Naples, Fla. (September 18, 2020) – Closed sales activity in the Naples area housing market maintained steady momentum through August with a 35.2 percent increase in overall closed sales to 1,098 closed sales from 812 in August 2019. According to the August 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), homebuying activity in Naples during the last three months exceeded activity reported in the first three months of 2020, more typically known as our peak resident season. Broker analysts reviewing the report predict this momentum, driven from more closed sales, more new pending sales, and more new listings compared to a year ago, will set the Naples area housing market up for continued positive performance into the fall months.
The market report showed August had the highest month-over-month increase in pending sales compared to any other month reported in 2020, with a 70.4 percent increase to 1,479 pending sales from 868 pending sales in August 2019. Not surprising, homebuyers seeking single-family homes continued to tilt the scales in August as the report showed a 76.4 percent increase for this home category, while pending sales of condominiums increased 63.9 percent.
In comparison, this summer’s closed sales have eclipsed our peak season’s closed sales as there were a combined 3,133 closed sales reported during June, July and August compared to a combined 2,659 closed sales reported in January, February and March.
August’s inventory decreased 29.1 percent to 4,174 properties from 5,887 properties in August 2019. However, despite the month-over-month drop in inventory during August, there were more new listings added over the summer months than new listings added during the peak season months. Broker analysts were quick to point out that some of the new listings added during the summer were likely listings that had been pulled off the market during the Great Lockdown, which occurred in April and May.
“Increased buyer demand is helping to move some of our old inventory,” said a Broker.This increased buyer demand is illustrated by the number of days on the market in August, which decreased 5.9 percent to 96 days compared to 102 days in August 2019. The report also showed the Naples area has only 184 single-family homes under $300,000 available to buyers. And inventory for single-family homes between $300,000 and $500,000 decreased 54.9 percent in August to 446 single-family homes from 990 single-family homes in August 2019.
Overall median closed prices in August increased 26.7 percent to $399,000 from $315,000 in August 2019. Single-family home median prices increased 15.7 percent to $457,000 from $395,000 in August 2019, and condominium median closed prices increased 18.4 percent in August to $290,000 from $245,000 in August 2019.
However, keep in mind that the median closed price is a figure that is “in the middle,” as half of homes listed are above this price and exactly half are below this price. Broker analysts reviewing the report were quick to point out that one sale of a high-worth property (e.g., $2 million+) during a given month can greatly influence this figure, and that it doesn’t mean all home prices increased. As such, when evaluating pricing trends, brokers prefer to use the 12-months ending median closed price statistics. For the 12-months ending August 2020, the median closed price increased 5.4 percent. Interestingly, using this metric, the August report showed median closed prices for homes between $300,000 and $2 million have actually decreased.
The NABOR® August 2020 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, including these overall (single-family and condominium) findings:
| CATEGORIES |
Aug 2019 |
Aug 2020 |
CHANGE |
| Total closed sales (month/month) |
812 |
1,098 |
+35.2% |
| Total pending sales (homes under contract) (month/month) |
868 |
1,479 |
+70.4% |
| Median closed price (month/month) |
$315,000 |
$399,000 |
+26.7% |
| Total active listings (inventory) |
5,887 |
4,174 |
-29.1% |
| Average days on market |
102 |
96 |
-5.9% |
| Single-family closed sales (month/month) |
421 |
583 |
+38.5% |
| Single-family median closed price (month/month) |
$395,000 |
$457,000 |
+15.7% |
| Single-family inventory |
3,041 |
1,784 |
-41.3% |
| Condominium closed sales (month/month) |
391 |
515 |
+31.7% |
| Condominium median closed price (month/month) |
$245,000 |
$290,000 |
+18.4% |
| Condominium inventory |
2,846 |
2,390 |
-16.0% |
Geographically, closed sales of properties in the Naples Beach area (34102, 34103, 34108) during August increased 84.4 percent and saw an 82 percent increase in median closed price; the South Naples area (34112, 34113) reported the most new listings in August, with a 32.7 percent increase; and the East Naples area (34114, 34117, 34120, 34137) reported the biggest drop in months of inventory to 2.9 months of inventory in August from 6.4 months of inventory in August 2019.
The August report shows sellers are at an advantage with decreasing inventory and rising prices. If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the ability to provide a virtual showing, an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.
