Brokers See a Steady Summer Season.
Naples, Fla. (August 19, 2016) - The July 2016 Market Report released by the Naples
Area Board of REALTORS® (NABOR®), which tracks home listings and sales within
Collier County (excluding Marco Island), showed performance as expected during a
traditional summer season. The inventory increase to 4,801 homes is welcome news to
homebuyers following record-low inventory levels in July 2015, when the number of active
listings dropped to 3,518 homes. Median closed prices remained steady for price segments
above $300,000, which is good news to buyers, and increased 11 percent in the
under $300,000 price category.
"Home prices continue to remain stable, and we are absorbing the inventory,"
said Jeff Jones, Managing Broker at the Naples-Park Shore office of
Coldwell Banker®. "As the report reveals, a decrease in pending and closed
sales in July had nothing to do with prices. Properties priced
right were selling. We sold 627 homes, only 99 fewer homes in July
than the year before, which
was a very good year."
Bill Coffey, Broker Manager of Amerivest Realty Naples, agreed, saying,
"Prices are remaining the same regardless of the increased inventory.
Interestingly, the median closed price is up 7 percent from July a year
ago to $300,000 when one would think the prices would go down
due to the 36 percent increase in inventory."
Unlike other areas of the country, real estate sales in Naples decline
during the off-season summer months. This pause is a familiar expectation,
due to a majority of second home buyers retreating to their Northern
homes during the summer months. The decline in July's home sales
may also be due to the increase in the Canadian exchange rate and
tourism being off this summer. Brokers anticipate the market will take
off again in season.
According to Coffey, "Days on market for all price categories above
$300,000 are returning to a normal range. The report shows that the
days on the market for homes $1 million and above have decreased
double digits from July of last year."
The July 2016 Market Report showed a 25 decrease in overall
pending sales (homes under contract) to 681 pending sales from
913 pending sales in July 2015 (year over year). Overall closed
sales decreased 14 percent to 627 closed sales from 726 closed
sales in July 2015 (year over year). In comparison, overall closed
ales decreased 2 percent from July 2014 to July 2015 (year over year).
However, in perspective, inventory decreased 1 percent between
July 2014 and July 2015, but increased 36 percent between July 2015
and July 2016.
Despite a drop in overall closed sales, closed sales for single-family
homes in the $500,000 to $1 million price category increased 26
percent in July 2016 to 72 single-family homes from 57 single-family
homes in July 2015 (year over year). This segment's median closed price
decreased 7 percent to $627,000 in July 2016 from $672,000
in July 2015 (year over year).
The July 2016 Market Report also showed a 44 percent decrease
in median closed price for condominiums in the $2 million and
above price category (year over year). In July 2015, the median
closed price for these high-end condominiums was $4,395,000
(year over year). The median closed price for this price category
dropped to $2,450,000 (year over year) in July 2016. This price
segment also saw the highest increase in inventory of all other
home types in July 2016; a 79 percent increase to 84 condominiums i
n July 2016 from 47 condominiums in July 2015.
The NABOR® July 2016 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 2016
sales statistics are presented in chart format, including these
overall (single-family and condominium) findings:
Additional activity of interest in the NABOR® July 2016
Market Report includes:
- Overall pending sales in the Immokalee/Ave Maria geographic area (34142) increased 25 percent to 5 pending sales in July 2016 from 4 pending sales in July 2015.
- Closed sales for single-family homes in the East Naples
- geographic area (34114, 34117, 34120, 34137) increased 39 percent to 104 single-family homes in July 2016 from 75 single-family homes in July 2015.
- Median closed prices for condominiums in the Naples Beach geographic area (34102, 34103, 34108) increased 28 percent to $725,000 in July 2016 from $567,000 in July 2015.
- Inventory for single-family homes in the $300,000 and below price category did not change between July 2015 and July 2016.
- Inventory for condominiums in the North Naples geographic area (34109, 23110, 23119) increased 74 percent to 637 condominiums in July 2016 from 367 condominiums in July 2015.
as its median closed price for single-family homes decreased
26 percent, yet its median closed price for condominiums increased
28 percent (year over year).
"When they find it, they buy it," said Coco Waldenmayer, a managing
broker at John R. Wood Properties. "Buyers, whether they are baby
boomers or international, know what they are looking for in Naples."