Naples Area Real Estate News & Market Trends
by Robert Nardi

Robert L. Nardi, Broker/Owner of Nardi Realty provides his perspective on the real estate market, trends, and news for Naples, Florida and the surrounding area each month.

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!

Aug. 10, 2020

Market Watch August 2020

June 2020 Market Strong

By Robert Nardi

According to the June 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), pending sales (homes under contract) increased 61.3 percent compared to June 2019, with single-family homes being the home choice for a majority of buyers. Broker analysts reviewed the report and noted that new listings during June increased 25.8 percent compared to June 2019, which indicates growing consumer confidence for sellers and buyers leading into the summer Naples real estate market.

 

The everlasting desirability of the Naples real estate market was undeniable in June, especially in the single-family home market where pending sales increased 83.9 percent to 835 pending sales from 454 pending sales in June 2019. Pending sales of condominiums during June rose 38.7 percent to 634 pending sales from 457 pending sales in June 2019.

 

Closed sales in May were down nearly 50 percent compared to May 2019, closed sales in June decreased by only 4.6 percent to 881 closed sales from 923 closed sales in June 2019. June had the third-highest number of showings this year, behind the historically high showing months of January and February.   In comparison, there were 36,912 showings in June compared to 42,299 showings in January and 44,137 showings in February.

 

Before the pandemic, the number of closed sales of single-family homes and condominiums were about equal each month. Still, the June Market Report revealed a shift in buyer preference to single-family homes compared to June 2019. Closed sales of single-family homes increased 2.9 percent to 498, while closed sales in the condominium market decreased 12.8 percent to 383. A possible reason is that buyers want a larger home with more space to accommodate working from and sheltering at home.

 

Inventory decreased 27.6 percent to 4,739 homes in June from 6,547 homes in June 2019. Most of this depletion was reported in the single-family home market, which fell 34.5 percent, while the condominium market had a decrease in inventory of 20.3 percent. The report also showed the most significant drop in inventory occurred in the $300,000 to $500,000 single-family home market, which decreased 47.7 percent in June compared to June 2019.

 

As a result of heightened buyer demand, the median closed price increased 8.2 percent to $357,000 in June from $330,000 in June 2019. The overall median closed price increased in June because the luxury market is hot this summer. The level of demand is driving up the prices, particularly in the $1 million and above market.

 

The NABOR® June 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 looking at statistics.

 

What does this mean?

 

It means that the Naples' housing market has been resilient even through this pandemic. All the statistics above coincided with what I saw in June 2020. I believe with COVID-19 rearing its ugly head; buyers decided it is either now or never.

 

Even with my sales, single-family homes were popular. Some of it was a larger space to work at home, but some people most likely did not want to share an elevator, lobby, common areas, etc. As far as what I have seen in July 2020, it looks like the $1M plus listings are trending. I share a $4.2M with one of my associates. We had quite a few showings and an offer. Unfortunately, we could not come to terms, but it seems this price point segment is on-fire. Even our luxury seasonal rentals that go for $18,000 - $20,000 a month are booking quickly for 2021.  

 

What does the future hold ?

 

I think there will be a housing market lull between mid-September to mid-November. However, once the Presidential election is over, I believe there will be a buying/selling frenzy, and if COVID-19 nos. are looking good, the Southwest Florida housing market will be on fire.

 

Please feel free to jump on  www.BuyNaples.Net  for all of your real estate needs. The search engine on the website is updated every 15 minutes, and we are one of few search engines that show you annual costs i.e., condominium and homeowner maintenance fees. Also, we have a widget located on the right upper side of the home page, asking, "How much is your home worth?" If you enter your address, it will give you a Comparative Market Analysis (CMA) to see your home's worth. This covers the entire United States, specifically if you have a property up North that you are thinking about putting on the market.

 

 

Enjoy the rest of your summer. Stay healthy & stay safe!

Posted in Market Updates
July 12, 2020

Market Watch July 2020

Robert's Realty News July 2020
 
 
(239) 293-3592 Robert@NardiRealty.com www.NardiRealty.com
House Market is Up!
By Robert L. Nardi
REALTORS® kept busy in May as pent-up demand for homebuying resulted in a remarkable spike in buyer interest. As a result, showings in May increased 244 percent compared to showings in April. Impressively, May outpaced showings a year ago, which rose 5.5 percent compared to May 2019. According to the May 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), the report found the data reflected the everlasting desirability of the Naples real estate market, even during the COVID-19 outbreak. Despite the restrictions of social distancing, with many REALTORS® conducting virtual open home tours and adopting electronic signings and virtual closings, 599 buyers purchased homes in Naples in May. The Naples real estate market is incredibly resilient. Pending sales in May increased 90 percent compared to pending sales in April.

 

 

Buyers have less negotiating power because inventory in the Naples area continues to decline. This shrinking inventory led to modest price increases in the single-family home market during May, which saw a 31.8 percent decrease in inventory and a 3.7 percent increase in median closed prices compared to May 2019. Despite the outlying issues, prices were held stable, with the year-to-date median closed price up a modest 2.3 percent. Overall inventory during May decreased 27.2 percent to 5,116 homes from 7,023 homes in May 2019. However, while there was a 4 percent decrease in new listings of single-family homes in May, there was a 6.5 percent increase in new condominium listings. There currently is a 5.8-month supply of single-family homes in Naples. Buyers do not have as many single-family home choices right now, so they shouldn't hesitate to make an offer if they find a home they love. The NABOR® May 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 of you who like statistics.

