A service from the Naples Area Board of REALTORS®
REALTORS® Busy from Beaches to Beyond
Naples, Fla. (August 21, 2015) – Activity in the Naples area housing market continued its upward momentum moving into summer as evidenced in the July 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). An 8 percent increase in overall pending sales (homes under contract) from 845 in July 2014 to 913 in July 2015 is one indication REALTORS® stayed busy in July. Unlike July 2014 where both overall pending sales and overall inventory decreased 13 percent respectively, activity in July 2015 had many notable peaks and very few valleys. For example, overall inventory decreased 1 percent from 3,563 in July 2014 to 3,518 in July 2015, but inventory for single-family homes rebounded with a 7 percent increase from 1,906 single family homes in July 2014 to 2,040 single family homes in July 2015.
Inventory continued to dissipate at double-digit rates in the low end of the market (overall inventory for homes in the $300,000 and below price category decreased 26 percent from 1,281 homes in July 2014 to 945 homes in July 2015); yet inventory in most other price categories during July was replenished. This is most apparent in the single-family homes market where the $300,000 and below price category fell 31 percent, but other categories saw big gains.
The NABOR® July 2015 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® July 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
- Overall pending sales increased 8 percent from 845 homes in July 2014 to 913 homes in July 2015.
- Overall closed sales increased 1 percent from 9,751 homes in the 12-months ending July 2014 to 9,879 homes in the 12-months ending July 2015.
- Overall closed sales for condominiums in the $300,000 – $500,000 price category increased 38 percent from 686 condominiums in the 12-months ending July 2014 to 947 condominiums in the 12-months ending July 2015.
- Overall median closed price increased 14 percent from $259,000 in the 12-months ending July 2014 to $295,000 in the 12-months ending July 2015.
- Overall median closed price for homes over $300,000 decreased 5 percent from $550,000 in the 12-months ending July 2014 to $520,000 in the 12-months ending July 2015.
- Overall median closed price for homes in the $2 million and above price category increased 16 percent from $2,850,000 in the 12-months ending July 2014 to $3,300,000 in the 12-months ending July 2015.
- Overall inventory decreased 1 percent from 3,563 homes in July 2014 to 3,518 homes in July 2015.
Condominium inventory decreased 11 percent from 1,657 condominiums in July 2014 to 1,478 condominiums in July 2015.
- There is a 4.35 months supply of inventory.
- Conventional sales comprised 40 percent of all transactions in July 2015.
- Average days on market did not change between July 2014 and July 2015 to remain at 77 days.
New home construction in Livingston Lakes, Naples, Florida
photo: WCI Communities
By June Fletcher
Single-family homes in Southwest Florida topped the state in price growth in July, but town houses and condos showed more lackluster increases, a new report shows.
Median single-family home prices in the Naples-Marco Island area rose 23.1 percent in July over the year, to $400,000 from $325,000, according to a monthly report by Florida Realtors.
That put it first among 20 residential areas the Orlando-based trade group tracks.
Cape Coral-Fort Myers was second in the state. Single-family home prices were up 17.2 percent, to $210,900 from $179,900.
Both areas handily beat statewide single-family price growth of 8.1 percent, to $199,900 from $185,000.
They also want to snag a vacation home in the offseason and “prove the myth that you can visit Naples in hot, steamy weather and save money,” he said.
But price growth has abated in Southwest Florida’s multifamily homes, which had big year-over year increases in June.
Town houses and condo median prices rose only 4.3 percent in Naples-Marco Island, to $245,000 from $235,000, and 6 percent, to $169,500 from $159,950 in Cape Coral-Fort Myers.
That put both metro areas low on the list for multifamily price growth in Florida: Naples-Marco Island ranked 14th, and Cape Coral- Fort Myers ranked 11th.
Statewide, multifamily median prices hit $150,000, up 9.1 percent from $137,500 a year earlier.
John Tuccillo, chief economist for the trade group, said in the
But price growth has abated in Southwest Florida’s multifamily homes, according to a monthly report by Florida Realtors.
Quail West new home development in Naples, Floridaphoto: Stock Development
By Na Zhao | RISMEDIA, Tuesday, August 18, 2015
The 2014 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7 months, which usually includes around 25 days from authorization to start and another 6 months to finish the construction. The timeline from authorization to completion, however, is not consistent across the nation, depending on the housing category, the geographic location, and metropolitan status.
