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!

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
July 14, 2019

Market Watch July 2019

Home Sales Shifted East

By Robert L. Nardi


In tempo with a recent shift in sales from high-end homes near the beach to homes under $500,000 in areas east of the beach, overall closed sales during May in the Naples area increased 9.8 percent to 1,165 closed sales compared to 1,061 closed sales in May 2018. Closed sales were highest in East Naples (34114, 34117, 34120, 34137), which reported a remarkable 21.7 percent increase.  

While inventory levels decreased 13 percent to 5,905 homes in May 2019 from 6,785 homes in May 2018, over 2,000 homeowners reduced prices during May according to the May 2019 Market Report (CLICK HEREreleased by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Nearly 30 percent of active listings had a price decrease in May.   This was most apparent in the City of Naples [34102], which reported a 24.9 percent decrease in its overall median closed prices.

Broker analysts reviewing the May report noticed a shift in sales from the traditional high-end market to homes under $500,000 earlier this year. The trend continued to be reflected in the May report, which showed closed sales for homes between $1 million and $2 million decreased 8.9 percent in May, while closed sales of homes between $300,000 and $500,000 increased 10.8 percent. Incidentally, closed sales increased in every price category reported except the $1 million to $2 million price category.

The May 2019 report showed closed sales of single-family homes up 12.8 percent compared to a 7 percent increase in closed sales for the condominium market. Interestingly, the decrease in closed sales for the $1 million to $2 million price category appeared in its condominium market, which saw a 23.1 percent decrease, while its single-family homes closed sales increased 3.6 percent. In comparison, the $300,000 to $500,000 price category reported a 12.6 percent increase in sales of condominiums and a 9.6 percent increase in sales of single-family homes.

While the median closed price for May 2019 increased 6.9 percent to $355,000 from $332,000 in May 2018, however, the median closed price for single family homes in May 2019 decreased 3.5 percent to $415,000 from $430,000 in May 2018.

My Thoughts…

The reason why closed sales in East Naples have increased is because there is a greater amount of new construction and the price points tend to be lower than other areas of Naples.   Therefore, Buyers tend to get a better overall value.   The “better value” comes from the fact that the land values are not as high in East Naples as other parts of Naples, i.e., North Naples.  

The report also showed a large amount of list price decreases.   This is a direct result of Sellers setting prices in January 2019 and when their listing did not sell during season, they lowered prices in hopes that they could make a sale in May.  

The shift to purchasing $500,000 or less from the $1M to the $2M is a bit skewed.   Kalea Bay, a large luxury high rise in North Naples was completed last January and they sold out of all units.   Closings have been brisk but now there is no more inventory to offer.   They are constructing a 2nd building.   So those $1M to $2M closed sales have stopped for the moment until the 2nd building can be completed.

Just a reminder that season is approaching.   If you are thinking about renting, you should contact me as soon as possible.   Many renters are returning, and new renters may have difficulty finding the right time frame or unit.

Lastly, if you have friends or family looking for property from Marco Island all the way up the west coast to Sarasota, FL and if you refer them to me and it results in a closed sale, I will donate $200 to your favorite charity as a “Thank you!”   Please feel free to contact me anytime at 239-293-3592 or by e-mail, Robert@NardiRealty.com

 

Enjoy the rest of your summer!   It appears to be going fast!

Posted in Market Updates
June 9, 2019

Market Watch June 2019

Increased Sales in April 2019
By Robert L. Nardi

Closed sales during April in the Naples housing market increased 12.8 percent to 1,158 properties in April 2019 from 1,027 properties in April 2018. Broker analysts reviewing the April 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported that April was a solid month with strong sales activity in both the single-family and condominium markets.   The report showed overall sales were up 17 percent in April over March, and March's sales were higher than February.

And while April's overall median closed price decreased 5.6 percent to $340,000 in April 2019 from $360,000 in April 2018, April 2019's median closed price was higher than both January and February's median closed prices.

The Report also showed nearly 1,000 properties went from active to either terminated, expired, or withdrawn in the Southwest Florida MLS during April, which directly impacted April's ending inventory level as seen in an 11.1 percent decrease to 6,435 properties in April 2019 from 7,239 properties in April 2018. April saw the number of new condominium listings increase by 9.2 percent; whereas there was a decrease of 3.2 percent for new listings in the single-family homes market.

