Sunday, December 18, 2016

Let's Talk Hot Off the Press!
NABOR Market Report/December 2016... 
Local Real Estate Brokers Predict Strong Season

Naples, Fla. 
(December 16, 2016) - 
 Consistent with historic activity in Southwest Florida, pending and closed sales in the greater Naples housing market continue to increase as the winter season approaches. The November 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 a median closed price of $303,000 during November 2016; a 5 percent decrease from the November 2015 median closed price of $318,000. More sellers also entered the market in November, which resulted in a 40 percent increase in inventory to 5,733 properties in November 2016 from 4,095 properties in November 2015 (300 more properties than October 2016). Yet according to several broker analysts who examined the November 2016 Market Report, one obstacle agents continue to face is a market with pockets of improper valuations.

"One year ago we had 4.24 months of inventory market wide, said Cindy Carroll, SRA with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. "The November 2016 statistics show an 8.02 month supply, that's a 60 percent increase in months of inventory year over year."  

Carroll believes that the local real estate market reached the top of the current economic cycle in the fall of 2015 and explained that, "rising inventories require properties to be appropriately and competitively priced in order to achieve a sale. Overpriced properties tend to languish on the market, contributing to an oversupply condition. To avoid this, sellers should seek guidance from a REALTOR® who can help price the home appropriately from the beginning so it gets sold quickly and at the best price."

Wes Kunkle, President and Managing Broker at Kunkle International Realty, said many of his investor clients are adding to the area's lower end inventory. "When investors who bought between 2009 and 2012 start to reenter the market, this is a sign that price appreciation is good and it's a great time to sell."

Interestingly and according to the report, over 50 percent of homes sold in the last year were in the $300,000 and below price category. This segment continues to see an increase in sales month over month. In November 2016 there was an 8 percent increase in overall closed sales to 285 closed sales from 264 closed sales in November 2015.

From a seller's perspective, Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc., said it is important for homeowners on the fence to determine whether they want to be proactive or reactive sellers. "Proactive sellers work with REALTORS® who focus on market valuations that are real."

Jeff Jones, Managing Broker at the Naples-Park Shore office of Coldwell Banker®, said he also watches days on market closely. "The number of properties selling under 30 days is increasing, while those in the 30 to 90 day and 90 day and up segments are stagnant. This tells me that there are still properties improperly priced out there."

The NABOR® November 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® November 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) 

Phil Wood, President & CEO of John R. Wood Properties, remarked that the Market Report showed an increase in inventory of just over 1,600 units above last year, of which 900 were below $500,000. "Only 200 of these new properties were in the Central Naples area; most of the inventory growth appears to be happening in areas outside the city limits."  
"Now that we are past the election and the economy responded positively, we are looking forward to a strong and busy season," said Dominic Pallini, NABOR® President and Broker at Vanderbilt Realty. 
Broker analysts agreed that factors that negatively impacted tourism and seasonal migration in 2016 like the February stock market slump, a low Canadian exchange rate, Brexit and Zika fears, and the presidential election are behind us now. The only obstacle left to overcome is irrational legacy pricing behaviors. With inventory expected to increase, buyers will have more options and sellers should seek guidance from a REALTOR® who knows the local market and can help price properties correctly.
As always if you have any questions please feel free to contact me by 
e-mail or by calling 239.404.7787. Please click below for the Statistics.

I hope you have a fantastic Holiday Season with your family and friends...:0)

Michelle J. DeNomme, REALTOR, GRI
Cellular Phone I  239.404.7787
Berkshire Hathaway HomeServices Florida Realty
Office: 239.659.2400
E-Fax Number: 239.236.5550
Twitter Me: DeNommeRealtor

Friday, December 2, 2016

Let's Talk... It's a Fantastic Time to Buy in South West Florida! 
Trust me you don't want to miss out on your opportunity to live here in South West Florida! 

NABOR Report: 
More Buyers Choose Conventional Mortgage Loans 
to Purchase Their Home

Click Here to View My December News Letter...

Over 44 percent of homes purchased in October used conventional financing methods (e.g., mortgages), according to a report released by the Naples Area Board of REALTORS® (NABOR®) that detailed activity in the greater Naples housing market during October 2016. The October 2016 Market Report, which tracks home listings and sales within Collier County (excluding Marco Island), showed a gradual – but continuous – decline in cash sales with growth in conventional sales during the last 12 months.

n October 2015, cash sales accounted for nearly 65 percent of all homes sales in Naples, whereas in October 2016, cash sales accounted for only 56 percent of all homes sales in Naples. Interestingly, homes purchased in the $300,000 to $500,000 price category in October reflected the highest percentage of conventional sales (60 percent) of all the price categories reported.

