “hiccup” came about.   We continue to work on closings and instead of people flying in to look for property, my Firm and I are doing previews, providing Facetime, additional video and pictures.   One of my associates recently sold a condominium for full price via Facetime.   Last week, I had three closings, I put an offer in on an attached villa and I will be putting an offer in on a single-family home in Imperial Golf Estates later this week.   I will be also listing a property in Hunters Ridge sometime next week.   In the past two weeks, I even had two showings on a $1.675M listing.   Is it the same?   Not really.   I miss the one to one in-person interaction.   One of my taglines is “We treat every customer like our only customer” and guess what, we started with that philosophy and we continue with the same philosophy regardless if they are in-person or remotely.

I am happy to report that the Firm’s large rental department rose to the occasion and worked very diligently with seasonal tenants and landlords to “soften the blow.”   Some of the tenants decided to even extend their stay.   Why not?   In Collier County (Naples), we currently have under 300 known COVID-19 cases.   We are hoping that it plateaus soon, and all move on with our lives.

For those of you who want to know the state of Southwest Florida’s real estate market for February 2020, please CLICK HERE for the most current report.   The market performed very well.   Sales were up 29%!

The good news is that I am in an industry that is already technology-focused and adept, The Naples Area Board of REALTORS® and its fellow members are supporting each other in to help foster the sale of homes, all while following the Centers for Disease Control guidelines. NABOR® is also providing new digital resources during the coronavirus outbreak to help public and real estate professionals stay connected and safe.

Speaking of safe, wash your hands for 20 seconds, don’t touch your face, and wipe off surfaces with disinfecting wipes and of course, 6 feet of distancing to another person.

 

We’ll all get through this. Let’s all stay healthy.   Love the people you love and let them know it!

Posted in Market Updates
March 8, 2020

Market Watch March 2020

January 2020 Surges

By Robert L.Nardi

Despite a tug on inventory that resulted in a 26 percent decrease to 5,761 properties in January 2020 compared to 7,773 properties in January 2019, overall closed sales in Collier County rallied in January, especially in the luxury market. A 22 percent increase in January’s overall closed sales has many broker analysts optimistic that continued strong sales activity can be expected through the first quarter.  

Aside from the 26 percent decrease in January’s month-end inventory compared to January 2019, we gained 360 more listings in January than what was available to buyers in December. Collier County has a 6.6-month supply of homes, which is much higher than many other hot markets in Florida. A recent Realtor.com analysis showed that other areas in Florida also experienced double-digit decreases in active listings for January including Tampa/St. Pete (20.2 percent decrease), Orlando (15.8 percent decrease), and Miami/Ft. Lauderdale/West Palm Beach (11.2 percent decrease).

A big winner for showings of single-family homes in the $1 million to $2 million price category increased 109 percent in January 2020 compared to January 2019.

The NABOR® January 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 (CLICK HERE) for those who like to see the statistics firsthand.

The report showed 1,885 price decreases in January, which is believed to be mostly old inventory that is finally coming to the buyer as a result of appealing price reductions.   January’s price reductions represented 33 percent of active listings in January [5,761 properties], which is much higher than the 25 to 28 percent shown in the Market Reports over the last few months.  

What does this all mean?

It means that people who were doing well with their investment portfolio decided to take out monies to purchase properties in the $1-2M category.   Yet, I have seen the opposite.   I have a condominium listed at $1.675M which someone was interested in and they decided to leave their money in the market based on their Financial Advisor’s recommendation.   My thought is that there are some Financial Advisors that believe the market will change for the worse, so it is best to take out monies now vs. keeping it in (we recently saw this large dip in the market and now it has rebounded) and invest in real estate.  I did have a recent listing for $1.31M that sold at the end of February.   It was cash and closed in 3 weeks!  Therefore, we are seeing two different strategies.  

Seasonal Rentals

We are winding down on our seasonal rentals.   Easter falls in the middle of April so many seasonal rentals will be ending on March 31st, 2020 as visitors head back to home to celebrate the holiday with their family and friends.   For those of you who wish to remain, we have quite a few prime choices for April rentals at some significant price reductions (out of season pricing). If you are interested, please contact Corine Bordges, Rental Operations Manager at 239-206-6457.   She has a record of all our available rental inventory and pricing.   If you would like to search on your own for sales & rentals, please feel free to go to BuyNaples.Net. We are one of the few firms that show yearly fees.   Many of the other real estate websites do not.   Lastly, I would be happy to assist you.   Please feel free to call me at 239-293-3592 or send me an e-mail at Robert@NardiRealty.com.