The NABOR® April 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 skyrocketed in April for the Naples Beach area (34102, 34103, 34108), which had a 44.6 percent increase in closed sales for its single-family homes market and a 12.5 percent increase in closed sales for its condominium market. Also remarkable, the Central Naples area (34104, 34105, 34116) had a 22 percent increase in closed sales of condominiums while the East Naples area had a 36.4 percent increase in condominium sales and the South Naples area (34112, 34113) topped them all with an impressive 49 percent increase in closed sales of condominiums during April.

My thoughts…

From this data it shows that a lot of sellers “threw” their properties on the market during the season in hope of making a sale based on their price.   I have several sellers this season set the price even though I had a comparative market analysis showing the proper listing price and if they signed up for my “Elite” listing package, I would have paid for an appraisal.   My philosophy is, “O.K., we can try your price and if we get none to very few showings, we would need to adjust the price.”   They all nod their heads and agree.  Since I do a lot of advertising, I was able to bring in my own customers to view these properties, but an overpriced listing is an overpriced listing.   I would ask these sellers for a price reduction and it seems that they forgot what they agreed to.   Unfortunately, their homes sat on the market this season and eventually they became expired listings.   On the other hand, when I had sellers who understood the market and looked to me for my professional opinion, I was able to start off at the right price and garner a sale or they understood based on feedback and showings that they would have to lower the price, they would garner a sale.   Price a property right and it will sell! (Evident by increased sales in April 2019)

The summer weather is arriving, and I hope you take advantage of it, because in a few short months, winter will be upon us again.   If you think you would like to be in Southwest Florida in the wintertime, please try to book your seasonal rentals as soon as possible.   I have a large rental pool and rental agents that are here to assist you.

Thinking about purchasing, selling or renting?   Please feel free to call me anytime at 239-293-3592 or send an e-mail to Robert@NardiRealty.com.

Happy Summer Everyone!

Posted in Market Updates
May 12, 2019

Market Watch May 2019

March 2019 increased sales compared to February 2019

By Robert L. Nardi

According to the March 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the median closed price of homes decreased 5.6 percent to $340,000 in March 2019 from $360,000 in March 2018. Broker analysts reviewing the report clarified that the median closed price decrease was due, in part, to an increase in the number of closed sales of homes priced under $500,000 during the last year.  

Another reason for the decrease in median home price is due to sellers pricing their homes appropriately – based on actual comparisons of recently sold homes – to gauge their home’s estimated value rather than pricing their homes based on unvalidated values.

The March 2019 Market Report showed overall closed sales decreased 1.7 percent to 973 in March 2019 compared to 990 in March 2018. This decrease was isolated to the single-family home market, whose sales in March 2019 fell by just 17 total sales compared to March 2018. The condominium market in March ended with 499 closed sales, the same number reported in March 2018.  

The report also showed closed sales in March increased 64 percent compared to February 2019, which reported 595 closed sales; and it increased 65 percent compared to January 2019, which reported 588 closed sales.  

The NABOR® March 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 statistics in chart form.

Geographically, the median closed price for condominiums in the Naples Beach area (34102, 34103, 34108) increased 13 percent to $805,0000 in March 2019 compared to $711,500 in March 2018, the highest increase of all areas reported. The median closed price for single-family homes increased the most in South Naples (34112, 34113), by 2.6 percent to $410,000 in March 2019 compared to $400,000 in March 2018. Inventory during March increased in only one segment and place: single-family homes in the Naples Beach area. This area’s inventory increased by 4.1 percent and is where a large majority of “spec” home building is taking place.  

What does this mean?

Last year after Hurricane Irma, repairs had to be made to homes, so the buying process and the amount of inventory was lower.  Now we have a surplus of inventory and once a seller finds their realistic list price, the home tends to sell. The proof is in the report, which showed that sellers received 95.3 percent of the final list price in March.  

2019 Economic Summit

I recently attended the 2019 Economic Summit on housing in Naples.   As predicted, we are seeing pockets of areas increasing as well was areas decreasing.   It appears over the next couple of years, the Park Shore & Moorings area will have an increase in value.   Builders are trying to find vacant lots/tear downs to build spec homes.   It seems to be the area where demand is higher and inventory is lower.

The areas showing the decreases are those homes that are “Tuscan Inspired.”   The demand for coastal living homes are on the rise and those home that are very “Tuscan” are having difficulty selling and unfortunately selling for a lower price point.

