By Robert Nardi
Closed sales of homes in the Naples market grew 20 percent to 674 sales in October 2018 compared to 561 sales in October 2017. The last few months have seen not only a return to a steady housing market for Naples since Hurricane Irma, but also an increased buyer appetite for homes in Collier County. We are pleased to report that inventory during October jumped 20 percent to 5,992 homes – the highest October inventory level since 2012 – which is good news for buyers according to leading broker analysts who reviewed the October 2018 Market Report ( CLICK HERE ) released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
Overall pending sales for October were up 17 percent with the $1 to $2 million price category reporting the highest increase (39 percent) for the month compared to October 2017.
The October report also showed the overall median closed price increased 1 percent to $344,000 from $342,000 in October 2017; but went down 1 percent for homes priced over $300,000 to $475,000 from $480,000 in October 2017. Interestingly, the median closed price in the Naples Beach area decreased 13 percent in October to $595,000 in October 2018 from $682,000 in October 2017. However, in the 12-months ending October 2018, the median closed price rose 4 percent to $344,000 from $330,000 in the 12-months ending October 2017. In the Naples Beach area, the median price rose 4 percent in the 12-months ending October 2018 to $790,000 from $763,000 in 12 months-ending October 2017.
Increased inventory is expected to lead to increased sales. Higher volume sales during our peak selling months during season is important for both homebuyers and sellers. For home buyers, it means a higher likelihood of finding the right property. For home sellers, it means shorter marketing time and a higher likelihood of finding a buyer. However, I think based on the increased inventory, Buyers will be driving the market. Since they’ll have more to choose from, it will be shifting from an even market to a Buyer’s market. Therefore, listing & selling prices will be decreasing in some areas depending on the amount of inventory available. For example, in the Naples beach area we are very limited on 3 bedroom & 3 bath condos. If that is what a Buyer is looking for, then pricing is not going to fluctuate. However, if you are looking for a pool/spa home built 2003+, with 3-4 bedrooms & den & 3-4 baths that is that is between $2M to 3M West of 41 in the Moorings & Parkshore area, days on Market tend to be longer. The difference between the sales price & listing price, can be anywhere from 10-15% below asking. It is a good time for Buyers to purchase, if that is what they are looking for.
Referrals and Giving to Charity
There is no greater compliment then being a recipient of one of your referrals. Do you have family and friends looking to purchase or sell? I would be happy to assist them with their Southwest Florida property search or sale (call me directly at 239-293-3592 or via e-mail Robert@NardiRealty.com). However, these referrals do not have to be local to Southwest Florida. I have a network of real estate professionals that can assist you in every state. If I do receive a referral and a sale occurs, I will donate $200 to your favorite charity!
Many thanks to all of you who helped Nardi Realty have the best year ever! The firm is up by 25% from 2017 and my personal business increased by 45%. Our success is based on our commitment “to treat every customer like our only customer” and all my sales associates are team players. We help elevate each other to be the best at what we do and all of us are committed to making our customers our number one priority!
Wishing all of you Happy Holidays and a very Healthy & Happy New Year!