By Robert Nardi
Closed sales of homes in Collier County increased 7.4 percent in August, but overall inventory fell 17.8 percent to 4,917 properties compared to 5,980 in August 2018, according to the August 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This reduction in inventory – which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August – resulted in a six-month supply of inventory for Collier County at the end of August which makes for a normal market.
The August ShowingTime report indicated that local REALTORS® scheduled 16,878 appointments during August. This is an increase of 16 percent compared to showings in August 2018. On average, a home in the Naples area is shown 16 times before it secures a contract.
The $300,000 to $500,000 price category led closed sales in August with a 10.1 percent increase followed by closed sales of properties under $300,000, which increased 6.5 percent. Closed sales of homes between $1,000,000 and $2,000,000 decreased 5.7 percent
The median closed price in August decreased just 0.2 percent to $317,918, which is only $582 lower than the median closed price in August 2018 ($318,500). In fact, price increases have only been reported in two of the last 12 months (October 2018, 3.7%; and April 2019, 3.4%).
The August Report showed median closed prices for homes below $300,000 and homes between $1 million and $2 million decreased 4 percent in August, while homes between $300,000 and $1 million showed no change in median closed prices.
The NABOR® August 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 of single-family homes in the East Naples are (34114, 34117, 34120, 34137) increased the most in August by 35.6 percent followed by closed sales of single-family homes in North Naples (34109, 34110, 34119), which increased 15.6 percent.
What does this all mean?
The reason the single-family homes in East Naples increases were so high is because there is a tremendous amount of new construction in this area. The reason North Naples is a higher percentage is because 34109 & 34110 are closer to the beach and A rated school systems. The 34119-zip code is because of the new construction homes in Stonecreek & Esplanade in North Naples. In addition, many of the builders are offering incentives to purchase; giving thousands of dollars away in upgrades. One new home builder is even offering a free pool!
With the recent quarter percentage point cut in mortgage interest rates, there hasn’t been a better time to lock in low interest rate and buy now! And for those of you who have investments, and wish to purchase a home for cash, why pay cash when you can take a mortgage and make your investment money work for you? With interest rates so low, it makes sense for your money to work for you!
By the way, I have several lenders who I work with and can offer great rates and service. If you are interested in getting pre-approved or pre-qualified to purchase property, please feel free to call me directly at 239-293-3592 or e-mail me at Robert@NardiRealty.com.
If you are thinking about renting for this season, please act as soon as possible. We have a large rental department, but many of our seasonal rentals are no longer available. Please call Corine Bordges, my Rental Administrator at 239-206-6457 for availability, location and rates.
Enjoy the Fall and wishing you a Happy Halloween!