REALTORS® in Naples sold more existing homes in July (682) than they did in January (603) or February (613), a statistical reality that busts an old myth that home sales stall in the summer. In fact, overall closed sales in the market’s sweet spot (homes priced between $300,000 and $500,000) increased 32 percent in July. Broker analysts reviewing the July 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island), said a 9 percent increase in closed sales during July was very good, but the continued reduction of inventory, especially in the single-family home market, is cause for concern as it limits choices for buyers.
One segment of the market that brokers are watching closely is the $300,000 and below single-family home market, which saw pending sales decrease 24 percent, closed sales decrease 19 percent, and inventory decrease 2 percent in July. In fact, the entire single-family home market is getting stretched thin as inventory tightens. In July, inventory rose just 3 percent overall, but single-family home inventory decreased 1 percent.
The July report ( CLICK HERE ) showed the median closed price for homes under $300,000 was the highest since 2008. However, the median closed price for homes over $300,000 was the lowest reported in 9 years!
According to the report, overall median closed prices in July increased 6 percent to $319,000 from $300,000 in July 2016. For homes in the $300,000 and below price category, the median closed price increased only 3 percent to $225,000 from $219,000 in July 2016. And for homes above $300,000, the median closed price decreased 7 percent to $485,000 from $524,000 in July 2016.
What does this mean?
This means that Buyers have more choices in the $300,000 above range & can “get a deal.” Therefore, if you are Buyer in that range, you may want to strike while the iron is hot, before a shift occurs. Once inventory tightens up, it will become more of a Seller’s market.
The firm’s website was recently revamped. My old hosting company could not keep up with MLS changes on a day to day basis. I wanted a web site with a powerful search engine. You’ll find the new website at NardiRealty.com or simply buynaples.net . It is very streamline & gives you the ability to search immediately and have the lastest listings available to you. Not only can you search for residential property listings but also rentals. Some of the other web masters could not provide the capability of searching for rentals, but this vendor does. I’ve also hired a in-house web master, so I can easily & quickly make changes if the need arises.
With Hurricane Irma coming to South Florida, many businesses have closed early. In fact, by the time you get this newsletter, it would have made landfall. It looks like it is shifting from the middle of the state to the North East which can benefit Southwest Florida. Hopefully, the 185 miles winds will be more like tropical winds & gusts. For all of my Florida clients & their families, please stay safe.
Nardi Realty celebrated its 10th Anniversary on August 3, 2017. We basically survived the downturn because of people like you who referred their friends & family to us over the years. Please keep in mind that even if you wish to sell or purchase property anywhere other than Florida, we can assist with finding a REALTOR® who is market knowledgeable in your desired area. Please feel free to give me a call directly at 239-293-3592 or send me an e-mail at Robert@NardiRealty.com with all your referral needs.
Fall is upon us! Enjoy!