Among all the single-family houses completed in 2014, houses built for sale took the shortest time, 6 months to completion after obtaining building permits, while houses built by owners required the longest time, 11.5 months. Single-family homes built by hired contractors had around 8 months from permit to completion, and homes built for rent normally needed between 9 and 10 months. Compared to a prior 2012 analysis, the average permit-to-completion timespan of single-family houses built for sale and for rent was one month longer in 2014.
A large proportion of single-family homes built for sale and on owners’ land built by either owners or contractors began construction within the same month after obtaining building authorizations. However, homes built for rent typically had a one-month lag between permits and construction start in 2014.
Continue reading at Berkshire Hathaway Florida Realty RISMedia.
A service from the Naples Area Board of REALTORS®
2Q Report Indicates Housing Market is On Pace to Be a Great Year
Naples, Fla. (July 17, 2015) – According to the Second Quarter 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), 60 percent of the market experienced inventory growth, and overall sales activity remained on pace with activity experienced in the second quarter of 2014. The report also indicated a 9 percent increase in pending sales (quarter over quarter) for homes priced above $300,000. These factors and other statistics in the 2Q 2015 Market Report have led broker analysts to conclude another great year is very likely.
Brown pointed out that from 2010 to 2012 80 percent of all pending sales were composed of homes under $300,000. But second quarter reports for 2014 and 2015 identify a shift took place in pending sales activity to homes at higher price points within the market. And while inventory in the under $300,000 price category decreased 24 percent in the 2Q of 2015 (the same rate as in the 1Q of 2015); this price segment no longer makes up the majority of the market’s inventory.
Broker analysts contend that the market was quite different 10 years ago with a lot of flipping and loose financing going on. But the consumer and industry setting is different today. The 2Q 2015 Market Report revealed where the differences occurred like median closed price, where prices for homes between $300,000 and $2 million leveled out increasing or decreasing 0 to 2 percent. Other differences revealed in the 2Q Report are a gradual increase in financed homes to 38.3 percent of the market in June 2015, and a non-traditional market (short sales and foreclosures) that is dwindling at just 7 percent of the market.
According to the 2Q 2015 Market Report, the Naples area experienced a 14 percent increase in overall median closed price from $255,000 in the 12-months ending 2Q of 2014 to $290,000 in the 12-months ending 2Q of 2015. Yet this increase was driven by increases at both ends of the market spectrum during this time period; i.e., an 11 percent increase in homes under $300,000, and a 15 percent increase in homes $2M and above. Incidentally, the median closed price for homes in price categories over $300,000 and under $2M decreased 1 percent.
Pockets of market highs and lows will continue to appear in the area, as demand and location continue to be major market influencers. For example, the report showed an 83 percent increase in inventory for condominiums in the $2M and above price category from 29 units in the 2Q of 2014 to 53 units in the 2Q of 2015, and a 23 percent decrease in condominium inventory in the Naples Beach area from 476 units in the 2Q of 2014 to 368 units in the 2Q of 2015.
Inventory for single-family homes continued to rise in the 2Q of 2015 with a 9 percent increase from 1,964 single-family homes in the 2Q of 2014 to 2,133 single-family homes in the 2Q of 2015. Whereas the condominium market saw an 11 percent decrease in inventory for 2Q 2015 from 1,759 condominiums in the 2Q 2014 to 1,565 condominiums in the 2Q of 2015.
The NABOR® 2Q 2015 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. The NABOR® 2Q 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
- Overall pending sales decreased 4 percent from 2,949 in the 2Q of 2014 to 2,843 in the 2Q of 2015.
- Overall closed sales remained flat with no increase or decrease reported in the 2Q of 2015.
- Closed sales for condominiums in the $300,000 to $500,000 price category increased 38 percent from 682 in the 2Q of 2014 to 938 in the 2Q of 2015.
- Overall median closed price increased 14 percent from $255,000 in the 12-months ending 2Q of 2014 to $290,000 in the 12-months ending 2Q of 2015.
