"We know that traditionally, inventory will begin to creep up
in September, October and November as many sellers try to
get a jump on the competition that might list their properties
closer to our winter season," said Mike Hughes, Vice President
and General Manager for Downing-Frye Realty, Inc. "But the
pre-season months (September through November) can be a
great time for buyers as well. Buyers will find less competition
[from other buyers] in the pre-season months. They will also
get an early peek at properties that will probably sell during
season."
The August ShowingTime report indicated that local
REALTORS® scheduled 16,878 appointments during August.
This is an increase of 16 percent compared to showings in August
2018. On average, a home in the Naples area is shown 16 times
before it secures a contract.
Broker analysts reviewing the August Report are leery of sales
activity next year as sellers will face market uncertainty brought
on by a presidential election. In the third quarter of 2016 - right
before the last presidential election - overall closed sales in Collier
County decreased 14 percent compared to closed sales during the
third quarter of 2015.
Budge Huskey, President of Premier Sotheby's International
Realty added, "The overall market is very healthy today based
on the average person's financial position continuing to improve
in tandem with the economy. Yet in the luxury and upscale second
homes markets, which are often elective, buyers tend to have a
longer-term horizon and base investment decisions on where they
believe the economy and markets will be a year or more
out in the future. Accordingly, there are mixed signals and sentiment."
Incidentally, the $300,000 to $500,000 price category led closed
sales in August with a 10.1 percent increase followed by closed
sales of properties under $300,000, which increased 6.5 percent.
Closed sales of homes between $1,000,000 and $2,000,000
decreased 5.7 percent.
"Sales of single-family homes were up almost 10 percent this August,
" said Huskey. "Despite the reduced inventory overall, new listings
coming on the market were up 4 percent in August and builder
inventory is up as well."
The median closed price in August decreased just 0.2 percent to
$317,918, which is only $582 lower than the median closed price in
August 2018 ($318,500). In fact, price increases have only been
reported in two of the last 12 months (October 2018, 3.7%;
and April 2019, 3.4%).
"We don't know how changes in the political climate will affect
the housing market in 2020," said Wes Kunkle, President and
Managing Broker at Kunkle International Realty. The August
Report showed median closed prices for homes below $300,000
and homes between $1 million and $2 million decreased 4 percent
in August, while homes between $300,000 and $1 million showed
no change in median closed prices.
The NABOR® August 2019 Market Reports provide comparisons
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