Let's
Talk... Hot off the Press!
Summer Activity Indicates Promising Season...
Naples,
Fla. (September
16, 2016) - The housing market's momentum continues to remain strong
heading into fall. Upon reviewing the August 2016 Market Report released by the
Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales
within Collier County (excluding Marco Island), NABOR® broker analysts cited
several reasons why buyers and sellers can expect a promising winter season
such as the inventory is continuing to increase and the median closed prices
are remaining virtually unchanged.
Overall
activity of properties in the $2 million and above price category failed to
perform as well in August compared to other price categories. However,
condominium inventory in this luxury segment of the market increased 84 percent
to 81 condominiums in August 2016 from 44 condominiums in August 2015, while
its overall median closed price fell 19 percent (year over year) to $2,537,000
in August 2016 from $3,132,000 in August 2015. This behavior of increased
inventory and lower prices primes the luxury segment of the market for a season
where the number of properties priced right can certainly meet demand.
NABOR®
broker analysts suspect some potential buyers of high-end properties may be
reluctant to make big financial decisions because of the uncertainty of the
economy after the Presidential election. However, as the report indicated,
activity in this segment of the market is historically lower than it is during
seasonal months. Brokers were quick to point out that this tapering is
anticipated during the summer and expect sales in this segment to rise as we
move into the next season.
Upon
reviewing the report, Steve Barker, Advising Broker for Equity Realty, remarked
that buyers looking for homes in the under $300,000 price category found plenty
of options in the Naples condominium market. "There were 211 closed sales
for condominiums in the $300,000 and below price category in August compared to
93 in all other price categories combined."
The
median closed price for condominiums in this entry-level price category was
$193,000. August also saw a 50 percent increase in inventory for condominiums
in the $300,000 and below price category to 974 condominiums in August 2016
from 648 condominiums in August 2015.
Barker
continued, "As the reports indicate, sales have been pretty steady over
the summer. Overall, there were 627 closed sales in July and 654 in August.
Sales in the high end might have been a bit softer this summer compared to last
year, but I do not think it is an indication of anything but how buyers behave
during a presidential election year."
Overall
inventory increased 36 percent for the second month in a row to 4,787 homes in
August 2016 from 3,525 homes in August 2015. In fact, while inventory rose in
all price categories for both home types, the overall median closed price
remained flat in August, with the exception of homes in the $300,000 and below
price category, which increased 9 percent to $210,000 in August 2016 from
$192,000 in August 2015.
Mike
Hughes, Vice President and General Manager for Downing-Frye Realty,
Inc., pointed out that even though overall inventory decreased slightly
over the last five months; historically, it's projected to swing upwards
starting next month. If prices continue to remain stable as they have over the
last year, then Hughes believes that more choices and reasonable prices will
make for a good season.
The
NABOR® August 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® August 2016
sales statistics are presented in chart format, including these overall
(single-family and condominium) findings:
|
CATEGORIES
|
August 2016
|
August 2015
|
CHANGE
|
|
Total
homes under contract (pending sales)
|
734
|
811
|
-9%
|
|
Total
closed sales
|
654
|
689
|
-5%
|
|
Median
closed price
|
$320,000
|
$306,000
|
5%
|
|
Total
active listings (inventory)
|
4,787
|
3,525
|
36%
|
|
Average
days on market
|
88
|
75
|
13%
|
|
Single-family
closed sales
|
350
|
348
|
1%
|
|
Single-family
median closed price
|
$384,000
|
$388,000
|
-1%
|
|
Single-family
inventory
|
2,554
|
2,025
|
26%
|
|
Condominium
closed sales
|
304
|
341
|
-11%
|
|
Condominium
median closed price
|
$232,000
|
$235,000
|
-1%
|
|
Condominium
inventory
|
2,233
|
1,500
|
49%
|
Geographically,
overall closed sales in East Naples increased 10 percent to 136 homes in August
2016 from 124 homes in August 2015. Also impressive was the 12 percent increase
in single family closed sales in the East Naples area to 91 homes in August 2016
from 81 homes in August 2015, and a 72 percent increase in condominium
inventory in North Naples to 639 condominiums in August 2016 from 371
condominiums in August 2015.
Broker
analysts have long acknowledged that a small portion of new construction inventory
appears in the Southwest Florida MLS data. To confirm such speculation, Wes
Kunkle, President and Managing Broker at Kunkle International Realty, performed
an independent analysis of the MLS in August and found that,
"approximately 20 percent of active listings in select geographic areas of
high development were new construction."
If
you are weighing the pros and cons of buying or selling a home in the coming
months, let me guide you through the process. I can provide you with a market
comparison and determine a fair and reasonable listing price. If you are a
Buyer I can also identify properties best suited for your needs and negotiate a
purchase price that fits your criteria and budget. Discover more by visiting my
web-site
at www.NaplesHomeSweetHome.com
I
have sent along the full Market Report for your review below. Please feel free
to contact me with any questions you may have by contacting me by e-mail at
Michelle@NaplesHomeSweetHome.com or by calling 239.404.7787.
Let's
Talk soon!
Michelle
Michelle
J. DeNomme, REALTOR, GRI
Cellular Phone I 239.404.7787
Berkshire Hathaway HomeServices Florida Realty
Office: 239.659.2400
Website: www.NaplesHomeSweetHome.com
Twitter Me: DeNommeRealtor
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