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.
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!