Increased Sales in April 2019By Robert L. Nardi
Closed sales during April in the Naples housing market increased 12.8 percent to 1,158 properties in April 2019 from 1,027 properties in April 2018. Broker analysts reviewing the April 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), reported that April was a solid month with strong sales activity in both the single-family and condominium markets. The report showed overall sales were up 17 percent in April over March, and March's sales were higher than February.
And while April's overall median closed price decreased 5.6 percent to $340,000 in April 2019 from $360,000 in April 2018, April 2019's median closed price was higher than both January and February's median closed prices.
The Report also showed nearly 1,000 properties went from active to either terminated, expired, or withdrawn in the Southwest Florida MLS during April, which directly impacted April's ending inventory level as seen in an 11.1 percent decrease to 6,435 properties in April 2019 from 7,239 properties in April 2018. April saw the number of new condominium listings increase by 9.2 percent; whereas there was a decrease of 3.2 percent for new listings in the single-family homes market.
The NABOR® April 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 statistics.
Geographically, closed sales skyrocketed in April for the Naples Beach area (34102, 34103, 34108), which had a 44.6 percent increase in closed sales for its single-family homes market and a 12.5 percent increase in closed sales for its condominium market. Also remarkable, the Central Naples area (34104, 34105, 34116) had a 22 percent increase in closed sales of condominiums while the East Naples area had a 36.4 percent increase in condominium sales and the South Naples area (34112, 34113) topped them all with an impressive 49 percent increase in closed sales of condominiums during April.
From this data it shows that a lot of sellers “threw” their properties on the market during the season in hope of making a sale based on their price. I have several sellers this season set the price even though I had a comparative market analysis showing the proper listing price and if they signed up for my “Elite” listing package, I would have paid for an appraisal. My philosophy is, “O.K., we can try your price and if we get none to very few showings, we would need to adjust the price.” They all nod their heads and agree. Since I do a lot of advertising, I was able to bring in my own customers to view these properties, but an overpriced listing is an overpriced listing. I would ask these sellers for a price reduction and it seems that they forgot what they agreed to. Unfortunately, their homes sat on the market this season and eventually they became expired listings. On the other hand, when I had sellers who understood the market and looked to me for my professional opinion, I was able to start off at the right price and garner a sale or they understood based on feedback and showings that they would have to lower the price, they would garner a sale. Price a property right and it will sell! (Evident by increased sales in April 2019)
The summer weather is arriving, and I hope you take advantage of it, because in a few short months, winter will be upon us again. If you think you would like to be in Southwest Florida in the wintertime, please try to book your seasonal rentals as soon as possible. I have a large rental pool and rental agents that are here to assist you.
Thinking about purchasing, selling or renting? Please feel free to call me anytime at 239-293-3592 or send an e-mail to Robert@NardiRealty.com.
Happy Summer Everyone!