Naples Area Real Estate Inventory Outpaced Sales in 2016

Naples Area Real Estate Inventory Outpaced Sales in 2016

Contacts: Dominic Pallini, President, (239) 949-2117,
Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

Naples, Fla. (January 20, 2017) – Broker analysts who analyzed the Annual, 4th Quarter and December 2016 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island) concluded that the local real estate market performed well in 2016 despite several unpredictable market influencers that impacted the housing market such as the February stock market slump, a low Canadian exchange rate, Brexit and Zika fears, and the presidential election. Brokers agree that factors appear to be in place for a good market in 2017.

“The 2016 year-end report indicated that we started the year with an inventory shortage but ended at a level that positions us to see sales escalate in 2017,” said Bill Poteet, owner and broker at Poteet Properties.

Overall inventory increased 34 percent to 5,946 homes in year ending 2016 from 4,426 homes in year ending 2015. The Naples Beach area experienced the highest number of new listings with 437 homes added to its inventory during 2016. However, and according to the Report, the Naples Beach area also saw the largest decrease in overall closed sales during 2016 of all other geographic areas reported. Overall closed sales in this highly desired location decreased 21 percent to 1,525 homes in year ending 2016 from 1,922 homes in year ending 2015.

Closed sales of condominiums in the East Naples area and single family homes in the $500,000 to $1 million price category increased in 2016, despite overall closed sales decreasing 13 percent to 8,510 homes in year ending 2016 from 9,751 homes in year ending 2015.

According to Coco Waldenmayer, a managing broker at John R. Wood Properties, competition from new home developments in 2016 played a role resulting in fewer sales of existing homes in 2016 compared to 2015, which was a very strong year. “The report showed the highest number of closed sales in 2016 occurred in the North Naples area, which is also where a rash of new home development is taking place.”

“With a surge in inventory from new construction, buyers had more options in 2016,” said Adam Vellano, West Coast Sales Manager for BEX Realty Florida. “Unfortunately, developers and builders of newly constructed homes in Collier County do not fully utilize NABOR®’s MLS [Multiple Listing Service]; and therefore, the Market Report, while useful as a tool to track resale market performance, does not capture or reflect a clear picture of what’s happening in new construction.”

Of note, the annual Market Report showed that the overall median closed prices for homes above $300,000 did not change during 2016. In fact, homes in the $500,000 to $1 million price category experienced only a 3 percent decrease in their overall median closed price to $650,000 in year ending 2016 from $667,000 in year ending 2015. Brokers attribute this reduction in median closed price, and the 2 percent decrease in overall median closed price for the $1 million to $2 million price category in 2016, to better informed and motivated sellers.

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

CATEGORIES
YE 2016
YE 2015
CHANGE
Total homes under contract (pending sales)
8,903
10,366
-14%
Total closed sales
8,510 9,751 -13%
Median closed price
$320,000 $308,000 4%
Total active listings (inventory)
5,946 4,426 34%
Average days on market
89 78 14%
Single-family closed sales
4,268 4,640 -8%
Single-family median closed price
$400,000 $385,000 4%
Single-family inventory
3,015 2,434 24%
Condominium closed sales
4,242 5,111 -17%
Condominium median closed price
$253,000 $250,000 1%
Condominium inventory
2,931 1,992 47%

As noted by Jeff Jones, Managing Broker at the Naples-Park Shore office of Coldwell Banker®, the Report showed a 14 percent increase in days on market for year ending 2016. He went on to explain that “the number of days on market is influenced by median closed prices and closed sales activity. By the last month of the year, the overall days on market decreased 8 percent [to 88 days in December 2016 from 96 days in December 2015], and we didn’t see a rise in median closed prices during December either. I think this shows us that sellers are beginning to heed their REALTOR’s recommendation to list their property at a reasonable market price initially rather than to start high and then go through two or three price reductions. Priced correctly, properties will move in a reasonable length of time.”