Your referrals…

I want to thank all my past and present customers for referring me to their friends and family when thinking of listing or buying in Southwest Florida.   I also want to let you know that we can sell/list as far as Bradenton, FL on the west coast.   I have several agents that know areas all the way from Marco Island to Sarasota to Bradenton that have sold and/or live in these areas.   Please keep in mind that we also have a large rental department.   If you are thinking of booking a rental for season, I urge you to do it now.   We already are getting a large amount of bookings for season.   Please contact me at 239-293-3592 or send me an e-mail to Robert@NardiRealty.com so I may assist you with any referrals you may have or to book a rental.   By the way, you can always start your search at NardiRealty.com.

 

Summer is fast approaching!   Wishing you warmth & sunshine always!

Posted in Market Updates
April 17, 2019

Market Watch April 2019

Inventory is Up!

Home buyers had many more options to choose from in February as housing market inventory increased 7 percent to 7,442 homes in February 2019 compared to 6,912 in February 2018. In addition to 1,498 new listings added to the Southwest Florida MLS in February, the February 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), also reflected a 4 percent decrease in the overall median closed price to $335,000 in February 2019 compared to $350,000 in February 2018.

Inventory usually jumps at this time of the year.   New listings increased 34 percent in the single-family home market and 7 percent in the condominium market [based on a comparison of February statistics].

The February Market Report ( CLICK HERE ) showed inventory for each home type was about even in February with 3,801 single-family homes available (a 10 percent increase compared to February 2018) and 3,641 condominiums available (a 4 percent increase compared to February 2018).

What does this mean?

When inventory is up and demand is down, prices tend to drop.   This is what we saw in February 2019.   When I was taking around buyers, they were almost overwhelmed by the amount of inventory there was between resales and new construction (where inventories are much higher than they were last year).  Many of my buyers are either coming back in the fall to start to look again or decided to rent for next season in a community that they liked (sort of a “Try and Buy” situation).   If they like the community, they will most likely purchase next season.   Plus, since our U.S. dollar is very strong, many European’s and Canadians put off buying in hopes that their dollar will increase in value by next season.

My thoughts…

I think that we are going to have a very busy end of summer & early fall.   I believe buyers who did not purchase now, will be back.   Hence, I have a feeling some of the inventory if priced right will sell quickly.   Pricing a property right is key!

If I could help with your property search in anyway please feel free to call me directly at 239-293-3592, or if you wish to search for your own properties, you can access www.BuyNaples.net  You can search for both properties for sale & available rentals.   In addition, if you are curious about the value of your home, we have an automated Custom Market Report (green button on the right side of the website) that can give you a range of value for your current home.   Lastly, you also can search for all new construction in the Southwest Florida via an application on the right side of the website (orange button).

Spring feels like it has sprung!  Enjoy as much sunshine as you can muster!

Posted in Market Updates
Feb. 10, 2019

Market Watch February 2019

4th Quarter Stats - Up

By Robert L. Nardi
The Naples area housing market ended 2018 with impressive annual activity statistics in all areas of the residential real estate market including an 11 percent increase in total closed sales and a 14 percent increase in inventory compared to 2017. Sales of homes over $1 million continued to drive the market in 2018, especially in the condominium market where closed sales of condominiums over $1 million increased a whopping 37 percent! According to the Year End 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), inventory at the end of 2018 was the highest on record in six years.  

Prices held steady in 2018 with just a 3 percent increase in median closed, however, for homes over $300,000, the median closed price decreased 1 percent.

The top 5 positive trends for home buyers and sellers are:

5 POSITIVE TRENDS FOR SELLERS

• Colder winters up north are bringing more visitors to the Naples area  • Naples area homes are selling faster (average days on market decreased 9 percent from list to closing) • Buyers interest in the Naples market is on the rise as a result of aggressive builder advertising in northern markets • More comparable home prices are available with the increase in inventory  • Location, location, location continues to appeal to home buyers

5 POSITIVE TRENDS FOR BUYERS

• Inventory is increasing which translates to more options for home buyers  • There are as many condos for sale as there are single family homes which expands overall opportunities for home buyers (Total: 6,261) • The stability of the overall median closed price builds buyer confidence in the market • Mortgage interest rates are currently low (< 5%) spurring home buying decisions • Location, location, location continues to offer appeal!

Single-family homes in the Naples Beach area (34102, 34103, 34108) reported the highest median closed price increase (14 percent) in 2018 compared to 2017. But that’s most likely due to closed sales of a few multimillion homes that took place last year including a $48.8 million transaction in June for a home in Port Royal. 