- Overall inventory decreased 1 percent from 3,723 homes in the 2Q of 2014 to 3,698 homes in the 2Q of 2015.
- Overall inventory for homes in the under $300,000 price category decreased 24 percent from 1,366 homes in the 2Q of 2014 to 1,036 homes in the 2Q of 2015.
- Inventory for single-family homes in the $500,000 to $1M price category increased 32 percent from 456 single-family homes in the 2Q of 2014 to 604 single-family homes in the 2Q of 2015.
- Average days on market decreased 20 percent from 94 days in the 2Q of 2014 to 75 days in the 2Q of 2015.
The NABOR® June 2015 Market Report was also released and reflected these overall (single-family and condominium) findings:
- Overall pending sales increased 5 percent from 840 homes in June 2014 to 882 homes in June 2015.
- Overall closed sales remained flat with no increase or decrease reported in the 12-months ending June 2015.
- Overall median closed price increased 14 percent from $255,000 in the 12-months ending June 2014 to $290,000 in the 12-months ending June 2015.
- Overall inventory decreased 1 percent from 3,723 homes in June 2014 to 3,698 homes in June 2015.
- Average Days on market decreased 22 percent from 94 days in June 2014 to 73 days in June 2015.
To ensure your next sale or purchase in the Naples area is a success, contact a REALTOR® on Naplesrea.com.
The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.
View June 2015 Market Statistics | View 2Q 2015 Market Statistics
To view the entire report, visit www.NaplesArea.com
The Rookery golf at Marriott Hotel, Marco Island, Florida photo: marriott.com
By Adelie Pojzman-Pontay
For three months, the Marco Island Marriott was hidden from the public while it received a facelift. On Saturday, the hotel that has stood as an island landmark for decades will open again to the public.
More than 50 years ago, Herb Savage helped bring the landmark to the island. Now 96, Savage designed the very first building that would become the Marriott. Back then, the three Mackle brothers, who owned the island, used the hotel to host potential clients for housing developments.
The first building had 50 rooms and looked more like a motel, he said Friday.
“But the Mackle brothers wouldn’t name it a motel!” he said.
When they started building the original hotel, there was barely any housing development on the island, said Savage.
“There was a gas station, a restaurant and a post office,” he said.
As the community grew, so did the building. Soon, another 50 rooms were built, then a second story, then finally a high-rise building in the 1970s.
“This is a residential community,” Frank Mackle Jr. used to tell Savage. “ We want it for young couples, working couples and retired people,” remembered Savage.
Now the hotel is well on its way in its transformation to Marriott’s luxury tier JW Marriott property.
MARRIOTT
View of sundeck and Gulf of Mexico, Marriott Hotel, Marco Island, Florida photo: marriott.com
Marco Island with a real signature property, in a way similar to what the Ritz Carlton did for Naples,” said Rob Pfeffer, the hotel’s sales and marketing director.
Pfeffer said the Marriott had contributed to the growth and prosperity of the island. He added the hotel is the most important property on the island, and one of its most important assets.
The new facilities include adult-only spaces, including a rooftop pool and a spa. Pfeffer said it will attract local residents from Naples or Bonita Springs, retired or without children, who want to enjoy a “staycation.”
“We’re just 15 or 20 minutes away, but you feel like you’ve traveled to a private island,” said Pfeffer.
He said Naples had become one of the hotel’s Top 10 source markets in the last three years.
Pfeffer said an additional 40,000 guests would check into the JW Marriott annually. The hotel is taking advantage of the “two years of extreme growth in leisure market,” he said. The demand especially has increased in Southwest Florida, which justified the $250 million renovation.
The investment effort seems to be paying off already. The hotel is 25 percent ahead of where it hoped to be in advance bookings for the next two years. Pfeffer estimates a JW customer will spend on average more than $750 per room per night, which is $200 higher than what was spent previously on the room, meals, drinks and activities such as golf or spa, and other expenses that contribute to the local economy.
The Marriott is expected to contribute an additional $4 million in state and occupancy taxes each year, as well as another $1 million in property taxes annually, he said.
Pfeffer said he believed the Marriott was a front-runner to attract luxury tier customers, but other local businesses are keeping up, including several recently opened upscale restaurants.
Check it out at www.marriott.com.
