Naples, Fla. (January 17, 2020) – According to the 2019 Year End Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), existing home sales through December 2019 are the highest in a decade.Overall closed sales in 2019 increased 5.6 percent to 10,244 closed sales compared to 9,704 closed sales in 2018. In comparison, the only other year that came close to reaching this stellar sales activity was 2015, which had 10,154 closed sales.
Overall pending sales in 2019 also broke a record during the last decade; resulting in 12,604 total pending sales, a 9.4 percent increase over 2018, which reported 11,520 pending sales.
The 2019 Year End Market Report showed closed sales in 2019 increased in all but the $2 million and above price category, which had a 4 percent decrease to 523 closed sales compared to 544 closed sales in 2018. Of those in this price category, 376 were for single-family homes, and according to a Broker. “The MLS further revealed that 14 single-family homes priced above $4 million closed in December 2019 compared to just 7 in 2018.”
Condominium closed sales held steady with a 1.9 percent increase in 2019 to 5,085 compared to 4,990 in 2018, but broker analysts reviewing the year-end report anticipate closed sales of condominiums in January will be much higher, especially since pending sales for condominiums increased 28.8 percent in December.
A breakdown of December’s closed sales by area showed Naples Beach reported the highest increase in closed sales during December with a 59.1 percent increase to 140 closed sales compared to 88 closed sales in December 2018. Closed sales by zip code revealed 34113 and 34108 commanded impressive increases, 62.3 percent and 61.5 percent, respectively, in December 2019 compared to December 2018.
While inventory fell 21 percent in 2019 to 5,401 properties compared to 6,801 properties in 2018, the Collier County market is still commanding a much higher supply than the state’s average levels (as reported by Florida Realtors®). As such, the Market Report showed Collier County enjoyed 6.2 months of supply in the single-family home market during December, while the state reported 3.6 months of supply for the month. Likewise, the report showed 6.4 months of supply in the condominium market for December compared to 5.5 months of supply statewide.
Interestingly, inventory levels dropped in all price categories except in the $2 million and above condominium market, which reported a 16.3 percent increase in inventory during December.
The NABOR® YE 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, including these overall (single-family and condominium) findings:
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CATEGORIES
|
YE 2018
|
YE 2019
|
CHANGE
|
|
Total closed sales (year/year)
|
9,704 |
10,244 |
+5.6% |
| Total pending sales (homes under contract) (year/year) |
11,520 |
12,604 |
+9.4 |
|
Median closed price (year/year)
|
$338,000 |
$332,514 |
-1.6% |
|
Total active listings (inventory)
|
6,801 |
5,401 |
-20.6% |
|
Average days on market
|
95 |
101 |
+6.3% |
|
Single-family closed sales (year/year)
|
4,714 |
5,159 |
+9.4%
|
|
Single-family median closed price (year/year)
|
$425,000 |
$415,000 |
-2.4% |
|
Single-family inventory
|
3,479 |
2,678 |
-23.0% |
|
Condominium closed sales (year/year)
|
4,990 |
5,085 |
+1.9% |
|
Condominium median closed price (year/year)
|
$265,000 |
$260,000 |
-1.9% |
|
Condominium inventory
|
3,322 |
2,723 |
-18.0% |
Median closed prices in 2019 decreased 1.6 percent to $332,514 from $338,000 in 2018. Only the $2 million and above price category had a significant increase of 6.7 percent during the year. But, on a month to month comparison, median closed prices in December 2019 increased 6.7 percent to $348,000 compared to $326,000 in December 2018. However, the overall average closed price in Collier County during 2019 increased 19.3 percent to $772,380.
Showings remain on the rise as well. There were 10 showings for each listing reported in December 2019 compared to just 7 in December 2018.
| CATEGORIES |
DEC 2018 |
DEC 2019 |
CHANGE |
| Total closed sales (month/month) |
702 |
929 |
+32.3% |
| Total pending sales (homes under contract) (month/month) |
676 |
817 |
+20.9% |
| Median closed price (month/month) |
$326,000 |
$348,000
|
+6.7% |
| Total active listings (inventory) |
6,801 |
5,401 |
-20.6% |
| Average days on market |
94 |
97 |
+3.2% |
| Single-family closed sales (month/month) |
362 |
476 |
-6.3% |
| Single-family median closed price (month/month) |
$395,900 |
$439,000 |
+10.9% |
| Single-family inventory |
3,479 |
2,678 |
-23.0% |
| Condominium closed sales (month/month) |
340 |
454 |
+33.5% |
| Condominium median closed price (month/month) |
$255,000 |
$262,500 |
+2.9% |
| Condominium inventory |
3,322 |
2,723 |
-18% |
Broker analysts agreed that new state actions, led by Governor Ron DeSantis, to address water quality issues during 2019 made a significant impact in local real estate activity during 2019, especially during the summer months.
