Friday, November 17, 2017

Let's Talk Hot Off The Press...
Naples Area Market Report...October Housing Market Rebounds After Hurricane Irma


Naples, Fla. (November 17, 2017) - The evidence that a hurricane hit the Naples area in September became less visible in October because residents were quick to address damages to their property and our county and utility service providers worked overtime to get the area back to normal as quickly as possible. The Naples area housing market finished on a positive note in October with closed sales increasing 1 percent over last October, according to the October 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). October's housing market activity was better than NABOR® expected.
 
"October could have been better, but it did pretty well given the fact that we had no historic perspective of how the market would behave after a hurricane," said Bill Coffey, Broker Manager of Amerivest Realty Naples. "Even though overall pending sales decreased 11 percent in October, some pockets of the market saw really good activity during the month. The drop in pending sales is most likely because many homes damaged by the hurricane are in need of repair before they can go back on the market." 
 
There were 57 closed sales of high-end, luxury properties priced above $1 million in October, a 36 percent increase over October 2016. Yet closed sales of properties priced below $300,000 dropped 12 percent, a loss of just 32 sales compared to October 2016. Also reflected in the October report, closed sales for single-family homes priced between $1-$2 million increased 50 percent in October, while closed sales of condominiums priced between $300,000-$500,000 increased 26 percent. 
 
A lull in inventory following the hurricane was predicted by broker panelists at NABOR®'s Third Quarter Market Conference. Their prediction was spot on as the October report shows an 8 percent decrease in inventory, or about 400 fewer homes available compared to October 2016 levels. 
 
"Tradesmen and construction supplies are in high demand right now," said Dominic Pallini, NABOR® President and Broker at Vanderbilt Realty. "Reports of roofing companies and carpenters being booked several months out with hurricane repair jobs puts things in perspective when you look at our inventory. Homebuyers want move-in ready homes, and these delayed listings of homes needing repairs will create a higher demand for inventory moving into season."
 
Inventory increased on the high and low end of the condominium market in October. While the report showed no increase or decrease in inventory overall, there were an additional 76 condominiums (a 7 percent increase) added to the $300,000 and below market in October, and 10 condominiums (a 10 percent increase) were added to the $2 million and above market. 
 
Median closed prices in the single-family home market increased to $425,000 (13 percent) in October, while median closed prices in the condominium market increased to $250,000 (4 percent). Interestingly, the median closed price for condominiums in the $2 million and above price category dropped 42 percent in October to $2,545,000, while the median closed price for single-family homes in the same price category increased 22 percent to $2,237,000. 
 
"There's been a big increase in showings for high-end homes recently," said Coco Amar, a managing broker at John R. Wood Properties, who pointed out that, geographically, there was a decrease in median closed prices for condominiums in all areas except North Naples in October. 
 
According to Brenda Fioretti, Broker Associate with Berkshire Hathaway Home Services Florida Realty, evidence of bracket creep can be seen in the lower end of the market where some homes once priced below $300,000 have moved into the $300,000-$500,000 price category. "This may also account for some of the lost inventory in the $300,000 and below single-family home market, where demand has always been higher." 
 
The NABOR® October 2017 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® October 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

To view the Statistics Click Here...  View October 2017 Market Statistics

"Compared to closed sales in September, which dropped 30 percent month over month, October's 1 percent increase in closed sales is an indication that we recovered rather quickly from the hurricane, and buyer interest in our market is still very strong," said Adam Vellano, West Coast Sales Manager, BEX Realty - Florida.
 
Budge Huskey, President, Premier Sotheby's International Realty, agreed and added that "if the hurricane hadn't happened and the market had kept the same pace as it did last September and October, we would have seen 400 more sales and been on track for a 6 percent increase in total closed sales year-to-date."


As always if you have any questions please feel free to contact me by calling 239.404.7787 or by e-mail at Michelle@NaplesHomeSweetHome.com. To view the Market Statistics please click above.

Michelle J. DeNomme, REALTOR, GRI
Cellular Phone I  239.404.7787
Berkshire Hathaway HomeServices Florida Realty
Office: 239.659.2400
E-Fax Number: 239.236.5550
Twitter: DeNommeRealtor

Tuesday, November 7, 2017




Let's Talk Naples November 
Happenings and Real Estate Information:
Contact me today for my entire News Letter at
Michelle@NaplesHomeSweetHome.com 

Let's Talk... It's a Fantastic Time to Buy in South West Florida. What a Great opportunity as season is just around the corner to check out all that Naples has to offer… We have just what you have been looking for with in our current Listing Inventory to New Construction! Let me show you how you can Live and Play the day away here in Naples, I have sent along below in my News letter some great ideas for your next visit from Foodie Pick’s to Calendar Of Events at all of our major attractions, shopping and dinning areas.