Theory Design’s Vice President of Design Ruta Menaghlazi is creating the interior design for Seagate Development Group’s furnished Bal Harbour model now under construction at Hill Tide Estates, a 9.98-acre gated enclave on the southern tip of Boca Grande being developed by Seagate on Gasparilla Island, Florida. The Bal Harbour is one of three models available for purchase at Hill Tide Estates.
Designed by RG Designs, the three-level Bal Harbour floor plan includes 5,198 square feet under air on the two living levels. The plan’s ground level entry and a front porch are flanked by two oversized garages. In addition to the garage areas, the ground level includes massive storage spaces that are perfect for storing beach, fishing, and boating gear. A ground level foyer provides access to an elevator and a staircase that lead to the living levels. The first living level will showcase a spacious great room, an island kitchen, dining area, study, and a second master suite. The entire living area, including the study and second master suite, open to a deck with a pool and spa, and to an outdoor living area with conversation and dining areas, an outdoor kitchen, and a pool bath. The second living level features a bonus room with a wet bar, the master suite, and two VIP guest suites. The bonus room, master suite, and one of the VIP guest suites open to a comfortably sized deck that will offer an ideal place to enjoy sunsets over the Gulf. The deck overlooks the pool and outdoor living area.
Ruta’s interior design for the Bal Harbour model will convey a relaxing combination of coastal, rustic, and modern styles. The “at the beach” motif will be established by the home’s white windows and trim, a striking standing seam metal roof, and Hardy-Board siding. Inside, white linen and soft grey wall tones will be contrasted by grey, navy blue, and pear green accents. The color palette will play against brushed light oak hardwood flooring. The staircase will feature horizontal iron railings, white risers, and treads that match the light oak hardwood flooring. Painted or stained ship-lap wainscoting and ceiling details will be presented in select areas of the home. The cabinetry in the kitchen and baths will be white wood with relaxed weathered finishes that will be featured in combination with leathered counter surfaces. The first living level’s outdoor living area will provide a relaxing retreat, complete with an infinity edge pool with a spa and sun shelves.
The second living level will continue the design’s emphasis on creating a relaxed ambiance and will feature a wet bar in the spacious bonus room as well as a morning bar. The master suite will include two large walk-in closets and a bath with separate vanities, a free-standing tub, and a walk-in shower.
Seagate’s completed Captiva model at Hill Tide Estates is open for viewing and also features an interior design by Ruta Menaghlazi. Theory Design was named recipient of a 2019 Aurora Award for the Captiva’s interior in the Best Interior Design of a Home Priced over $2 million category. Seagate was presented an Aurora Award for the Captiva in the Best Single-Family Detached Home Over 4,000 Square Feet category. In addition to the Bal Harbour and the Captiva, BCB Homes’ Beacon model is in development.
Seagate’s Captiva model includes 4,865 square feet under air and 11,184 square feet under roof. The ground level features two garages and a lower foyer. The first living level includes a great room, island kitchen, and dining area that open to the lanai, a study, and the master suite. The master bath features separate vanities, a free-standing tub, and a walk-in shower. A staircase leads to the second level that presents three guest ensuites and a bonus room with a wet bar. In addition to a pool and spa, the outdoor living area includes a pool bath, outdoor kitchen, and an outdoor dining area. Ruta’s design for the Captiva’s interior conveys a coastal feeling. Beige walls, blue and turquoise accents, and light oak flooring provide a connection to the community’s beachfront setting.
To arrange an in person or virtual tour of these model homes at Hill Tide Estates in Boca Grande on Gasparilla Island, Florida, contact David at David@DavidFlorida.com or 239-285-1086.
From Caffrey & Associates | Special to Naples Daily News, July 25, 2020
June Market Activity Sets the Stage for Strong Summer Sales Naples, Fla.
According to the June 2020 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County, pending sales (homes under contract) increased 61.3 percent compared to June 2019, with single-family homes being the home choice for a majority of buyers. Broker analysts reviewing the report also noted that new listings during June increased 25.8 percent compared to June 2019, which indicates growing consumer confidence for both sellers and buyers leading into the summer Naples real estate market.
The everlasting desirability of the Naples real estate market was undeniable in June, especially in the single-family home market where pending sales increased 83.9 percent to 835 pending sales from 454 pending sales in June 2019. Pending sales of condominiums during June increased 38.7 percent to 634 pending sales from 457 pending sales in June 2019.
