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YOUR NAPLES REAL ESTATE REPORT
Summer Housing Activity Confirms Stable Market
Naples, Fla. (August 22, 2014) - "Stable" continues to be the adjective real estate experts use to describe the Naples area housing market after analyzing a recent report tracking July activity released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Overall pending and closed sales for July increased in all price categories except the $300,000 and under market. The overall median closed price in July increased 16 percent from $225,000 to $260,000; with a 12 percent increase in the $300,000 and under market, from $155,000 to $174,000,driving the overall price increase.
Due to demand in the under $300,000 market, which resulted in a 25 percent decrease in that segment's inventory, the market's total inventory in July fell 13 percent. However, it's important to note that 15 percent of the total inventory available included 539 newly constructed homes. Our report tracks some new construction activity, typically 'spec' homes, however, it does not include new home inventory being added from the 30 new communities currently under development in the area.
The report shows us clear inventory decline in the $300,000 and below market. The fact is: we're running out of homes to sell in this price category.
The trend can be seen in the statistics, as pending sales for homes under $300,000 decreased at almost the same rate as its inventory. The report also shows new summer trends by neighborhood. In July 2014, the only increase in pending sales of single family homes was in the Naples Beach and South Naples areas. Interestingly, the only area to experience a positive increase in inventory was East Naples.
"Appreciation is one key factor driving prices in the lower end of the market," said Dr. Shelton Weeks, Department Chair of Economics & Finance, Lucas Professor of Real Estate and director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University. "These homes are in demand and quick to sell."
Overall pending sales in the $2 million and above price segment increased 47 percent from 19 homes pending in July 2013 to 28 homes pending in July 2014. For single family homes in this segment and timeframe, pending sales increased 100 percent from 11 to 22; yet pending sales for condominiums in this price segment decreased 25 percent from 8 to 6.
The NABOR® July 2014 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® July 2014 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Traditional sales dominate the market. In July 2014, they increased 35% from 345 in July 2009 to 603 in July 2014. There were 330 non-traditional [short sale or foreclosed] home sales in July 2009. In July 2014 there were only 102, a significant reduction.
There were also more closed sales recorded in the first seven months of 2014 (5,952) than there are available in our current inventory (3,563), which NABOR® experts believe is an encouraging message to consumers looking to sell or buy.
Working with a REALTOR® can benefit both buyers and sellers. While anyone can search the local housing market online, only a REALTOR® has the experience to know whether a specific property is overpriced or underpriced. REALTORS® also provide objective insight into factors that affect the contractual process including things like repairs, appraisals, fees, negotiations, and financing.
If you are interested in either buying or selling Naples Real Estate, please text, email or call my direct line and I will respond immediately.
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