On whether an election year is a good time to buy a home, broker analysts contend that stable pricing, great financing rates, and above state-level months of supply in inventory are three great reasons for Naples real estate agents to be optimistic in 2020. Of course, location shouldn’t be overlooked, as well.
By Meghan Belnap
RISMEDIA, Tuesday, November 05, 2019— If you want to sell your home, you’ve got to make a good first impression. Doing so requires not just a great deal of preparation, but some professional oversight.
Before you decide to list your home on the market, you’ll definitely want to have it checked out by these professionals:
Foundation Expert
One of the surefire ways to scare off a potential buyer is to have foundation issues. Problems with your foundation are neither easy to fix nor cheap, so it’s always a good idea to know if your home has them before you put it on the market. A good foundation expert will let you know exactly what the problem means for your home and what steps you can take to fix it before you show your home to potential buyers.
A Professional Roofer
While a bad roof isn’t necessarily a deal-breaker for some buyers, it’s something that’s going to cost you a lot of money before you close on a home. In fact, you’re almost certainly going to have to repair any roof problems before your buyers can get approved for an FHA loan so you’ll want to check with a roofing contractor long before you sell. A good contractor is going to not only let you know what’s going on with your roof, but let you know your options and the timeline for fixing them.
Plumber
Your home’s plumbing can cause more problems for a potential sale than you might realize. Not only is bad plumbing something that any buyer is going to want to be fixed before they close, but it can scare off skittish buyers who are afraid that the bad pipes are harbingers of worse problems. A good plumber will be able to pinpoint issues with your plumbing, let you know what really needs to be fixed, and help you to figure out a plan to get your plumbing under control before your first showing.
Electrician
You’ll definitely want to consult with an electrician. A few bad lights might not mean much to you now, but they can be signs that major work needs to get done. Electrical work is usually beyond the scope of what most homeowners can do on their own, so getting a professional assessment is a good way to determine exactly what needs to be spent before the home can be sold.
Getting all of these professionals in to look at your home is a good way to ensure that you won’t get any surprises when your potential buyers have their own inspections done. With forewarning, you can defray some of the repair costs and build others into the sales price of the house. Best of all, though, you’ll be able to deal with any major problems at your pace rather than that of your buyers.
This was originally published on RISMedia’s Housecall.
For August 2019, REALTOR.com reported over 9.2 million search result page views in the Bonita Springs and Estero markets, which is a 4 percent month-over-month increase. Continued buyer interest in Bonita Springs and Estero was also supported by the notable 16 percent increase in pending sales for combined single family homes and condominiums. For closed sales, August 2019 saw the strongest sales in the $1 to $2 million price segment for single-family homes. “Buyer interest in the market continues for several reasons,” stated a Broker. “Opportunities for home affordability are greater in Bonita Springs and Estero than some of our surrounding areas, which further encourages year round residents to relocate to the area, as well as new businesses.” “Additionally, the upcoming October 15th policy change regarding FHA loan approval of condominium units will also generate additional buyer interest in the condo market.”
While pending and closed sales see continued activity, buyers looking in Bonita Springs and Estero are also facing low inventory numbers, a trend that has been ongoing for several months in 2019. For single family homes and condominiums, each market segment showed more than a 24 percent decrease in inventory for August 2019 compared to this time last year. “Bonita Springs and Estero continues to be the ‘sweet spot’ between Naples and Ft. Myers,” stated a Broker.“These markets are being searched online daily and inventory levels continue to decrease as we move in the autumn buying season
For buyers looking to purchase a new construction home, there are still many choices available, but it’s critical to bring a REALTOR® on a home search in new construction communities. “When buying new construction, many buyers believe it’s a good idea to not have a REALTOR® and to use the builder representative. The thought process is that it can save them money, which is unfortunately false,” stated a Broker. “Most builders will advertise base prices and have a list of additional prices for upgrades and changes to their floor plans. A REALTOR® who has experience with new construction can help the buyer negotiate the prices of these upgrades and changes. He added, “the bottom line is that representation for the buyer in a new construction home transaction is just as important as in a resale home transaction.”