Coronavirus

Luckily, the Coronavirus has not made its way down to Southwestern Florida yet.  Also, the world news of it has not really affected the Southwest Florida housing market.   We have had a great buying and selling season so far and it continues to be robust.  Just remember to watch your hands frequently, use hand sanitizer, use disinfectant wipes to wipe down surfaces when traveling and don't touch your face, nose, etc. Hopefully, everyone will stay healthy and happy following these practices.

 

Wishing you and yours, safe travels as you venture back home.

Posted in Market Updates
Feb. 9, 2020

Market Watch February 2020

Strongest Year in Home Sales!

By Robert Nardi
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.   The MLS 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 (Southeast Naples where new construction is booming) and 34108 (North Naples area) commanded impressive increases, 62.3 percent and 61.5 percent, respectively, in December 2019 compared to December 2018.

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.

For those of you who like statistics, CLICK HERE for the December 2019 chart and you can CLICK HERE for the Annual Report on the Naples Market for 2019.

What does this all mean?

It basically means that pricing is a key factor in moving property.   There were 1,550 price reductions in December. That is 26 percent of the available inventory. This has been a trend for the past few months.  And yet, if you do 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. What’s remarkable is that the overall average closed price in Collier County during 2019 increased 19.3 percent to $772,380.   Even with all these price reductions, the average closed price in Collier County still increased.   In a nutshell, the market is priced higher, when the listing price is lowered to a fair market price, it will still sell at a higher price than it did a year ago.   As a seller, it is not such a bad position to be in.

We are clearly in a very stable market seeing year to year increases.   There are more flexible financing terms available.   Many of my customers can pay cash, but their financial advisors are telling them to seek a mortgage because of the very low interest rates right now or they are urging them to seek out a loan against their investment portfolio.   Even with a jumbo loan, the rates offered are very low.   Naples, Florida is in a very sweet spot now.

Looking for a March rental?

We still have some great rentals available for March.   Therefore, if you are looking to get away, there is no better place to go than Southwest, Florida with its beautiful sub-tropical weather and landscape.   Generally, it doesn’t go below 70 degrees as a daytime temperature.   We have amazing beaches, restaurants, shopping, amenities and culture!   Please feel free to look for our rentals listings at BuyNaples.Net or please feel free to call my Rental Operations Manager, Corine Bordges at 239-206-6457.

 

Happy Valentine’s Day and before you know it, Spring will be right around the corner!

Posted in Market Updates
Jan. 12, 2020

Market Watch January 2020

Normal & Stable Market

By Robert Nardi
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 5,563 properties compared to 6,896 properties in November 2018.

There is a 6 month supply now but there were also price reductions in 28 percent of all homes on the market in November.   Some of this reduction in inventory can be contributed to new home sales.   Builders in some communities are almost built out and want to move what they have so they are offering incentives and price reductions.

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.   However, the 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.

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 (CLICK HERE) for those of you who like to see all of the statistics.

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.

What does this all mean?

We continue to be in a stable market and some properties had increased in value while others had decreased based on location and price point.  It is a normal property cycle.  We have 6 months of inventory which is typical, but now it is lower than it has been in a year so if you are contemplating putting your home on the market, it might be a good time to list it.  As far as Buyers go, it appears that we have potential Buyers that come in early but want “a steal of a deal!”  With some of my listings, Buyers have offered anywhere from 15%to 25% below list price.  I call this “fishing” if they get the price they want, then they’ll purchase if not, they’ll wait either a few more months or even up to year and come back and try to “fish” again.  My philosophy is that comps are comps.   If comps dictate a lower price than it was not priced appropriately.  When working with some sellers, you can show them the comps, but they believe their unit is worth more.   So has a rule, REALTORS don’t take an overpriced listing.   But sometimes we do if we believe the location, lot, etc. can be deemed “special.”  Sometimes it is a huge “dance” between both the Sellers & Buyers and my job is to make them congenial dance partners at the end!

