Let’s Talk HOT Off the Press…
3Q Prices Hold Steady with Inventory on the Rise
Naples, Fla. (October 20, 2016) - The Naples Area Board of REALTORS®
(NABOR®) released its Third Quarter 2016 Market Report, which tracks
home listings and sales within Collier County (excluding Marco Island),
and it showed overall inventory increased 40 percent with little change
in median closed prices. In fact, as reflected in the report, the overall
median closed price for homes on the market increased only 4 percent
to $312,000 in the 3Q of 2016 from $300,000 in the 3Q of 2015. This
was predominately driven by a 9 percent increase in the $300,000
and below price category. Comparatively, all other price categories
saw a zero or negative price adjustment.
Upon reviewing the report, NABOR® President and Broker Associate
with Berkshire Hathaway Home Services Florida Realty Rick Fioretti
said, "a quick analysis of price behavior since December of 2015
hows median closed prices leveled out." Several broker experts
agreed with Fioretti, adding that the pricing trend is a natural reaction
to the increase in inventory.
"I think we're seeing the completion of a cycle that began in 2013," said
Cindy Carroll, SRA, with the real estate appraisal and consultancy firm
Carroll & Carroll, Inc. "Prices have remained relatively stable for over a
year, and now I'm noticing more competitive value-based pricing as the
Carroll remarked that her business encounters a small herd of listings
that are still not moving, and believes ongoing increases in inventory
over the next six months will require these sellers to adjust their value
perceptions. "The list to sale price ratio is shrinking and this needs to
continue if we want to compete with new home construction."
"If it's overpriced, then the property sits," said Dominic Pallini, Broker at
Vanderbilt Realty, who went on to say that days on market decreased
12 percent in the $2 million and above price category, but overall, there
was a 10 percent increase in days on market. "Pricing is critical now
more than ever."
While both pending and closed sales decreased 14 percent (quarter over quarter),
inventory continued to rise in all areas of Collier County during the 3Q of 2016.
Overall, inventory rose 40 percent to 5,044 homes in the 3Q of 2016 from 3,606
homes in the 3Q of 2015; with a marked increase in Central Naples, which rose
49 percent to 608 homes in the 3Q of 2016 from 408 homes in the 3Q of 2015.
Inventory increases in the condominium market were also remarkable during the
third quarter of 2016. This home type experienced a 53 percent increase in
inventory to 2,375 condominiums in the 3Q of 2016 from 1,557 condominiums
in the 3Q of 2015.
The NABOR® 3Q 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® 3Q 2016 sales statistics are presented in chart format, including
these overall (single-family and condominium) findings:
"Only 23 percent of homes for sale under $300,000 are single-family
residences," said Brenda Fioretti, Managing Broker at Berkshire Hathaway
HomeServices Florida Realty. "When it's priced right, it sells."
NABOR® also released its September 2016 Market Report, which showed
activity in September 2016 compared to activity in September 2015 was a mixed
bag. For example, while overall pending and closed sales decreased 12 and
19 percent, respectively, median closed prices held steady or decreased in
73 percent of the market in September. In fact, median closed prices for all
homes above $500,000 decreased, with a 12 percent decrease occurring in
the $2 million and over price category.
"While this year's summer activity at the high end was no match to last year's
'banner year' pace, we have started to experience a slight uptick in interest and
inquiries this month when compared to last month," said Richard Prebish, II,
Broker Associate at William Raveis Real Estate. "I anticipate there will be
some more great opportunities at reasonable prices being introduced to the
high end marketplace in the coming months."
The NABOR® September 2016 sales statistics are also presented in
chart format, including these overall (single-family and condominium) findings:
Michelle J. DeNomme, REALTOR, GRI
Cellular Phone I 239.404.7787
E-Mail : Michelle@NaplesHomeSweetHome.com
Berkshire Hathaway HomeServices Florida Realty
E-Fax Number: 239.236.5550
Blog Page: http://michelledenomme.blogspot.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.
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Closed Sales...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.
New Listings/Inventory...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.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.
Average & Median Sales Price...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.
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.
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.
Southwest Florida Happenings:
Summer Activity Indicates Promising Season
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®), 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.
Real Estate Tidbits
Don't forget .... Turn Back Your Clocks!!!
The former Gordon's on the River at Naples Naples Harbour Yacht Club is now the Flying Bridge at Walker s Hideaway Marina of Naples
Michelle's Food Picks of the Month for the Naples area!!!
Thai Ubon Cafe 5th Avenue...
Fresh off of the success of our first restaurant, Thai Udon Cafe has created a beautiful new space on Naples' famous 5th Avenue, just 3 blocks from the Gulf of Mexico.
While we continue to serve a full complement of traditional and modern Thai and Japanese fare, we now offer a wide variety of a la carte sushi (nigiri) and scrumptious, unique maki rolls.
Enjoy meals inside or outside of the folding Euro doors accompanied by your choice of wine, sake, or draft and bottled beers.
Jimmy P's Charred...
For generations, the men of the Pepper family have labored to become masters of all things meat. The knife of Jim Sr. has carved nearly 3 million cuts of meats, and the Pepper family's secret recipes for spice mixtures, techniques, sauces and smokehouse favorites have been guarded for more than three quarters of a century. When Jimmy Pepper Jr, came to the block, he left the cleaver to his dad and headed into the office. Jimmy crafted crowd pleasing menu items utilizing the finest products that his dad was producing and put together the business plan that has led to continuous growth and expansion for Jimmy P's Butcher Shop and Deli. The lunch business at Jimmy P's is bursting at the seams, so more space and the addition of dinner hours is how they plan to meet and exceed the expectations of their customers.
Staying true to who they are, “Charred”, the butcher shop's dining area, will serve the finest quality meats, expertly cut or smoked by Jim Sr. and his team. “We hope that our guests will enjoy the unique and exclusive opportunity of watching their personally selected, hand cut Wagyu steak traveling from the butcher block to the grill.”
Pizza Fusion is a new take on America’s favorite food. We proudly serve up delicious, gourmet pizza in its purest form - untainted by artificial additives, like preservatives, growth hormones, pesticides, nitrates and trans fats (to name a few). While we’re famous for our pizza, our 75% organic menu features an eclectic variety of gourmet sandwiches, salads, desserts, beer and wine. Additionally, we proudly offer health conscious alternatives for our friends with selective diets and food allergies, such as our delicious gluten-free pizza, brownies and beer and our tasty vegan selections.
Born from a desire to make a difference, every detail of our operations is continuously evaluated from an environmental perspective in an effort to further minimize our ecological footprint. From delivering our food in company owned hybrid vehicles and offsetting 100% of our power consumption with the purchase of renewable wind energy certificates to building restaurants to LEED certified standards, we are committed to being a leader in not only the pizza industry, but in a better quality of life. Through our spirited philosophy and principled leadership, Pizza Fusion will redefine the fast casual restaurant industry.
Anchored by Whole Foods Market, Nordstrom Rack and Silverspot Cinema, a 12-screen premier-style theater, Mercato offers 12 notable restaurants, over 20 upscale retailers and luxury residential condominiums. Mercato hosts a vibrant year-round event calendar with most events free and open to the public.
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