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.
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!