Canal-front home in Naples, Florida
REALTORS® in Naples sold more existing homes in July (682) than they did in January (603) or February (613), a statistical reality that busts an old myth that home sales stall in the summer. In fact, overall closed sales in the market’s sweet spot (homes priced between $300,000 and $500,000) increased 32 percent in July. Broker analysts reviewing the July 2017 Market Report, said a 9 percent increase in closed sales during July was very good, but the continued reduction of inventory, especially in the single-family home market, is cause for concern as it limits choices for buyers.
One segment of the market that brokers are watching closely is the $300,000 and below single-family home market, which saw pending sales decrease 24 percent, closed sales decrease 19 percent, and inventory decrease 2 percent in July. In fact, the entire single-family home market is getting stretched thin as inventory tightens. In July, inventory rose just 3 percent overall, but single family home inventory decreased 1 percent.
One local Broker noted, “The July report showed the median closed price for homes under $300,000 was the highest since 2008. However, the median closed price for homes over $300,000 was the lowest reported in 9 years!”
According to the report, overall median closed prices in July increased 6 percent to $319,000 from $300,000 in July 2016. For homes in the $300,000 and below price category, the median closed price increased only 3 percent to $225,000 from $219,000 in July 2016. And for homes above $300,000, the median closed price decreased 7 percent to $485,000 from $524,000 in July 2016.
Brokers are optimistic that the third quarter closed sales will finish ahead of the second quarter, and pointed to activity in the $500,000 to $1 million price category, which saw the overall pending sales increase 44 percent in July from July 2016.
For months, broker analysts and NABOR® have warned against setting unrealistic pricing, a strategy that can hurt a homebuyer because a home is often overlooked if it’s overpriced.
High prices are a strategy that can work in an accelerating market, but it’s risky. A home might sit for months without an offer and sellers typically end up marking the price down, perhaps lower than it should have sold for in the first place. A licensed REALTOR® uses real-time MLS data that can help a seller hit the sweet spot when setting the listing price: a price that’s high enough to reflect the home’s value, but attractive enough to gain buyer attention and get it sold quickly.
Another segment that brokers are watching closely is the number of days on the market it takes for a property to sell, which is on the rise and hit 105 days in July. One reason for this could be cosmetic. According to Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty, “Many homebuyers are looking for a coastal, contemporary look, not the Mediterranean or Tuscan look that dominates much of the existing home market and appears dated. Sellers must either consider making renovations to meet the light, coastal look buyers want or reducing the home’s price in order to stay competitive with the new construction product that reflects this new coastal, contemporary style.”
“Because inventory dropped 1 percent in the single-family home market in July, this may be the first sign that we are not far from a shift in the market,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., who went on to add, “the housing market is cyclical, and the rate of inventory increase has been trending down since December. If this behavior continues and we go below our lowest inventory point (3,563), which was in July 2014, I predict we’ll shift from a buyer’s to a seller’s market and probably start to see prices increase again.”
If you are weighing the pros and cons of buying or selling a home in the coming months, let me be your guide. I can help you do a market comparison and determine a fair and reasonable listing price. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. I would be my honor to assist you and your friends and family with your real estate needs. Please contact me at (239) 285-1086 or email David@davidforida.com
Toll Brothers Aragon Mediterranean exterior Bonita Lakes Florida | photo: tollbrothers.com
This two-story Aragon Mediterranean-style home in Bonita Lakes home features arched windows, red tile roof and other Mediterranean-style architectural features.
The home has 3,769 square feet with 4 bedrooms and 4 1/2 baths. The open kitchen design with large center island, quartz countertops, stainless steel appliances and Kohler ® fixtures. The 2nd floor loft makes a great guest retreat. The home also features a custom pool with spa. This home by Toll Brothers
“Bonita Lakes is a gated community in the heart of Bonita Springs offering single-family villa and estate homes with sparkling lake views. Centrally located midway between Naples and Fort Myers and only minutes from I-75, Bonita Lakes will provide you and your family with convenient access to shopping and dining at Coconut Point Mall, Miromar Outlets, and Gulf Coast Town Center. Additionally, the pristine Gulf beaches, numerous golf courses, Southwest International Airport and all the cultural and recreational attractions of Southwest Florida are just minutes away. Amenities in Bonita Lakes includes a community clubhouse with a resort-style swimming pool, state-of the-art fitness center, and tennis courts, offering endless options for fun and recreation.” — tollbrothers.com
View of pool beach, and Gulf of Mexico at Marriott Hotel, Marco Island, Florida photo: marriott.com
There are so many things to do for summer fun in Naples-Bonita Springs-Marco Island beaches, and Sanibel/Captiva! You will want to buy a home and stay for the winter fun.
