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Naples,
Fla. (October 17, 2014) - Limited
inventory continues to be the story of the Naples area real estate market,
according to the third quarter report released by the Naples Area Board of
REALTORS® (NABOR®). Inventory of existing homes decreased 9 percent from 4,080
homes available in the 3rd quarter of 2013 to 3,702 homes in the 3rd quarter of
2014. This tight inventory affected sales activity as demonstrated by a 10
percent decrease in pending sales from 2,548 in 3rd quarter 2013 to 2,304
pending sales in 3rd quarter 2014; and an 11 percent decrease in closed sales
from 2,339 in 3rd quarter 2013 to 2,093 closed sales in 3rd quarter 2014.
Contrary
to the reduction of pending and closed sales in the 3rd quarter of 2014, real
estate agents across Collier County reported being very busy keeping up with
the growing demand. This anomaly, as confirmed by a panel of brokers analyzing
the NABOR® 3rd Quarter 2014 Naples area market statistics, is likely a result
of the market experiencing an influx of new home construction that, while not
reported in the Southwest Florida MLS, has replenished the void resulting from
a decreased inventory in the resale market.
"I
don't think the market need has changed," said Steve Barker, Advising
Broker for Equity Realty. "Agents are showing homes every day because the
new construction market has finally caught up to the demand. But the resale
market is still desirable as location continues to be a factor for many new
home buyers and the new construction market can't be everywhere."
Pat
Pitocchi, NABOR® president and corporate trainer at Downing-Frye Realty said,
"The market report does a good job at showing us a big picture view of how
the resale market in Collier is behaving in general. However, it does not
report all new homes sales, which appears to be a considerable segment of the
current market activity according to reports from local brokers."
Wes
Kunkle, a commercial broker at Kunkle Realty, pointed out that the 21 percent
decrease in overall pending sales in the $300,000 and below market drove the
overall 10 percent decrease. "Overall pending sales in every price segment
over $300,000 increased in the third quarter 2014. Overall closed sales
increased in two of the five price segments, $300,000 to $500,000 and $1
million to $2 million, as well."
The
NABOR® 3rd Quarter 2014 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® 3rd Quarter
2014 sales statistics are presented in chart format, including these overall
(single-family and condominium) findings:
- Pending sales of single family homes over $2 million
increased 26 percent from 43 in 3rd quarter 2013 to 54 3rd quarter 2014.
- Pending sales of condominiums between $1 million and $2
million increased 29 percent from 38 in 3rd quarter 2013 to 49 in 3rd
quarter 2014.
- Overall closed sales in the $300,000 to $500,000
category increased 13 percent from 398 in 3rd quarter 2013 to 451 in 3rd
quarter 2014.
- Overall closed sales in the $1 million to $2 million
category increased 14 percent from 91 in 3rd quarter 2013 to 104 in 3rd
quarter 2014.
- Overall median closed price increased 13 percent from
$234,000 in 3rd quarter 2013 to $265,000 in 3rd quarter 2014.
- Overall median home price of homes over $300,000
decreased 7 percent from $530,000 in 3rd quarter 2013 to $493,000 in 3rd
quarter 2014.
- Overall inventory decreased 9 percent from 4,080 homes
in 3rd quarter 2013 to 3,702 homes in the 3rd quarter of 2014.
- Overall inventory of single family homes in the
$300,000 to $500,000 market increased 15 percent from 422 in 3rd quarter
2013 to 487 in 3rd quarter 2014.
According to Kathy Zorn, broker/owner at Florida
Home Realty, "Homes priced under $300,000 may make up over 60 percent of
our market but this is not our entire market. In fact, the 3rd quarter report
showed an increase in inventory of single family homes in the combined price
categories above $300,000, which accounts for 1,564 homes or 42% of the overall
3rd quarter inventory.
NABOR® also released its September 2014 Market
Report, which revealed the following:
- Overall pending sales increased 2 percent from 810 in
September 2013 to 829 pending in September 2014.
- Overall closed sales decreased 3 percent from 9,919 in
the 12-months ending September 2013 to 9,585 closed sales in the 12-months
ending September 2014.
- Overall median closed price increased 14 percent from
$230,000 in the 12-months ending September 2013 to $262,000 in the
12-months ending September 2014.
- Overall inventory decreased 9 percent from 4,080 in
September 2013 to 3,702 in September 2014.
Broker analysts agree that new construction
within the last year is a welcome addition to the Collier County housing
market.
With guidance from a local REALTOR®, buyers can
discover opportunities and ensure their sale or purchase is a success within
both the new home and resale markets.
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