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. 8, 2017

Market Stats for October 2017

Naples is Resilent - Third Quarter 2017 Market Report

By Robert L. Nardi

The Naples area housing market maintained positive traction during the Third Quarter of 2017 despite enduring a hurricane that impeded activity for three weeks in September.   According to the September 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island), there were 398 closed sales during the month of September, a 30 percent decrease compared to September 2016.

September proved challenging for the real estate market as homeowners and agents were forced to wait while public and utility services rebuilt or repaired infrastructure damaged by the hurricane. This was reflected in statistics released for September, which affected total outcomes for the Third Quarter of 2017. However, year-to-date numbers tell a different story as activity in pending, closed and median price categories were up year over year at the end of the quarter!

With our county’s hurricane building code standards and quality craftsmanship by local builders helped to greatly reduce the amount of major structural damage in the area.   We had quite a bit of vegetation down/damaged, but not a lot of structural damage.

September is typically when the housing market takes a breath before it begins to intensify again. Yet despite a direct hit by a major hurricane, overall closed sales for the third quarter increased 3 percent (year over year). Not surprisingly, the storm’s short-term impact on the housing market in September only tempered sales slightly in the third quarter by 5 percent (quarter over quarter), which translated to just 86 fewer closed sales than in the third quarter of 2016.

A 55 percent decrease in pending sales for September is equivalent to three weeks of inactivity.  These sales didn’t disappear, they were just delayed.

The hurricane’s force slowed inventory in September, which resulted in a third quarter decrease of 9 percent. This was most likely a result of homeowners either delaying to list because they evacuated or removing a listing because they needed time to clean up and make minor repairs to properties following the storm.

One element the hurricane failed to harm was the continued growth in property value for Naples. Overall median closed prices in the third quarter of 2017 increased 3 percent to $320,000 compared to $312,000 in the third quarter of 2016.   Our survival actually strengthened buyer confidence.

The NABOR® Third Quarter 2017 Market Report (CLICK HERE) & September 2017 Market Report (CLICK HERE) provided in Chart Form provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary.

Impact from Irma

Compared to other tropical second-home destinations like Puerto Rico, the Southwest Florida housing market fared quite well after it faced a hurricane.  We may see an uptick in sales from buyers who had their eyes set on an island home in the Caribbean.  The only downside is that building materials will most likely rise in cost based on availability which will mean that homes currently being built will most likely increase their list prices.  In addition, if a buyer is building a home, it will probably take longer to complete, because subcontractors are being pulled for repairs & there may be a shortage of building materials like screening for lanai’s.

Website Enhancements

www.NardiRealty.com new search engine is fast & accurate.  You can search for residential sales & rentals quickly and receive accurate results because it is updated every 10 minutes. I encourage you to “test drive” it and see what you think.

For those of you who would like to get an estimate for what your home is currently valued at (this applies to all homes in the United States), Nardi Realty has a “Property Valuation” widget, if you scroll down, it will be found on the right side of our web page.  Just put your address in & it will give you an automatic valuation report.  Great for those of you who are thinking about listing your property or who just want to get some idea of pricing for their current property.

Please feel free to send me an e-mail at Robert@NardiRealty.com or call me directly at 239-293-3592 for any of your real estate needs or questions.

 

Wishing you a very Healthy & Happy Thanksgiving!  My best always!

Posted in Market Updates
Sept. 13, 2017

Market Stats for July 2017

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.

What’s new?

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.

Hurricane Irma

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.

Referrals

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!

Posted in Market Updates
July 31, 2017

Curious About Local Naples Real Estate?

Receive the Latest Local Market Stats

Curious about the local Naples Area real estate market? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your development or neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates