Geographically, the median closed price for condominiums
in the Naples Beach area (34102, 34103, 34108) increased
13 percent to $805,0000 in March 2019 compared to $711,500
in March 2018, the highest increase of all areas reported. The
median closed price for single-family homes increased the most
in South Naples (34112, 34113) by 2.6 percent to $410,000 in March
2019 compared to $400,000 in March 2018. Inventory during March
increased in only one segment and place: single-family homes in
the Naples Beach area. This area's inventory increased by 4.1 percent
and is where a large majority of "spec" home building is taking place.
Brokers reviewing the March report also discussed their concern
about how water quality issues and short-term rental limits might
impact the Naples housing market moving forward. Adam Vellano,
West Coast Sales Manager, BEX Realty - Florida, and a member
of the NABOR® Water Quality Task Force, remarked that actions
by the new Governor to fast-track many delayed water-quality
projects, appoint a new South Florida Water Management Board,
and request the Army Corps of Engineers modify Lake Okeechobee's
scheduled releases so there are fewer in the summer, is already
being met with positive response.
"If the county puts limits on rentals we may see a spike in
inventory," said Mike Hughes, Vice President and General
Manager for Downing-Frye Realty, Inc., who added that a
limit would be bad news for a good portion of our seasonal
residents and the homeowners and investors who benefit
from a healthy rental market. Huskey responded that "a
move to restrict rental lengths to the term suggested could
significantly impact sales in some areas of unincorporated
Collier County." As it stands, his company already has an
85 percent rental reservation rate for next season which
shows confidence in the market.
The March 2019 Market Report showed overall closed
sales decreased 1.7 percent to 973 in March 2019 compared
to 990 in March 2018. This decrease was isolated to the
single-family home market, whose sales in March 2019 fell
by just 17 total sales compared to March 2018. The condominium
market in March ended with 499 closed sales, the same number
reported in March 2018.
However, as Bill Coffey, Broker Manager of Amerivest Realty
Naples pointed out, the report also showed closed sales in
March increased 64 percent compared to February 2019,
which reported 595 closed sales; and it increased 65 percent
compared to January 2019, which reported 588 closed sales.
"Sales activity in the first two months of the quarter was down
compared to last year, but the March report showed a sales
resurgence which I think will continue into April," said Budge
Huskey, President, Premier Sotheby's International Realty.
"Once a seller finds their realistic list price, the home tends
to sell. The proof is in the report, which showed that sellers
received 95.3 percent of the final list price in March."
Many brokers have reported an increase in contracts
(pending sales) during March, which they feel contributed
to the 10 percent decrease in overall inventory for March.
It is important to remember that inventory during the first quarter
of 2018 included many homes that were put back on the market
after having been taken off the market for repairs following Hurricane
Irma during the last quarter of 2017. As such, the report showed
8.7 months of inventory for March 2019, down 11 percent compared
to March 2018.
"When inventory was tight, there was more urgency to buy," said
Wes Kunkle, President and Managing Broker at Kunkle International
Realty. "But so far this year buyers have been spending time looking
around more and at new construction too." Kunkle added that the
Southwest Florida MLS showed "about 19 percent of the single-family
closed sales in March were new construction."
The NABOR® March 2019 Market Reports provide comparisons
of single-family home and condominium sales (via the Southwest
Florida MLS), price ranges, and geographic segmentation and
includes an overall market summary. NABOR® sales statistics
are presented in chart format, including these overall (single-family
and condominium) findings:
As always if you have any questions please feel free to reach
out to me.
I hope you have a fantastic day!
Michelle
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