 

Historically, some sellers in Naples take their homes off the market after season, and May inventory and pending sales activity always reflected this behavior. However, COVID-19 left many sellers uncertain about the real estate market. With the quarantine recommendations in place, fewer sellers listed homes during May. Despite an inventory drop, pent-up demand unleashed a new set of buyers in May, which changed history. Heightened buyer demand is also evident in the number of Days on Market for May 2020, which decreased 15 percent (to 91 days) compared to May 2019, which reported 107 days on the market.

 

My Thoughts

 

The statistics mimicked what was happening with Nardi Realty. I had a tremendous number of buyers come out in early May, executing contracts, and closing in June. I sold/closed nine sides in June 2020. It was extremely hectic, but luckily, I had a tremendous amount of support from my firm, and I recommended a Mortgage Broker who worked with three of my buyers, and he was able to get three closings across the finish line. It truly takes a village. One of the homes I sold closed at $662,500. My buyers purchased it just by me, taking additional pictures and video. 

I was lucky when they saw it for the first time; they genuinely loved it! Whew!  

 

Sales are starting to slow now. I believe there is a direct correlation with our COVID-19 positive numbers going up in Florida, and most people by now know a friend or family member that have contracted it. Lastly, more people seem to be quarantined for two weeks because they have come in contact with someone who tested positive for COVID-19.

 

Seasonal Rental Availability

 

We still have some availability for season. Many new renters are renting from us this upcoming season. I think it is because they have been up North, quarantined, and want somewhere beautiful to vacation. If you wish to rent seasonally or annually, please call Corine Bordges, Operations Rental Manager, at 239-206-6457. We have over 153 seasonal rentals & 120 annual rentals. If we do not have what you are looking for in our inventory, we have rental specialists who could assist you with your search throughout Southwest Florida.

 

Pictures & Video

 

If you are searching for properties for sale and which to receive more pictures/videos, please let me know. I would be happy to assist you. Please feel free to call me directly at 239-293-3592 or e-mail me at  Robert@NardiRealty.com .

 

In the meantime, have a healthy, happy, and safe summer!

Posted in Market Updates
June 14, 2020

Market Watch June 2020

Robert's Realty News June 2020
 
 
Naples Holds its own in April 2020
By Robert Nardi

Coronavirus slowed real estate market activity in April as expected during Florida’s safe-at-home restrictions. According to the April 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), overall closed sales decreased 28.6 percent to 838 closed sales compared to 1,173 closed sales in April 2019. Inventory decreased as well in April by 29.1 percent to 5,394 homes compared to 7,605 homes in April 2019. The April report also confirms home values remain intact.

The one bright spot – even during a pandemic – Naples home values are being maintained. The report shows April’s overall percent of current list price received increased .5 percent.” This figure represents what the buyer paid for their home compared to the seller’s listed sale price. In April, the contract price averaged 95.9 percent of list price. In comparison, during April 2019, the contract price averaged 95.4 percent of list price. This statistic demonstrates that homes in the Naples area did not lose their values during April, the worst month of the pandemic to date.    

Median closed prices increased .3 percent in April to $340,000 from $339,000 in April 2019. Although there were slightly fewer price decreases in April than in March, still 1,654 or 31 percent of all listed properties experienced reductions in their offering price during April.

As people were urged to stay home in April, showings decreased to 9,420 from 22,862 in April 2019 (does not include virtual showings). As a result, pending sales in April decreased 53.6 percent, as was expected.   Surprisingly enough, not all geographic areas in Collier County reported a decrease in closed sales during April. Single family home sales in East Naples (34114, 34117, 34120, 34137) during April increased 7.2 percent.   This increase was most likely due to new construction homes closing during April 2020.

The NABOR® April 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 enjoy charts and statistics.  

What does this all mean?

Luckily, even with COVID-19 Buyers are buying and Sellers are selling.   We just are being cautious, wearing masks & gloves when showing properties,   providing video tours, or facetime.   Some of my sales were via virtual tours with people from out of state.   They never saw the house in person and bought it via facetime & video.    Interestingly enough, prices here have not gone down significantly.   It seems most listings are selling at 2-5% below list price or above list price (multiple offers).   Of course, on occasion, you get the "low baller," thinking that Sellers are just going to give it away.   However, I do not see this happen.   Our inventory is tighter, which I believe is causing the prices to remain stable.   I had three properties, all in multiple offer situations within the past month.

One property I was representing the Buyer and the other two, I was representing the Sellers.   With one of the sales, it sold for $20,000 over list price!

What about the future?  

I believe that we will have a very robust selling summer. I am already hearing from people up north that they are coming down to purchase.  With there "stay at home orders," they need to make a change.   They have had time to think and realize that Southwest Florida is where they would like to live.   What makes Florida even more appealing (besides the weather) is that there is no state income tax, low real estate taxes, and to top it all off, historic low-interest rates.   Down south is looking "pretty darn good" to people.   However, by the middle of September, I expect a slow-down.   The presidential election will be right around the corner, and people will just "hunker down." Once the election is over with, real estate sales will start to boom again.  

Seasonal Rentals

We are currently booking seasonal rentals.   For those who want to get out of the cold and need a change of scenery, Southwest Florida during the winter months is a perfect getaway!   Please call Corine Bordges, my Operational Rental Manager at 239-206-6457, with your rental parameters, and she will be able to assist you.

Lastly, do not forget, you can also do your online searches for sales and rentals at www.BuyNaples.net, and of course, I am always here to help.

You can contact me at Robert@NardiRealty.com or by phone at 239-293-3592.

Stay safe, and hopefully, I will be seeing you in Naples, Florida, sooner than later!

Posted in Market Updates
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