Happy New Year!

Wow! 2020!   Where has time gone?   Speaking of the New year, we still have some very nice rentals for February, March & April.   Even some on the Gulf of Mexico.   If you have an interest in any of those months or all three of those months, please contact Corine Bordges, Rental Operations Manager at 239-206-6457.   She has access to all our inventory and will be able to assist you.

Any real estate questions?   Thinking of selling or buying? Need a Comparative Market Analysis (CMA) on your current property either up North or down South?    Please feel free to contact me at 239-293-3592 or via e-mail Robert@NardiRealty.com.

Do you like to search for you own sale & rental properties?   If you do, access www.BuyNaples.net for all your search needs.   It also gives you all our inventory with a few keystrokes.   Plus, we show yearly HOA/Condominium maintenance fees which most other property search engines do not.

 

Have an amazing year!   Wishing you and yours all the best! -Robert

Posted in Market Updates
Dec. 12, 2019

Market Watch December 2019

Robert Nardi

By October 2019 was Up!

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.

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).  

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 362 more homes that came onto the market in October compared to September.   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.   This influx of new construction is probably why the median closed price in that price range hasn’t shifted much.

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.

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 (CLICK HERE).

What does this all mean?

I heard from some other Brokers and it appears that $2 Million & up properties were being purchased in October.   It seems to make sense, because most people want to be in a home or condominium by season.   Therefore, they would purchase in October, decorate, etc. so come January 1, 2020 they would be ready for season.   I did not sell any $2 Million & up properties and up in October, however, I was able to ascertain two million-dollar listings in November.   One was for $4.289M (shared with my associate, Don Bahash) and the other was for $1.899.   When I listed these properties, they generated quite a bit of interest.   In fact, the $4.289M listing even had a 2nd showing within 7 days of listing the property.   The other is a beach property that is on Vanderbilt Beach that has been totally renovated and newly furnished.   It shows like a model.  Unfortunately, my resale properties that are listed for $500K or less seem to be moving at a slower pace.   I believe because of the amount of competition from other resales and new construction.

Please keep mind that if you are still looking for a rental during season, please feel free to call my Rental Operations Manager, Corine Bordges at 239-206-6457.   We still have availability.   And as always, I appreciate all of your referrals.   This month alone I received two referrals from past clients and friends.   Thank you for the vote of confidence and keeping me present in your mind.   It means so very much to me.

 

I wanted to say, “Happy Holidays and Wishing you a Healthy & Happy New Year!”   May the New Year bring you hope, love, peace & joy!

Posted in Market Updates
Nov. 10, 2019

Market Watch November 2019

Sales & Pending Sales Up!

By Robert L. Nardi

The Naples area housing market enjoyed another 7 percent increase in overall closed home sales for the third month in a row. This trend may indicate 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.   Also, to help fuel this fire was the fact that 28 percent of the available inventory experienced a price decrease in September.

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 ( CLICK HERE ).

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.

What does this all mean?

It means that 28% of the inventory lowered their prices and there were more pending sales in the month of September.   We currently have a stable market with 6 months of inventory.   It also indicates that we are getting less seasonal.

The reason price increases occurred in condominiums in South Naples can be attributed to new construction which in turn means higher prices.   In North Naples, the decrease in price can be attributed to an aging inventory.   Many condominiums are approaching 20 years old or more and they need work.   In order to sell them, sellers must lower their price or accept a lower price.   Many people would like “new & shiny” and they are willing to pay a higher price for new construction.

Season is coming!   Season is coming!

Have you gotten your rental yet?   Thinking about coming down in December?   We have some amazing rentals for the month of December; on the beach, a block from the beach or across from the beach.   We even have a few that are available for the months of January, February & March 2020.   Also, if you already own a property and would like to rent it during season.   We can help.   Please feel free to contract our Rental Operations Manager, Corine Bordges at 239-206-6457 for both rental availability and listing your property.

Please keep in mind, if you have either a buyer or seller referral, I will donate $200 to your favorite charity with every successful closing.

 

Wishing you a very Happy Thanksgiving!   Enjoy!

Posted in Market Updates
Oct. 13, 2019

Market Watch October 2019

A Normal & Stable Market

By Robert Nardi
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 which makes for a normal market.

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.