“As pointed out by Tom Bringardner, Jr., President/CEO of Premier Commercial, “The first wave of Baby Boomers to hit 70 years old will take place in 2017, and Southwest Florida has traditionally been a very desirable place for those people to retire or purchase a second home. There are over 75 million boomers and that group represents a lot of potential housing demand.”

Brokers who analyzed NABOR®’s Market Reports in 2016 predicted that inventory would rise and they believe our inventory of existing homes will continue to increase in 2017. These knowledgeable brokers advise homeowners who plan to sell in 2017 to seek guidance from a Naples REALTOR® who knows the local market and can help you price your property correctly. A REALTOR® can also identify properties best suited for buyers and negotiate a purchase price that fits any budget. Discover more at www.naplesarea.com.

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.

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Naples Real Estate October 2016 Market Report

More Buyers Choose Conventional Mortgage Loans
to Purchase Their Home

Naples, Fla. (November 18, 2016) – 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.

In 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. 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.”

The October 2016 Market Report showed overall pending sales decreased 13 percent to 702 pending sales in October 2016 from 807 pending sales in October 2015. Interestingly, overall pending sales in the $500,000 to $1 million price category actually increased 14 percent to 125 pending sales in October 2016 from 110 pending sales in October 2015. Likewise, pending sales of condominiums in the $500,000 to $1 million price category increased 30 percent to 57 condominiums in October 2016 from 44 condominiums in October 2015. The increase in pending sales extended to the single-family home market as well, in which both the $300,000 to $500,000 price category and $500,000 to $1 million price category increased 3 percent.

In the closed sales category, the October 2016 Market Report showed overall closed sales decreased 7 percent to 556 closed sales in October 2016 from 601 closed sales in October 2015. However, closed sales of condominiums in the $1 million to $2 million price category increased 80 percent to 9 condominiums in October 2016 from 5 condominiums in October 2015. And closed sales of single-family homes in the $300,000 to $500,000 price category increased 21 percent from 120 single-family homes in October 2016 from 99 single-family homes in October 2015.

For October, the overall median closed price increased 6 percent to $320,000 in the 12-months ending October 2016 from $302,000 in the 12-months ending October 2015. Conversely, the overall median closed price for homes above $300,000 did not reflect a recordable change. Homes in the $300,000 and below price segment, which experienced a 10 percent increase to $215,000 in the 12-months ending October 2016 from $195,000 in the 12-month ending October 2015, is once again responsible for driving the overall median closed price increase.

The increase in days on market for October (15 percent) reflects a need to continue dialog about properly pricing homes in Naples. When days on market increase, one factor affecting this is overpriced properties. And because historically, inventory increases right before season, REALTORS® need to take a bold stance now and guide home sellers to a more realistic asking price based on today’s market.”

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

There is less than a three-months supply of single family homes under $300,000, which saw a 53 percent increase in inventory to 1,116 condominiums under $300,000 in October 2016 from 731 condominiums under $300,000 in October 2015.

The report showed six months worth of inventory to sell. We have not seen this high a level of inventory in the month of October since 2013. So as we move into season with this healthy level of inventory, buyers will have more options, which is all the more reason sellers should seek guidance now from a REALTOR® who knows the local market and can help them price their properties right.”

Geographically, inventory in the Naples Beach (34102, 34103, 34108) and North Naples (34109, 34110, 34119) areas increased the most in October. In the Naples Beach area, single-family home inventory rose 25 percent to 567 single-family homes in October 2016 from 454 single-family homes in October 2015, and condominiums increased 71 percent to 655 condominiums in October 2016 from 384 condominiums in October 2015. For North Naples, single-family home inventory rose 35 percent to 878 single-family homes in October 2016 from 650 single-family homes in October 2015, and condominiums increased 64 percent to 734 condominiums in October 2016 from 447 condominiums in October 2015.