Low inventory numbers also present an opportunity for homeowners who want to sell now. “Sales and buyer interest in the Bonita Springs and Estero markets continue to be active year round as sales grow, especially in the $500K to $1 million price segments, “stated a Broker. “Homeowners who wish to sell have an opportunity to list and sell now. There is no reason to wait until January, as buyers have been looking all summer and are here now”.
Additionally, in the Bonita Springs and Estero markets, the median sales price increased 9.7 percent for single family homes, but decreased 7.5 percent for condominiums. The days on market increased 39.2 percent for single family homes and 22.7 percent for condominiums. In August 2019, there were 124 price repositions for single family homes and 91 price repositions for condominiums in Bonita Springs and Estero. The Bonita Springs-Estero REALTORS® August 2019 Report shows these overall findings for both single family and condominiums combined.
For more information and to arrange a visit to any of these luxury homes, call David at 239-285-1086 or email david@davidflorida.com.
Click graphic to enlarge September 2019 Infographic.
Home Showings Lead to Increased Sales
Naples, Fla. (October 25, 2019) – The Naples area housing market enjoyed another 7 percent increase in overall closed home sales for the third month in a row. This trend leads a Broker to suggest that the consistent uptick in summer home sales illustrates that Collier County is becoming less seasonal.
According to the September 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showings in September 2019 were up 31 percent over September 2018. This translated into a 13.7 percent increase in pending sales (written contracts) or 823 pending sales in September 2019 compared to 724 pending sales in September 2018. Strong showing activity during the summer resulted in 698 closed sales during September 2019.
The September report showed median closed prices remained stable during the third quarter (July, August & September). In July, the median closed price was $326,400. By September, the median closed price had dropped slightly to $325,000, which is only a .7 percent decrease from September 2018, which reported a median closed price of $327,408. Interestingly, the median closed price in January 2019 was $325,000.
With over 500 listings pulled from the MLS in September, it is no surprise that overall inventory for the month fell. However, even though it decreased 17.8 percent to 4,989 homes compared to 6,070 homes in September 2018, inventory for September was higher than August by 72 homes.
The NABOR® September 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, including these overall (single-family and condominium) findings:
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CATEGORIES
|
SEPT 2018
|
SEPT 2019
|
CHANGE
|
|
Total closed sales (month/month)
|
651 |
698 |
+7.2% |
|
Median closed price (month/month)
|
$327,408 |
$325,000 |
-0.7% |
|
Total active listings (inventory)
|
6,070 |
4,989 |
-17.8% |
|
Average days on market
|
93 |
102 |
+9.7% |
|
Single-family closed sales (month/month)
|
321 |
359 |
+11.8%
|
|
Single-family median closed price (month/month)
|
$395,000 |
$405,000 |
+2.5% |
|
Single-family inventory
|
3,208 |
2,567 |
-20.0% |
|
Condominium closed sales (month/month)
|
330 |
339 |
+2.7% |
|
Condominium median closed price (month/month)
|
$242,250 |
$245,000 |
+1.1% |
|
Condominium inventory
|
2,862 |
2,422 |
-15.4% |
As noted by brokers reviewing the housing data, September had a 6-month supply of inventory.
Geographically, condominiums in South Naples (34112, 34113) saw a 22.1 percent spike in its median closed prices to $213,000 in September 2019 from $174,500 in September 2018. Alternately, condominiums in North Naples saw a 16.4 percent decrease in median closed prices to $242,500 in September 2019 from $290,000 in September 2018.
Here’s a graphic provided by NAR that illustrates the top Joy Score projects, as well as the top return-on-investment projects.
By Jameson Doris
RISMEDIA, Monday, October 14, 2019— Homeowners and REALTORS® alike want new roofs and kitchens. According to the 2019 Remodeling Impact Report, released by the National Association of REALTORS® (NAR), the two projects rank as the most popular home improvement projects among both demographics.