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. Closed sales of homes between $1,000,000 and $2,000,000 decreased 5.7 percent

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 NABOR® 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 ( CLICK HERE ) for those of you who like statistics.

Geographically, closed sales of single-family homes in the East Naples are (34114, 34117, 34120, 34137) increased the most in August by 35.6 percent followed by closed sales of single-family homes in North Naples (34109, 34110, 34119), which increased 15.6 percent.  

What does this all mean?

The reason the single-family homes in East Naples increases were so high is because there is a tremendous amount of new construction in this area.   The reason North Naples is a higher percentage is because 34109 & 34110 are closer to the beach and A rated school systems.  The 34119-zip code is because of the new construction homes in Stonecreek & Esplanade in North Naples.  In addition, many of the builders are offering incentives to purchase; giving thousands of dollars away in upgrades.  One new home builder is even offering a free pool!

With the recent quarter percentage point cut in mortgage interest rates, there hasn’t been a better time to lock in low interest rate and buy now!  And for those of you who have investments, and wish to purchase a home for cash, why pay cash when you can take a mortgage and make your investment money work for you?  With interest rates so low, it makes sense for your money to work for you!

By the way, I have several lenders who I work with and can offer great rates and service.  If you are interested in getting pre-approved or pre-qualified to purchase property, please feel free to call me directly at 239-293-3592 or e-mail me at Robert@NardiRealty.com.

If you are thinking about renting for this season, please act as soon as possible.  We have a large rental department, but many of our seasonal rentals are no longer available.  Please call Corine Bordges, my Rental Administrator at 239-206-6457 for availability, location and rates.

 

Enjoy the Fall and wishing you a Happy Halloween!

Posted in Market Updates
Sept. 8, 2019

Market Watch September 2019

Heightened showing activity in June led to a spike in July’s closed sales, which increased 7.1 percent to 829 closed sales compared to 774 closed sales during July 2018. And despite a 14.8 percent reduction in overall inventory compared to last July, overall median closed prices have not increased, according to the July 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Twenty-six percent of the homes on the market during July had price reductions.   The number-one reason a home lingers on the market is that it is priced too high. Those price reductions seemed to bring more buyers into the market.

The July 2019 Showing Time report, a monthly supplemental report that’s now being run alongside the monthly Market Reports, indicated that local REALTORS scheduled over 17,000 appointments to show a range of properties during July. On average, the report shows that a home for sale in Collier County is shown 17 times before it sells. Broker analysts believe the less inventory people have available to view, the more properties they want to see. Therefore, they believe now is a good time for sellers to enter the market, so they have the opportunity to capture buyers who are looking at homes now.         

Sellers added 935 new listings to July’s inventory, but this increase in inventory failed to keep up with the buyers entering the market. At the end of July, there were 5,200 homes on the market compared to 6,100 in July 2018. Naples only has a 6-month supply of inventory which is lower than we would like.

From the report, it seems sellers were willing to negotiate more in the $1 million to $2 million price category for condominiums, there was a 10 percent decrease in the median closed price during July.

Since January, median closed prices have decreased 2.9 percent to $335,000 from $345,000. But compared to last July, prices have held steady. July’s median closed price was $326,200 compared to $326,500 for July 2018. However, based on a rolling 12-month analysis, only condominiums priced above $2 million have seen a substantial increase in their prices, i.e., 13 percent.

The NABOR® July 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 (CLICK HERE) for those of you who like numbers!  

Geographically, closed sales activity was the highest in the Naples Beach area (34102, 34103, 34108), which saw a 25 percent increase in overall closed sales and a 40 percent increase in single-family home closed sales compared to July 2018. Interestingly, the median closed price for condominiums in the Naples Beach increased 27.1 percent to $632,500 from $497,000 in July 2018.

What does this all mean?   

This means that properties near the beach are still very desirable.   It is funny how overtime, the “near the beach location” runs either hot or cold. There was a time where everyone looking for a home wanted to be West of 41 (closest to the beach).   Then there was a time, when prices reached a point, where people were looking father east in Naples so they could get a better deal and “more bang for their buck.”   Now, the beach is back regardless of price.   Buyers want sun, sand and convenience.   I think this is partly because of our growing population in season.  During season our population swells to approximately 360,000 and then out of season, it goes down to 250,000.   Years ago, it would swell to 250,000 in season and out of season, it would go down to 170,000.   The numbers speak for themselves; more people, more traffic and longer drive times.   And quite honestly, in this age of “instant gratification” people don’t have the patience to sit in traffic anymore.