“The Naples residential market is showing signs of rebounding after a temporary pause in activity caused by the pandemic during the latter part of March, and through April and May,” said a local Broker. “Naples seems to be the beneficiary of a migration of people making life changes and coming to our market. Contributing factors are our low density and coastal properties.”
While closed sales in May were down nearly 50 percent compared to May 2019, closed sales in June decreased only 4.6 percent to 881 closed sales from 923 closed sales in June 2019. However, according to Brenda Fioretti, Managing Broker with Berkshire Hathaway Home Services Florida Realty, “June had the third highest number of showings this year, behind the historically high showing months of January and February. In comparison, there were 36,912 showings in June compared to 42,299 showings in January and 44,137 showings in February.”
Before the pandemic, the number of closed sales of single-family homes and condominiums were about equal each month; but the June Market Report revealed a shift in buyer preference to single family homes compared to June 2019, as closed sales of single-family homes increased 2.9 percent to 498, while closed sales in the condominium market decreased 12.8 percent to 383. This trend could be attributed to buyers wanting a larger home with more space to accommodate working from and sheltering at home.
Inventory decreased 27.6 percent to 4,739 homes in June from 6,547 homes in June 2019. The majority of this depletion was reported in the single-family home market, which decreased 34.5 percent, while the condominium market had a decrease in inventory of 20.3 percent. The report also showed the largest drop in inventory occurred in the $300,000 to $500,000 single family home market, which decreased 47.7 percent in June compared to June 2019.
As a result of heightened buyer demand, the median closed price increased 8.2 percent to $357,000 in June from $330,000 in June 2019. Another local Broker, remarked, “The overall median closed price increased in June because the luxury market is hot this summer, and the level of demand is driving up the prices, particularly in the $1 million and above market.”
These comments were validated by other brokers reviewing the report, who claimed their offices saw multiple offer situations in the luxury market during June. Fioretti added that her agents reported multiple offers in every price point during June.
A local Broker added that closed sales for the year are not yet on track with last year’s activity due to the pandemic, yet he’s optimistic because “as of June, the number of closed sales were only 400 less than last year at this time.” He added, “When the stock market dropped at the beginning of the pandemic, high-end buyers hit pause. But the stock market is strong today and these buyers – who we typically only see during high season – are seeking to buy luxury properties in Naples this summer.”
Despite a decrease in overall inventory for June, the report showed geographic areas where new listings grew including the Naples Beach area (34102, 34013, 34018), which added 260 new properties to its inventory compared to 159 new property listings added during June 2019. But supply is simply not keeping up with demand as overall inventory for the Naples Beach area decreased 16.1 percent.
The market data indicates that now is a good time to sell, as the number of showings and pending sales are increasing, and prices are also rising! If you are looking to buy or sell a home in Naples, I have the ability to provide a virtual or live showing, an accurate market comparison or negotiate a sale. I can ensure your next purchase or sale in the Naples area is a success.
It would be my honor to assist you and your Friends and Family with your real estate needs. Please contact me at David@DavidFlorida.com or 239-285-1086.
Seagate Development Group announced that its furnished Monterey model in Isola Bella at Talis Park is now open for viewing and purchase. Isola Bella is an exclusive 4.5-acre enclave being developed by Seagate. The neighborhood features 17 luxury single-family waterfront homesites with spectacular water and golf course views. The homesites can accommodate custom estate residences from 3,500 to more than 5,000 square feet. Seagate is offering a full golf membership worth $97,500 with new home purchases and newly constructed custom residences at Isola Bella for a limited time.
Before entering the Monterey model, visitors will be greeted by a cascading water feature. Once inside, they will be welcomed by a stunning Steinway piano. Priced at $3.995 million furnished, the two-story, 4,414 square feet under air model includes a foyer that leads to a sitting area, a wine room, a VIP guest suite, and an elevator. Beyond the sitting area, the plan features a great room, a dining area with a wet bar and built-in cabinetry, and an island kitchen with a walk-in pantry and laundry area. The living area opens to an outdoor living space with a view of a lake, oak trees, and a dramatic bridge. The outdoor space features a stone fireplace, an outdoor kitchen, covered conversation and dining areas, a pool bath, and a multi-level deck with a spill-over pool and spa. Upstairs, the master suite and a loft open to a sundeck showcasing a scenic view. The master suite features walk-in closets and a bath with separate water closets, separate vanities, a free-standing tub, and a walk-in shower. Two guest suites with private baths and a second laundry room are included upstairs.
