Let's Talk Hot Off the Press...
Luxury Home Sales Lead to a Strong Second Quarter Finish
Naples, Fla. (July 13, 2018) - Activity in the Naples area
housing market during the Second Quarter of 2018 remained
steady in comparison to activity during the Second Quarter
of 2017.
According to the 2Q 2018 Market Report released by the Naples
Area Board of REALTORS® (NABOR®), which tracks home listings
and sales within Collier County (excluding Marco Island), overall
closed sales increased 2 percent to 2,926 properties in the 2Q of 2018
from 2,880 in the 2Q of 2017. But in the $2 million and above single-family
home market, closed sales rose 25 percent in the 2Q of 2018, which-along
with other market indicators-leads many broker analysts to believe that
interest in luxury homes will remain in high demand.
Available inventory at the end of the 2Q of 2018 was 5,165 properties,
just 24 units behind the inventory level at the end of the 2Q of 2017 (
5,189 properties). "This tells me that homes are coming onto the market
at the same rate we are selling them," said Mike Hughes, Vice President
and General Manager for Downing-Frye Realty, Inc.
Inventory rose 15 percent in the $2 million and above condominium
market during the 2Q of 2018, which may be a factor in the uptick of
pending sales in the luxury condominium market as it rose 32 percent
during the 2Q of 2018.
"Inventory in other parts of the state and nation are stretched thin,
hovering between 3 and 4 months of inventory, but Naples enjoys almost
7 months of inventory," said Budge Huskey, President, Premier Sotheby's
International Realty. "What's even more impressive is that we have such a
great selection of homes for buyers despite the recent increase in sales
and still having some undergoing repairs from Hurricane Irma."
"We are seeing a very different sales environment locally from that
of 10 years ago when home sales in northern states stalled," said
Coco Amar, a managing broker at John R. Wood Properties. "But now
that homes are moving fast up north, sales of high-end single-family
homes in Naples are stronger than ever."
"It's hard to ignore the increase in interest for ultra-luxury properties,"
said Huskey. "A $48.8 million sale for a home in Naples is impressive, but
when you learn there was a second potential buyer who was considering
the property you know what type of buyers are in the market."
According to Adam Vellano, West Coast Sales Manager, BEX Realty -
Florida, there were four property sales over $10 million during the 2Q.
"It's possible the new tax laws are impacting people's minds about residency
and we're benefiting from it."
Brokers analyzing the market report agreed that multiple offers on luxury
properties have risen. But whatever factor(s) is driving the increased interest,
closed sales of luxury homes over $2 million are positioned to rise again as
the stage has been set in the 2Q where pending sales in this price category
increased 22 percent for single-family homes and 32 percent for condominiums.
The NABOR® Second Quarter 2018 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® Second Quarter 2018 sales statistics are presented in chart format,
including these overall (single-family and condominium) findings:
View 2Q Market Statistics
The real estate market's stability during the 2Q also extended to its
median closed prices which increased only 1 percent to $345,000 in
the 2Q of 2018 from $340,000 in the 2Q of 2017. However, despite
increased sales in nearly every price category for properties priced
above $300,000 during the 2Q of 2018, the median closed prices for
properties above $300,000 decreased 5 percent!
As pointed out by Vellano, sales of single-family homes near Naples
Beach and in the expanding North Naples area saw the greatest increase
during the 2Q, and condominium sales in Central Naples outpaced all
other home type sales during the 2Q. "According to the report, we
averaged 30 transactions a day during the 2Q," said Vellano. "That's
good news for REALTORS® as we move into the summer months."
As always if you are looking for additional information please
feel free to contact me by e-mail or by calling 239.404.7787.
I am looking forward to working with you!
Michelle
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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: DeNommeRealtor
Office Address: 621 Fifth Avenue South Naples, Florida 34102
Member Of Naples Board Of REALTORS
Member Of Florida REALTORS
Member Of National Association Of REALTORS
Graduate Of REALTOR Institute (GRI)
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 6,000 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.
