November Housing Market Report Shows Activity Heating Up

Naples, Fla. (December 21, 2018) – Home sales in November increased by double digits across every price category resulting in an overall increase of 24 percent compared to November 2017. Median closed prices decreased for homes under $1 million in November and inventory rose 12 percent to 5,971 homes, according to the November 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Click to enlarge infographic.

“The November report shows greater balance in the market which is propelling strong performance,” said a Broker, who added that the 24 percent increase in overall closed sales for November is “significant because it reflects our recovery from the hurricane last year.”

The $0 to $300,000 single-family home market had the most impressive activity in November where inventory rose 38 percent and closed sales increased 30 percent compared to November 2017. This section of the market also saw its median closed price hold steady at $250,000.

“New home construction in the lower price tiers is rushing to meet the needs of buyers and it’s building our inventory in much needed areas within eastern Collier,” said another Broker. The November market report supports his claim as the East Naples area (34114, 34117, 34120 and 34137) saw the highest number of closed sales for single-family homes – 105 – with another 121 sales pending.

According to Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, activity in the $0 to $300,000 price category is rallying in Collier. “Inventory under $300,000 consumes over half of the available condominium inventory. It had the highest inventory increase [38 percent] in the single-family home market too. The November report shows our inventory levels are just about even between condos and single-family homes now.”

“We haven’t seen this level of inventory going into season in six years,” said a Broker. “Plus, days on market is cascading downward which is a sign of better pricing. The trend to price homes to sell is clearly taking hold and it’s definitely making a difference in overall sales numbers. Visitors will be impressed at the choices and stable prices this season.”

The NABOR® November 2018 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. The November 2018 NABOR® sales statistics are presented in chart format, including these overall 3Q (single-family and condominium) findings:

Broken down geographically, Collier’s housing market in November had some interesting pockets of activity. For example, median closed prices decreased 19 percent in the Naples Beach area (34102, 34103, 34108); but increased 12 percent in the North Naples area (34109, 34110, 34119). There was a 90 percent increase in closed sales of condominiums in East Naples (34114, 34117, 34120, 34137), which brokers attribute to an increase in new construction of townhome developments east of Collier Boulevard. And single-family homes in Central Naples (34104, 34105, 34116) sold the fastest with an average 66 days on the market from listing to closing.

If you are looking to buy or sell a home in Naples, Bonita Springs, Marco Island area contact David Critzer at 239-285-1086 or email david@davidflorida.com David is a REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price.

Bonita Springs-Estero Market Steady – Uptick in Pending Sales

Bonita Springs, FL | August 27, 2018 —— According to the Bonita Springs-Estero REALTORS^® (BER) Media Committee, pending sales saw an uptick in July 2018 compared to July 2017.  “The number of price repositions in July has affected approximately 33 percent of pending sales,” stated a Bonita Springs Broker.  In July 2018, there were 265 price repositions for combined single-family homes and condominiums.  This number represents approximately 20 percent of active listings that were re-priced to represent the current market value.  Area brokers agree that the continuation of price repositions will increase through the month of August 2018, causing pending sales to increase as well.

Appraisal activity in the area has also remained steady for this time of year.  Julie Ross, appraiser with Carroll and Carroll Real Estate Appraisers and Consultants, stated, “The number of appraisals that took place in Bonita Springs and Estero in July 2018 is historically normal for the summer season.”

According to Realtor.com, there were almost 8 million search result page views in the Bonita Springs and Estero markets for the month of July 2018, which is approximately 1 million views over June 2018.  “We know buyers will continue to look at Bonita Springs and Estero because it is an amazing value compared to other neighboring cities in Southwest Florida,” stated BER President and Area Broker, Joe Pavich, Sr.

Inventory for both single-family homes and condominiums in July 2018 was 1,362 units versus 1,389 units this time last year, which is a less than 1 percent decrease.  The average days-on-market has also remained steady with just a 4 percent decrease over July 2017.

Overall, the Bonita Springs and Estero markets showed a 43 percent increase in pending units and a 13 percent increase in sold units for July 2018 versus the same time last year, and the median price is $375,000 for July 2018 versus $325,000 in July 2017.  Additionally, the supply of available home inventory is higher in Bonita Springs and Estero than the national average, which sits at just 4.3 months.

The Bonita Springs-Estero REALTORS^® July 2018 Report shows these overall findings for both single family and condominiums combined.

Naples Area Housing Activity in May Yields Solid Market

For a second consecutive year, Naples Area housing activity during May demonstrated to broker analysts that May remained a standout month. Overall closed sales were remarkable with 1,024 closed sales during May 2018 compared to 1,027 closed sales in May 2017. Closed sales in May 2018 were higher than all months following May 2017. May also saw inventory levels continue to stabilize, according to the May 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

“In 2017, May’s sales increased 23 percent over sales in May 2016,” said a local Broker. “The fact that we are keeping the same pace this year and our inventory is holding steady is good news as we move into summer.”

Closed sales of properties in the $300,000 to $500,000 price category during May increased 21 percent over May 2017, while closed sales in the $300,000 and below price category were just one sale short of the number of closed sales in May 2017.

There was very good news for buyers in the report as May’s overall median closed price dropped 5 percent to $337,000 from $355,000 in May 2017. Moreover, the overall median closed price for homes priced above $500,000 decreased 14 percent to $507,000 from $590,000 in May 2017.

On the high-end side of the market, despite an 11 percent increase in median closed prices, pending sales of properties in the $2 million and above price category increased 23 percent in May 2018 compared to May 2017.

“We haven’t seen inventory levels in May this high since 2013,” said another local Broker. “I was concerned that the low end of the market would start shrinking after season, but the May report showed inventory increased 6 percent for homes under $300,000.”

Overall inventory in May rose by 15 properties compared to May 2017. The report also showed inventory rose in May for both single family homes and condominiums priced below $500,000, which accounted for 58 percent of the available market in Collier County at the end of the month.

According to another local Broker, “both median closed prices and days on market for single family homes above $300,000 decreased in May, which may indicate sellers are pricing homes to sell.”

Geographically, North Naples continues to be a shining star as the only coastal area in Collier County to report an increase in closed sales for May. Activity in the rural Ave Maria area has increased steadily over the last year; but in May, this area saw its single-family home closed sales skyrocket to 40 percent.

“Inventory levels in other areas of the nation and Florida are very tight right now, but Naples is enjoying some renewed momentum in our inventory,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “When the market is good in other areas of the country, our home sales activity is driven up as out-of-states relocate to the Naples area. I think we’ll see a very strong summer.”