Go to the beach!
This one is easy. Pack up a picnic, grab your sunscreen and head west. If you go late in the day, stay for a spectacular Gulf of Mexico sunset.
Bowditch Point Regional Park, Estero, north end of Estero Island. San Carlos Blvd south across Matanzas Pass, turn right on Estero Blvd. to the point. Catch the trolley in the Main Street Park & Ride lot, just north of the Matanzas Pass Bridge. Picnic and barbecue facilities, pavilion, showers, restrooms, bike and hiking paths and handicap accessible boardwalk. Map
Lynn Hall Memorial Park at the north end of Estero Island, take San Carlos Blvd to Estero Blvd, turn right, the park is on the left. Fishing pier, bathhouse, picnic & barbecue facilities, rentals, refreshment stand, swings, volleyball and parking area. Map
Lover’s Key Johnson Park – Bowman’s Beach, Estero is accessed off County Road 865 at the north end of Black Island (just south of Estero Island). The park has picnic facilities, boardwalks, nature trails, restrooms and a tram to the beach. Call 239-472-6477 for more information. Map
Lover’s Key State Recreation Area, Estero is south of Big Carlos Pass on County Road 865 at the north end of Black Island (south of Estero Island), 1 square mile state park. Map
Barefoot Beach Park/Preserve, Bonita Springs Bonita Beach Road west from US 41 to the guardhouse on the left at Lely Beach Blvd. This is a large park with 365 acres of beaches and trails. There is plenty of paid parking. Amenities include vending machines, a restaurant/bar and clean restrooms. Map
Bonita Beach Park, Bonita Springs Bonita Beach Road west from US 41, curves to the right and becomes Hickory Blvd. The park is on the left just past the intersection of the roads. This beach park has picnic shelters, volleyball courts and a bathhouse. The surf fishing is pretty good and the sand is great. There are several “beachy” places to eat within walking distance of the park. Bring quarters for parking. Map
Delnor-Wiggins State Recreation Area, Naples Immokalee Road west from US 41, it becomes Bluebill Avenue after the bridge, the beach is at the end of the road. Hours are 8 a.m. to sunset and there are lifeguards on duty. Lots of parking close to the beach. You can enjoy great sand and 166 acres of nature trails, woods and beaches with lots of trees and wildlife. There is an observation tower, picnic areas, grills, large clean restrooms and showers. Admission and parking fees. Call 239-597-6196 for more information. Map
Vanderbilt Beach, Naples Take Vanderbilt Beach Road west from US 41. This beach is next to the Ritz-Carlton Hotel and within easy walking distance of several casual restaurants. Facilities include lifeguards, picnic areas, grills, tower, boat ramp, restrooms and showers. There is limited parking a few blocks east and handicapped parking is right at the beach entrance. Map
Clam Pass, Naples Take Seagate Drive west from US 41, the beach entrance is next to the Registry Resort. There is lots of parking. You can take a tram or walk (10 to 15 minutes) through the mangroves, along the boardwalk to the beach. Chaise lounge and equipment rentals are available on the beach from the Registry Resort. There is a lots of parking, snack bar, outdoor showers and restrooms, water-sport equipment rentals. Map
Beach Parks, Gulf Shore Boulevard North, Naples Park Shore or Harbour Drive west from US 41 to Gulf Shore Blvd. North. There are three beach parks accessible from Gulf Shore North, Horizon Way, Vedado Way and Via Miramar. These are pretty, serene beaches perfect for sunning, walking, shell collecting, surf fishing and watching shore birds. There is a stone jetty at the south end of Via Miramar beach, making it a good place to find shells and other sea life. There are hoses for rinsing off but no other amenities. Parking is limited, the meters take quarters. Map
Lowdermilk Park, Naples Banyan Blvd. west from US 41 to Gulf Shore Blvd. Loads of parking, a snack bar, vending area, picnic tables, volleyball courts, and decent restrooms. There are restaurants and a deli in a small shopping center across the street. Map
Beach Parks, Gulf Shore Blvd. South, Naples Mooring Line Drive west from US 41 to Gulf Shore Blvd. South. There is beach access at every Avenue from 8th Avenue North to 18th Avenue South. There are no restrooms or other amenities, just beautiful sand beaches, gulf breezes and gentle surf. Outdoor showers or foot showers. Parking is very limited, the meters take quarters. There are no restrooms or other amenities. You will also find public access to the beach on Gordon Drive at 32nd and 33rd Avenues South. Map
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.