Tis the season…

Speaking of masses of people, if you haven’t booked your seasonal rental yet, they are going fast.   Please feel free to call Corine Bordges at 239-206-6457 or e-mail her at corine.teamonesource@gmail.com.   Corine is our Rental Operations Manager for Nardi Realty - “Team One Source” and has up-to-date rental inventory. If our inventory isn’t exactly what you are looking for, she could place you with one of our Nardi Realty – “Team One Source” licensed real estate rental experts to assist with your search.

Referrals…

I’ve been in the business for over 17 years now and I have owned my own brokerage for over 12 years. Over this time, I’ve assisted my customers with buying and selling over $150,000,000 worth of property.  Last year I was ranked 359 out of over 6000 REALTORS® in accumulative production.    For those who have worked with me over the years, I hope that you keep me in the forefront of your mind if you ever decide to sell or purchase in Southwest Florida.   Also, just to let you know, Nardi Realty has associates that can assist you with buying and selling all the way up the west coast to Sarasota!   Even if you decide to sell and purchase in another state, I have a network of REALTORS® that could assist you anywhere in the U.S.A.   I am either one phone call, 239-293-3592 or e-mail, Robert@NardiRealty.com away!   Giving me a referral or allowing me to work with you again, would be life’s greatest compliment!

Enjoy your fall and all that it has to offer!!!

Posted in Market Updates
Aug. 11, 2019

Market Watch August 2019

Showings up in June 2019!

By Robert L. Nardi

Naples was recently voted the number one southern “boomtown”, which might be one reason showings were up during June. The June 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), revealed that 500 potential buyers were shown homes for sale in the Naples area every day during June.   Closed sales in the Naples area during June decreased 10.3 percent compared to closed sales in June 2018, but closed sales since January have only decreased .7 percent. In fact, closed sales over the last 12 months are up in all price categories below $1 million.

A shift in buyer interest to single family homes in lower price categories during the second quarter of the year was confirmed.   During June, new listings for single family homes decreased 7.1 percent, while new listings for condominiums decreased 4.2 percent.

According to the report, there were 798 price decreases in June. Yet the month’s overall median closed price increased 1.4 percent to $335,000 from $330,400 in June 2018. The single-family home median closed price decreased 8 percent in June, while the condominium market median closed price increased 1.9 percent.  

The NABOR® June 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 ( CLICK HERE) for those of you who like numbers!

Year over year only properties above $2 million have had price increases and the report shows condominiums under $300,000 have experienced a year over year decrease of 7.6 percent.

What does it all mean?

We are getting quite a few showings, but honestly, it has been difficult for Buyers to take the plunge.  I had a condominium West of 41 that had four second showings and three third showings and no offer.   However, recently it had a single showing and the Buyers put an offer in for full price.  We lowered the listing price over $15,000 in 4 months and now the price matches what the market is willing to accept.  I also had a single-family home on almost ¾ of an acre in the heart of Naples.  It had over 36 showings before I received an offer and negotiated an acceptable selling price.  Unfortunately, there are a lot of tire kickers out there.  All these buyers like the idea of owning property in Southwest Florida, but lately, they are hesitant to put an offer in.  My belief is that our inventory is aging and so most people do not want to take on renovations or a “freshening.” They just want to move right in.   In the back of their minds, they are thinking there is something out there that is updated for the sales price they are looking for.   Now the buyers want to see every listing before they commit to writing an offer.   Therefore, it makes sense that there were 500 showings a day.

Burrrrrr…..

August is here already.   Fall will be upon us and then that “dreaded” winter cold. We still have some seasonal rentals available if you are thinking you don’t want to spend winter dealing with cold temperatures, snow & ice.   Southwest Florida during the wintertime is truly paradise; sun, sub-tropical temperatures and shimmering sandy beaches!   If you are interested in renting for season, please call me directly at 239-293-3592 or via e-mail, Robert@NardiRealty.com  I have a large rental department that could assist you.     

Enjoy the rest of your summer and have a blast!

Posted in Market Updates