The Naples Real Estate Market at a Glance presented by 
Michelle DeNomme, 
Your South West Florida REALTOR, GRI

Click below to view the NABOR Report
NABOR Report: 

As always if you have any questions please feel free to contact me
by calling 239.404.7787 or by 
e-mail at Michelle@NaplesHomeSweetHome.com.


Michelle's November Reminders...

Mercato: Free Concerts on the Lawn
"Your Choice" Local Artists' Exhibition
Calendar of Events
 
 
 
 
Naples area one of U.S. happiest cities,
National Geographic says
With its pristine beaches and beautiful sunsets, there's no denying Naples' appeal.
And it's no wonder the Naples area was named one of the happiest places in the country by National Geographic, Gallup and National Geographic Fellow Dan Buettner on Wednesday. 
The Naples-Immokalee-Marco Island metropolitan area took the 11th spot on a list of 25 happiest U.S. cities based on the National Geographic/Blue Zones Index. The index was developed to measure a population’s happiness based on 15 metrics, including civic engagement, walkability and healthful food options.
 

Saturday, October 28, 2017

Let's Talk Hot Off the Press...
Naples... Market 3Q Real Estate Report


Market Shows Resilience at the End of 3Q
To View the Full Report Click here...

As always if you have any questions reach out to me...
Michelle@NaplesHomeSweetHome.com
View September 2017 Market Statistics

Tuesday, October 24, 2017


Let's Talk... Naples Film Festival
October 26th-29th Naples International Film Festival
Amazing starts this ThursdayDont miss out on the Fun!

Enjoy a diverse array of independent films from around the world and your own backyard. Selections include dramas, comedies, documentaries and shorts.
Plus:
Women in Film: Panel Discussion
October 28, 10amSilverspot—theater 10

In this enlightening, free event, Artis—Naples resident critic 
Elaine Newton leads a discussion featuring four highly creative 
and talented female filmmakers who all have films at this year's festival:

20 Weeks
director: Leena Pendharkar

The Sounding
director: Catherine Eaton

More Art Upstairs
director: Jody Hassett Sanchez

Served Like A Girl
director: Lysa Heslov
Artis—Naples 
5833 Pelican Bay Blvd, Naples 
800-597-1900
artisnaples.org 

View Upcoming Events

Wednesday, October 18, 2017

Let's Talk Hot Off The Press...

HURRY! A most important invitation - especially for the East Naples people, but really for everyone who likes to know what new developments are coming in.
Tonight, Wednesday, October 18th a Neighborhood Information Meeting will be held at The Club at Naples Bay Resort, 1800 Tamiami Trail E. at 5:30 pm,
to hear a presentation about the amendment to the Mini-Triangle Subdistrict within the Bayshore Triangle Redevelopment
Overlay. Known as the Mini-Triangle MPUD, this development will allow up to 210 residential dwelling units, 152 hotel suites,
up to 74,000 sq. ft. of gross floor area commercial retail, and up to 60,000 sq. ft. of commercial office uses, with a maximum
actual height of 168 ft. and located near the intersection of Davis Blvd. & Tamiami Trail E. All are welcome.
 

Michelle J. DeNomme, REALTOR, GRI
Cellular Phone I  239.404.7787
Berkshire Hathaway HomeServices Florida Realty
Office: 239.659.2400
E-Fax Number: 239.236.5550
Website:  www.NaplesHomeSweetHome.com        
Twitter: DeNommeRealtor

Monday, October 2, 2017


Let's Talk Hot Off The Press...
August Home Sales Show Increased Consumer Confidence
 Naples, Fla. (September 29, 2017) - August proved to be an outstanding month for the Naples area housing market with more pending and closed sales than last August. Broker analysts reviewing the August 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which track home listings and sales within Collier County (excluding Marco Island), said sales of 685 homes was impressive for August, up 5 percent compared to August 2016. This was encouraging to broker analysts since inventory increased by only 20 properties compared to August's inventory last year. 

"This turned out to be a great summer for sales in Naples," said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. "Overall pendings in August were up 13 percent, overall sales were up 5 percent, and there were some nice surprises in the report that we didn't expect to see."

