Let's Talk... Hot off the Press!
Inland Home Sales Activity Outpaced
Shoreline
During Third Quarter
Naples, Fla. (October 23, 2015) - Broker analysts were pleased when
they reviewed the Third Quarter Market Report released by the Naples Area Board
of REALTORS® (NABOR®), which tracks home listings and sales within Collier
County (excluding Marco Island). The report showed positive trends during the
summer months of 2015, with increased activity in neighborhoods located inland
(east of 41) including South, East and Central Naples. Overall closed sales for
single-family homes in the $1-million to $2-million price category outpaced all
other price categories with a 79 percent increase (quarter over quarter) from
56 single-family homes sold in the Third Quarter of 2014 to 100 sold in the
Third Quarter of 2015.
"The third quarter report
confirmed to us that summer was strong for home sales," said Mike Hughes,
NABOR® president, Vice President and General Manager of Downing-Frye Realty,
referring to double-digit increases in closed sales for homes priced above
$300,000. "I'm especially impressed at how well the high-end single-family
home market did in the past three months because we typically see more people
buy in this range between Christmas and Easter."
Geographically, activity was most
remarkable during the Third Quarter in inland neighborhoods of Naples with
activity in the South Naples condominium market leading the pack. According to
a quarterly comparison of the Third Quarter of 2014 versus the Third Quarter of
2015, South Naples saw an 8 percent increase in pending sales for condominiums,
a 9 percent increase in closed sales for condominiums, and a 24 percent
increase in median closed price for condominiums.
Broker analysts agreed that a
renewed interest in homes located east of U.S. 41 was not a surprise.
"Sales of homes near the beach happened faster following the recession
because of their prime location," said Pat Pitocchi, NABOR® media
relations chairperson and corporate trainer at Downing-Frye Realty. "But
the latest reports show us the housing market in all geographic areas within
Naples has recovered as buyers are showing increased interest in our inland
properties."
Bill Coffey, Broker Manager of
Amerivest Realty Naples, agreed with Pitocchi, noting that the reports also
showed a strong trend in how people are purchasing homes, cash versus
financing. "There was an 11 percent decrease in cash sales from 66.8
percent in September 2014 to 55.6 percent in September 2015," said Coffey.
"When the number of homes being financed continues to increase through the
summer months, it's a good indicator that more full-time families are being
attracted to the area."
Other inland areas that saw
heightened activity during the Third Quarter were Central and East Naples. Of
note, Central Naples (which includes neighborhoods between U.S. 41 and Collier
Boulevard) saw a 24 percent increase (quarter over quarter) in overall median
closed price from $185,000 in the Third Quarter of 2014 to $230,000 in the
Third Quarter of 2015, and single-family homes in East Naples (identified as
homes located east of Collier Boulevard) experienced a 29 percent increase in
median closed price from $221,000 in the Third Quarter of 2014 to $285,000 in
the Third Quarter of 2015.
NABOR also released its September
2015 Market Report which showed a 10 percent decrease in pending sales (homes
under contract) from 829 homes pending in September 2014 to 749 in September
2015. According to Hughes, the dip in September's pending sales may have been
tied to the stock market's erratic behavior, which tends to shake consumer
confidence and cause people to delay big purchase decisions.
The Third Quarter and September 2015
Market Reports also uncovered a possible new trend in inventory as the number
of homes for sale in the $300,000 and below price range was no longer the
largest category of inventory as in the past. As pointed out by Brenda
Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty,
"Out of the 945 homes for sale under $300,000, only 291 are single-family
homes. However, there are 505 single-family homes for sale in the $300,000 to $500,000
price category, and 598 single-family homes for sale in the $500,000 to $1
million price category. Due to the increase in home values, many homes
previously listed in the lower price categories have crept up to the next
higher price category, which is referred to as bracket creep."
The NABOR® Third Quarter 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® Third Quarter 2015 sales
statistics are presented in chart format, including these overall
(single-family and condominium) findings:
· Overall pending sales decreased 1 percent from 2,304 homes
in the Third Quarter of 2014 to 2,270 homes in the Third Quarter of 2015.
· Overall closed sales increased 3 percent from 9,658 in the
12-months ending the Third Quarter of 2014 to 9,956 in the 12-months ending the
Third Quarter of 2015.
· Overall median closed price increased 15 percent from
$262,000 in the 12-months ending the Third Quarter of 2014 to $300,000 in the
12-months ending the Third Quarter of 2015.
· Overall median closed price for homes over $300,000
decreased 5 percent from $545,000 in the 12-months ending the Third Quarter of
2014 to $520,000 in the 12-months ending the Third Quarter of 2015.
· Overall inventory decreased 3 percent from 3,702 in the
Third Quarter of 2014 to 3,606 in the Third Quarter of 2015.
· There is a 4.24 months supply of inventory.
· Average days on market decreased 1 percent from 77 days in
the Third Quarter of 2014 to 78 days in the Third Quarter of 2015.
The NABOR® September 2015 Market
Report was also released and reflected these overall (single-family and
condominium) findings:
· Overall pending sales decreased 10 percent from 829 homes in
September 2014 to 749 homes in September 2015.
· Overall closed sales increased 3 percent from 9,658 homes in
the 12-months ending September 2015 to 9,956 homes in the 12-months ending
September 2015.
· Overall median closed price increased 15 percent from
$262,000 in the 12-months ending September 2014 to $300,000 in the 12-months
ending September 2015.
· Overall inventory decreased 3 percent from 3,702 in
September 2014 to 3,606 in September 2015.
· Average Days on market increased 7 percent from 74 days in
September 2014 to 79 days in September 2015.
"The third quarter report also
showed us that a lot more people purchased single-family homes above $1 million
this summer than in the same quarter last year," said Steve Barker,
Advising Broker for Equity Realty. Indeed, the Third Quarter Market Report
reflected the median closed price for single-family homes in the $1 million and
above price category decreased 2 percent from $1,350,000 in the Third Quarter
of 2014 to $1,325,000 in the Third Quarter of 2015, which may have spurred
sales.
Hughes remarked that,
"Historically, we see an upswing in the number of homes that go up for
sale in October in anticipation of seasonal buyers. It will be interesting to
see how this plays out because it appears the increased demand for
single-family homes from full-time residents has the potential to keep
absorbing our existing inventory."
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
I
hope you have a fantastic day!
Michelle
Michelle J.
DeNomme, REALTOR,
GRI
Cellular Phone: 239.404.7787
Berkshire Hathaway
HomeServices Florida Realty
Office: 239.659.2400
E-Fax Number: 239.236.5550
Website: www.NaplesHomeSweetHome.com
Twitter Me: DeNommeRealtor
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 5,000 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.