“Increased use of conventional mortgages in October may be an indication of increased consumer confidence coupled with a better lending environment,” said Rick Fioretti, NABOR® President and Broker Associate with Berkshire Hathaway Home Services Florida Realty. “In October 2014, only 32 percent of all home sales used conventional financing. In October 2015, conventional financing increased to 35 percent of overall sales.”...
View the Entire Press Release
View October 2016 Market Statistics


Michelle's Reminders:

Time to order your Christmas Day Turkey Fresh from Jimmy P's
You can call in your order or stop by for tonights dinner and place your order in person!
Jimmy is also taking ready made orders if you don't feel like cooking this year!!!
I look forward to working with you and as always if you have any questions please feel free to contact me. 
I also want to remind you to be sure to accept my invitation to HomeSnap this way you can start looking at any listing in a snap!

Let's talk about your next move today! or contact me by calling 239.404.7787.
I hope you have a fantastic Holiday Season with your family and friends!

Thursday, December 1, 2016

Let's Talk... 5th Avenue in December!!!

It’s starting to look a lot like Christmas on the Avenue! 
Christmas Walk & Tree Lighting Ceremony.
42nd Annual Christmas Walk & Tree Lighting Ceremony
Event Time:  5:00 to 8:30 p.m.
Thursday, December 1
The event kicks off at 5:00 p.m. with the Tree Lighting Ceremony in the Sugden Plaza; and with street activities. Street performances (musicians/dancers) will start at 6:30 following the lighting of the Tree.  We have a wonderful line up of activities on the Avenue.  ABC7 will be broadcasting the Tree Lighting live from the plaza.  ABC Anchor, Krista Fogelsong is our emcee for the lighting.  She and Mayor Barnett will light the tree at 6:15 p.m.
The Avenue and side streets will be blocked to traffic starting at
1:00 p.m. (12:30 p.m. on East Lake for a dance troupe to set up a dance floor).
Two major headliners will be on the Avenue this year:  The Naples Concert Band (with 80 performers) will be on 8th Street; and the Gulfview Middle School Orchestra and Choir (180 performers) will be on the 300 Block between BICE and American Momentum. 
Annual Christmas Parade
Tuesday, December 6
6:00 p.m. to 8:00 p.m.
The annual Christmas Parade is set for next Tuesday, December 6th.  The city will start blocking the street around 4:00 p.m. for the parade.  The parade will travel the traditional route from South Broad to Third Street to 5th Avenue South to 8th Street.
Evening on 5th
Thursday, December 8
6:30 to 9:30 p.m.
Have a great line up for that evening with entertainment.
TUBA Christmas
Thursday, December 15
6:30 to 7:30 p.m.
Sugden Plaza
This fun event is in it’s 20th year and features Tubas, Euphoniums and more playing traditional Christmas songs. 

Let's Talk... Hot off the Press!
Overview of our South West Florida Market... 
Naples is heating up for a big season this year.  Since the election is behind us, our trusted Economists predict a very robust selling season for 2017. We expect that 2016 will end up with about 15% fewer closed transactions than we saw in 2015.  We expect this to improve in 2017.
Inventory of homes for sale of both new and existing homes continues to increase and this is a good sign for buyers.  There are many good choices in every price range. The reports show that we currently have 6 months of inventory to sell.  The under $300,000 price category continues to see more and more condominiums and fewer single family homes, and there are some great buying opportunities in condominiums under $300,000.
Year over year, the median sales price has increased 6%, most of the increase was noticed in the segment of the market under $300,000.  Over $300,000 price range increase was much less, around 2%.
Let's Talk Today... My hope is to assist you and your friends & family with your South West Florida Real Estate needs.  It is my profession and passion to know our market and be aware of the new and existing home opportunities for both buyers and sellers. 
Michelle J. DeNomme, REALTOR, GRI
Cellular Phone I  239.404.7787
Berkshire Hathaway HomeServices Florida Realty
Office: 239.659.2400
E-Fax Number: 239.236.5550
Twitter Me: DeNommeRealtor