The median closed prices listed on NABOR®’s market reports do not reflect average sales prices. Rather, the median closed price demonstrates a rate wherein half the closed sales were purchased for amounts below the figure (median) and half the sales were purchased for prices above it. As such, of the 662 single-family homes located in the Naples Beach area that sold in 2018, the median closed price was $1,268,000 in 2018 compared to the 652 single-family homes that sold in 2017 where the median closed price was $1,117,000. Incidentally, closed sales in this area increased only 2 percent.

Conversely, closed sales of single-family homes in the Ave Maria/Immokalee area increased 233 percent to 143 homes in 2018 compared to 43 single-family homes in 2017. Median closed prices for single-family homes in the Ave Maria/Immokalee area decreased 4 percent to $245,000 in 2018 compared to $255,000 in 2017.

For those of you who like statistics, the NABOR® Year End, 4th Quarter and December 2018 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 Dec 2018 Statistics and CLICK HERE for 4th Quarter 2018 Statistics

My Thoughts…

I threw a lot of statistics at you.  The bottom line is that certain sectors are selling well, and the median sales price is increasing while others are slowing down.  Closer to the beach the higher median price.  We are in a very stable market, but it appears it is starting to swing into more of a buyer’s market.  We currently have 9 months of inventory and just around 8 months ago, we had 6 months of inventory.  As of late, I am getting fewer showings even though it is season. I believe people are still apprehensive concerning purchasing due to the volatility of the stock market in December and the government shut down.  Even now, there is some uncertainty as to whether the government will remain opened.  Once the government does open indefinitely, I believe demand will increase, inventory will lessen, and sale prices will increase.

Lowball Buyers

As of late, Buyers have been putting lowball offers on some of my listings.  They are coming in over 20% below list price (which closed sales prove they should not be coming in that low).  Generally, offers come in 10% below list price.  Then when the seller counters this lower offer, the buyers say that we are too far apart, and they won’t even counter back.  It’s a very odd time.

I hope all of you who are currently up North are staying warm and if you aren’t, we still have some March seasonal rentals available.  If you have any interest, please feel free to call me at 239-293-3592 or send an e-mail to Robert@NardiRealty.com.   The weather down here is picture perfect, upper 70’s low 80’s with little humidity. 

 

Wishing everyone a warm, sunny & happy Valentine’s Day!

Posted in Market Updates
Jan. 13, 2019

Market Watch January 2019

Home sales in November increased by double digits across every price category resulting in an overall increase of 24 percent compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12 percent to 5,971 homes, according to the November 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). The $0 to $300,000 single-family home market had the most impressive activity in November where inventory rose 38 percent and closed sales increased 30 percent compared to November 2017. This section of the market also saw its median closed price hold steady at $250,000.

The NABOR® November 2018 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. The November 2018 NABOR® sales statistics are presented in chart format ( CLICK HERE).

Collier’s housing market in November had some interesting pockets of activity. For example, median closed prices decreased 19 percent in the Naples Beach area (34102, 34103, 34108); but increased 12 percent in the North Naples area (34109, 34110, 34119). There was a 90 percent increase in closed sales of condominiums in East Naples (34114, 34117, 34120, 34137), which brokers attribute to an increase in new construction of townhome developments east of Collier Boulevard. And single-family homes in Central Naples (34104, 34105, 34116) sold the fastest with an average 66 days on the market from listing to closing.

My Thoughts…

It appears that we’ve made quite a recovery from Hurricane Irma last year.   The lower priced condominiums and homes under $300,000 are selling quickly.   My biggest concern is new inventory.  If we have Buyers searching in this range, there is very little new construction in Collier County.   The upside is resales.   Sellers with resales in this price range will most likely sell quicker than if they had a higher sales price then $300,000.   It is just convincing Buyers to paint, put new carpet in and do some other updates.  

The December statistics are not out yet, but during the month of December, I saw a slow-down compared to November.   I believe that this slow-down was due to the erratic stock market, the threat of our government shut down and of course the holidays.   It will be interesting to see what those statistics indicate next month.

Get out of the Cold!

Season is upon us and we still have some great rentals available.   If the cold gets to be too much for you, please contact me via e-mail Robert@NardiRealty.com or by phone 239-293-3592.   Why shovel snow and endure the cold when Southwest Florida has so much to offer for the winter?

Wishing you and yours a very Healthy & Happy New Year!   Welcome to 2019!

Posted in Market Updates