The Monterey presents a modern coastal feeling with neutral grey and white backgrounds, dark walnut, natural oak and ebony accents, and wire-brushed oak flooring. The clean-lined interior features reversed-soffit ceiling details with cove lighting in the living areas. The staircase includes cable and iron railings. The home’s landscaped entry sequence offers a soothing water feature. Double doors open to a foyer with a two-story ceiling, an open staircase leading to an open loft, and an elevator. The foyer also provides points of entry to a VIP guest suite, a walk-in pantry and laundry room with built-in cabinetry and a refrigerator, and the three-car garage. A sitting room situated between the foyer and the great room features a reverse soffit ceiling and a view of a glass encased walk-in wine room.
The Monterey’s first floor living area includes a reverse soffit ceiling with cove lighting, an over-sized island featuring counter-height barstool seating in the kitchen, and a dining area that accommodates seating for ten. The kitchen features clean-lined cabinetry with soffits that convey a built-in look, quartzite countertops, a cook-top with an architectural hood, and a built-in wall oven. A wet bar is included in the dining area.
The great room and dining area open to the two-level outdoor living area with an infinity edge pool and a spill-over that provides a soothing water wall for those sitting by the firepit on the lower level. The pool includes a side wall with waterspouts. A custom spa features a sun shelf and LED illuminated bubblers. The lanai’s fireplace, outdoor kitchen, conversation and dining areas, and pool bath enhance the outdoor experience.
The Monterey’s upstairs features reverse soffit ceiling details, a morning bar with an undercounter refrigerator, and a loft that opens to a covered deck and an uncovered sundeck overlooking a water view. French doors in the master bedroom also open to the covered deck. The master bath features walk-in closets, separate water closets, a free-standing tub, and a walk-in shower. Two upstairs guest suites feature private baths and walk-in closets.
Talis Park is located on Livingston Road just north of Immokalee Road in North Naples, one of Naples’ most preferred locations. The community offers easy access to the area’s shopping, dining, and entertainment destinations. Talis Park’s amenities include the Beach Runner, the community’s exclusive beach shuttle that provides service to Vanderbilt Beach.
In addition to the completed Monterey model, Seagate’s furnished Sonoma model is also open for viewing and purchase.
Priced at $3.795 million furnished, the two-story 4,012 square feet under air Sonoma model features an outdoor living area with conversation and dining areas, a fireplace, outdoor kitchen, pool bath, and a custom pool and spa. The first floor includes a great room and dining area that open to the outdoors, an island kitchen with a walk-in pantry, a powder bath, and a VIP guest suite. A glass wall wine room and bar and a custom entertainment wall are featured in the great room. An elevator leads to the second floor that showcases a master suite with a sitting area opening to a sun deck, and a bath with separate vanities, a free-standing tub, and a walk-in shower. Two guest suites, a loft with a morning bar, and a study or exercise area are also on the second floor.
Ruta created a California coastal style for the Sonoma. Wire-brushed oak floors combine with soft white ivory and tan backgrounds and wood beamed ceilings to present a relaxed ambiance. Prior to entering, visitors will experience a landscaped setting and a cascading water wall. The foyer leads to the great room and provides views of the pool and the outdoor area.
Both models feature interiors designed by Theory Design’s Vice President of Design Ruta Menaghlazi. To arrange an in person or virtual tour of these model homes Isola Bella at Talis Park in Naples, contact David at David@DavidFlorida.com or 239-285-1086.
From Caffrey & Associates | Special to Naples Daily News, July 25, 2020
Photos: Seagate Development Group
Heightened Buyer Demand Influences Naples Real Estate Market
REALTORS® kept busy in May as pent-up demand for homebuying resulted in a remarkable spike in buyer interest. As a result, showings in May increased 244 percent compared to showings in April. As remarkable, showings in May outpaced showings a year ago, which increased 5.5 percent compared to May 2019. According to the May 2020 Market Report released by the Naples Area Board of REALTORS® which tracks home listings and sales within Collier County (excluding Marco Island), broker analysts reviewing the report found the data reflected the everlasting desirability of the Naples real estate market, even during the COVID-19 outbreak.