These surprises included a 75 percent increase in pending sales and a 42 percent increase in closed sales for single-family homes located in South Naples. The August report also showed single-family homes in this geographic area had a 22 percent decrease in median closed price.

The condominium market performed just as well as the single-family home market in August, reporting a similar 13 percent increase in pending sales. The Pending Home Sales statistic is a forward-looking indicator that is based on contract signings.

Fioretti believes summer's sales activity outpaced last year's because of renewed consumer confidence. "Buyer traffic continued to exceed our expectations in August."

The overall median closed price for August was $328,000, a 2 percent increase over August 2016. Geographically, prices in the Naples Beach area continue to rise faster than all other areas tracked. In fact, median closed prices for single-family homes in the Naples Beach area increased 32 percent in August.

Median closed price for single-family homes jumped 10 percent in August to $422,000. This initially surprised broker analysts but, as reflected in the report, this figure was heavily influenced by 17 sales in the $2 million and above single-family home market, which saw a 54 percent increase in median closed price. All other price categories in the single-family home market reported median closed price increases of 5 percent or below.

However, when taking a long look at closed pricing trends (12-month ending), August's median closed price for single-family homes was $405,000, the same as August 2016. Median closed price actually dropped 5 percent for single-family homes over $300,000 to $510,000 for the 12-month ending August 2017 from $535,000 in the 12-months ending August 2016.

"One big sale at the top of the price bracket can influence the monthly report's median closed price," said Dominic Pallini, NABOR® President and Broker at Vanderbilt Realty. For example, there were 20 total closed sales in the $2 million and above market in August. Therefore, this means 10 sales were below $4.2 million and 10 sales were above $4.2 million.

Overall inventory for August barely budged with a total of 4,807 homes compared to 4,787 in August 2016. Single-family home inventory decreased 4 percent, while the condominium market saw a 6 percent increase in inventory for August.

"Single-family home inventory under $300,000 may be lingering on the market because of necessary interior or exterior remodeling or improvements," said Pallini, who then pointed out that the report showed only 278 single-family homes under $300,000 were left on the market at the end of August.

Inventory for condominiums priced below $300,000 in August increased by 133 units to 1,107 total units available. This was the highest increase (14 percent) of all property types and price categories reported in the month.

The NABOR® August 2017 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® August 2017 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

To view the full report be sure to click on this link.
CATEGORIES
August 2016
August 2017
CHANGE
Total homes under contract (pending sales)
734
829
13%
Total closed sales
654
685
5%
Median closed price
$320,000
$328,000
2%
Median closed price >$300K
$485,000
$510,000
5%
Total active listings (inventory)
4,787
4,807
0%
Average days on market 
88
95
8%
Single-family closed sales
350
378
8%
Single-family median closed price
$384,000
$422,000
10%
Single-family inventory
2,554
2,446
-4%
Condominium closed sales
304
307
1%
Condominium median closed price
$232,000
$250,000
8%
Condominium inventory
2,233
2,361
6%

Fioretti added that, statistically, major weather events impact housing market sales, and Hurricane Irma was no exception. In agreement, Wes Kunkle, President and Managing Broker at Kunkle International Realty, added that he actively watches the Southwest Florida MLS, and there was virtually no activity in it for almost two weeks following the storm.   

"We won't truly know the impact of Hurricane Irma on the area's housing market for a few months," said Tom Bringardner, Jr., President CEO of Premier Commercial, who added that "the event presents a great opportunity for sellers to refresh their homes and make them more appealing to buyers before season starts." 

Inventory continued to tighten in August with a 6.83-months' supply for single-family homes and a 6.18-months' supply for condominiums, according to the August 2017 Market Report.

Bringardner and all broker analysts agreed that the county's hurricane building code standards saved the area's housing market from severe destruction. NABOR® and its board of directors also want to recognize and thank the combined efforts of county government, its leaders, and members of all emergency management and preparedness teams, as well as the Naples resident Governor Rick Scott, and utility providers, both public and private. The fast response and citizen-led restoration of our beloved community is a testament to the integrity of its people. 

If you are weighing the pros and cons of renovations to your home following Hurricane Irma before you decide to sell, be sure to contact me for assistance. I can help you do a market comparison and determine a fair and reasonable listing price, both with and without renovations. I will also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at about me by visiting www.NaplesHomeSweetHome.com or feel free to contact me by calling 239.404.7787.

To view the full report be sure to click on this link.

I hope you have a fantastic day!
Michelle

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 6,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.
  
The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.