Friday, August 19, 2016

Let's Talk... Hot Off the Press
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.
Activity in the Naples Beach area surprised broker analysts 
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."

As always if you have any questions about our Real Estate 
Market in South West Florida please feel free to contact me 
by e-mail at or by 
calling 239.404.7787.
I hope you have a fabulous weekend.

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