“Despite the restrictions of social distancing, with many REALTORS® conducting virtual open home tours and adopting electronic signings and virtual closings, 599 buyers purchased homes in Naples last month. REALTORS® and brokerages adapted to the challenges at hand - and will continue in the future – to ensure the real estate industry is a leading factor in our country’s economic recovery,” remarked the NABOR® President.
“The Naples real estate market is extremely resilient,” said local Broker. REALTORS were able to adapt fast as new buyers started pouring into the market in May. This is apparent because the report shows pending sales in May increased 90 percent compared to pending sales in April.”
Upon reviewing the May Market Report, another local Broker, commented, “Buyers have less negotiating power because inventory in the Naples area continues to decline. This shrinking inventory led to modest price increases in the single-family home market during May, which saw a 31.8 percent decrease in inventory and 3.7 percent increase in median closed prices compared to May 2019.
Prices held stable, in spite of the outlying issues, with the year-to-date median closed price up a modest 2.3 percent. The report showed only 103 price increases during May out of the 5,116 properties in inventory, and there were fewer price reductions in May than reported in April.
Overall inventory during May decreased 27.2 percent to 5,116 homes from 7,023 homes in May 2019. However, while there was a 4 percent decrease in new listings of single-family homes in May, there was a 6.5 percent increase in new listings of condominiums.
We have a 5.8-months’ supply of single-family homes in Naples, Buyers don’t have as many single-family home choices right now so they should not hesitate to make an offer if they find a home they love.
The NABOR® May 2020 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, including these overall (single-family and condominium) findings:
| CATEGORIES |
May 2019 |
May 2020 |
CHANGE |
| Total closed sales (month/month) |
1,188 |
599 |
-49.6% |
| Total pending sales (homes under contract) (month/month) |
1,218 |
1,167 |
-4.2% |
| Median closed price (month/month) |
$354,450 |
$333,000 |
-6.1% |
| Total active listings (inventory) |
7,023 |
5,116 |
-27.2% |
| Average days on market |
107 |
91 |
-15.0% |
| Single-family closed sales (month/month) |
595 |
314 |
-47.2% |
| Single-family median closed price (month/month) |
$410,000 |
$425,000 |
+3.7% |
| Single-family inventory |
3,608 |
2,461 |
-31.8% |
| Condominium closed sales (month/month) |
593 |
285 |
-51.9% |
| Condominium median closed price (month/month) |
$270,000 |
$260,000 |
-3.7% |
| Condominium inventory |
3,415 |
2,655 |
-22.3% |
Historically, some sellers in Naples take their homes off the market after season, and May inventory and pending sales activity always reflected this behavior. However, COVID-19 left many sellers uncertain about the real estate market. With the quarantine recommendations in place, fewer sellers listed homes during May. Despite an inventory drop, pent-up demand unleashed a new set of buyers in May, which changed history. May’s pending sales activity, a measure of signed contracts and not closings, increased 90 percent compared to April 2020, despite tight supply.
Heightened buyer demand is also evident in the number of Days on Market for May as reflected in a decrease of 15 percent to 91 days on market compared to May 2019, which reported 107 days on market.
“There was a significant number of high-end pending sales in May,” said a local Broker, who added that the stock market has come back from a low of 18,000 in late March to over 25,000 at the end of May. “The impact of the stock market rebound renewed consumer confidence in May with a certain percentage of wealthy individuals looking to diversify their portfolio and invest in real estate again.”
Another local Broker is optimistic that summer sales will be strong in Naples, but added “even if a second surge of coronavirus cases emerges that force new restrictions, REALTORS® and the public have become very adept at using technology like virtual showings and electronic closings, which can help overcome the challenges that might affect home sales activity in Naples.”
If you are looking to buy or sell a home in Naples, I have the ability to provide a virtual showing, an accurate market comparison or negotiate a sale, especially in the unusual circumstances of this health crisis and its challenges. I can ensure your next purchase or sale in the Naples area is a success. .
Warm Regards,
David
Naples Area Real Estate Activity April 2020 compared with April 2019.
- Overall Inventory down 29%
- Overall Pending Sales down 54%
- Median Closed Price up .3%
- Overall Closed Sales down 29%
- Days on Market down 11%