The report, which examines homeowners’ reasons for completing the projects ranked, also provides the costs and seller recovery values for many of the tasks.
Although NAR regularly releases similar reports, this is the first time since 2017 the organization has released this report, and there are some notable differences from what was included in that iteration two years ago.
“This year, we saw the estimated cost of closet renovations increase from 2017; however, we also saw an increase in the cost recovered from this project,” Brandi Snowden, director of Member and Consumer Survey Research at NAR, tells Housecall. “Because homeowners are staying longer in their homes, we see them investing more elaborately than in the past.”
Another effect of homeowners staying in their residences longer is that they’re choosing to invest their money in projects that they’ll use on a daily basis, and that will improve the functionality and livability of their home.
Aside from kitchen renovations and upgrades and closet renovations, other interior projects hugely popular with both homeowners and REALTORS® this year are HVAC replacements, new wood flooring, bathroom renovations and adding new bathrooms.
As far as exterior projects, the REALTORS® surveyed in the report note that new roofing was most popular among homeowners, and, in their opinion, would add the most value to a home. Other exterior projects that ticked off both of these boxes were new vinyl windows, new vinyl siding, new garage doors and new fiber-cement siding.
Additionally, a Joy Score was calculated by NAR for each of the projects reported. This score is based on the happiness homeowners noted for each of the renovations. For exterior projects, new fiberglass and steel front doors scored the highest Joy Score each, at 9.7.
For interior projects, several renovations scored a perfect 10 Joy Score. They are: complete kitchen renovations, closet renovations, full interior and individual room paint, kitchen upgrades and basement conversions to a living room.
By Wendy Dessler | RISMEDIA, Monday, September 02, 2019—
Selling your home without fixing it up first presents potential challenges for some homeowners. For others, it may open up different opportunities. Selling a house “as-is” can be a good thing. It all depends on your approach to selling it.
Here are six essential tips to help make the sale a smooth transition:
Flexibility Is the Name of the Game
Flexibility is really important when you decide to sell a house “as-is.” You’re asking buyers to purchase your property without making any changes to it. There may be serious problems that need to be corrected, so being flexible is definitely in your best interest.
In situations like this, people are looking to purchase a house inexpensively. For this reason, it’s unlikely that you’re going to find a buyer willing to pay the exact price you’re looking for. However, you always have the ability to negotiate to try to get a higher price.
Don’t Be Afraid to Make Some Necessary Repairs
In certain situations, it may become incredibly difficult to sell your house without making any repairs. Sure, you’d love to sell the place “as-is,” but that doesn’t mean buyers are going to be interested if too many things need to be fixed.
Take a moment to really look over your home. Is it in rough shape? Does it need extensive repairs like a new roof, a new foundation, or worse? If you answered “yes” to any of these questions, it’s likely time to consider making certain upgrades to make your property more appealing to potential buyers.
Obviously, no one is going to force you to make changes. However, it’s sometimes best to give in and go against your wishes just to have a better shot at selling your home.
Know How Much Certain Repairs Will Cost
Even if you never intend to make any repairs, it certainly doesn’t hurt to know how much it’ll cost to fix some of the issues plaguing your home.
This is important information you can pass along to potential buyers. For example, if a prospect asks how much it’ll cost to replace your old roof, you can supply them with an estimate from a local roofing company.
Openness and Honesty Is the Best Policy
Always be transparent with potential buyers about issues with your home. It’s best to disclose everything to potential buyers right away because if they’re serious about purchasing your home, they’ll find out about existing problems as soon as they have the home inspected.
However, by the time a homebuyer has your property inspected, they may get upset if they believe you tried to hide something from them. If the repairs needed for your home are too major, they’ll walk away from the deal anyway—so always be upfront about these issues.
Ask Your Buyers to Pay a Fair Price
It may seem obvious, but asking for a fair price is going to be critical to your success. If you try to sell your home for too high a price, many prospects will be turned off.
Potential buyers might not even bother looking at your house if the price is set too high.
Instead, when selling your home “as-is,” try not to get too greedy. Remember, the competition is thick and there are plenty of other homes on the market. So be sure to ask for a fair price and you should be fielding offers in no time!
This was originally published on RISMedia’s Housecall