If you are considering selling your home, ask REALTOR® Dominic Pallini Vanderbilt Realty 239-949-2117 to help you with a market comparison and determine a fair and reasonable listing price. Dominic can also identify properties best suited for buyers and negotiate a purchase price that fits any budget. Discover more at www.napleshouse.forsale

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3rd Quarter 2016 Naples Area Board Of Realtors Market Report

3rd

Naples pier

Naples pier

Quarter Prices Hold Steady with Inventory on the Rise

Naples, Fla. (October 20, 2016) – The Naples Area Board of REALTORS® (NABOR®) released its Third Quarter 2016 Market Report, which tracks home listings and sales within Collier County (excluding Marco Island), and it showed overall inventory increased 40 percent with little change in median closed prices. In fact, as reflected in the report, the overall median closed price for homes on the market increased only 4 percent to $312,000 in the 3Q of 2016 from $300,000 in the 3Q of 2015. This was predominately driven by a 9 percent increase in the $300,000 and below price category. Comparatively, all other price categories saw a zero or negative price adjustment.

“I think we’re seeing the completion of a cycle that began in 2013,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. “Prices have remained relatively stable for over a year, and now I’m noticing more competitive value-based pricing as the supply increases.”

Carroll remarked that her business encounters a small herd of listings that are still not moving, and believes ongoing increases in inventory over the next six months will require these sellers to adjust their value perceptions. “The list to sale price ratio is shrinking and this needs to continue if we want to compete with new home construction.”

“If it’s overpriced, then the property sits,” said Dominic Pallini, Broker at Vanderbilt Realty, who went on to say that days on market decreased 12 percent in the $2 million and above price category, but overall, there was a 10 percent increase in days on market. “Pricing is critical now more than ever.”

While both pending and closed sales decreased 14 percent (quarter over quarter), inventory continued to rise in all areas of Collier County during the 3Q of 2016. Overall, inventory rose 40 percent to 5,044 homes in the 3Q of 2016 from 3,606 homes in the 3Q of 2015; with a marked increase in Central Naples, which rose 49 percent to 608 homes in the 3Q of 2016 from 408 homes in the 3Q of 2015.

Inventory increases in the condominium market were also remarkable during the third quarter of 2016. This home type experienced a 53 percent increase in inventory to 2,375 condominiums in the 3Q of 2016 from 1,557 condominiums in the 3Q of 2015.

The NABOR® 3Q 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® 3Q 2016 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:

CATEGORIES
3Q 2016
3Q 2015
CHANGE
Total homes under contract (pending sales)
1,942
2,270
-14%
Total closed sales
1,889 2,187 -14%
Median closed price
$312,000 $300,000 4%
Total active listings (inventory)
5,044 3,606 40%
Average days on market
86 78 10%
Single-family closed sales
1,001 1,123 -11%
Single-family median closed price
$382,000 $379,000 1%
Single-family inventory
2,669 2,049 30%
Condominium closed sales
888 1,064 -17%
Condominium median closed price
$241,000 $235,000 3%
Condominium inventory
2,375 1,557 53%

NABOR® also released its September 2016 Market Report, which showed activity in September 2016 compared to activity in September 2015 was a mixed bag. For example, while overall pending and closed sales decreased 12 and 19 percent, respectively, median closed prices held steady or decreased in 73 percent of the market in September. In fact, median closed prices for all homes above $500,000 decreased, with a 12 percent decrease occurring in the $2 million and over price category.

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

CATEGORIES
September 2016
September 2015
CHANGE
Total homes under contract (pending sales)
661 749 -12%
Total closed sales
566 703 -19%
Median closed price
$318,000 $310,000 3%
Total active listings (inventory)
5,044 3,606 40%
Average days on market
92 79 16%
Single-family closed sales
301 381 -21%
Single-family median closed price
$378,000 $375,000 1%
Single-family inventory
2,669 2,049 30%
Condominium closed sales
265 322 -18%
Condominium median closed price
$245,000 $235,000 4%
Condominium inventory
2,375 1,557 53%

As inventory continues to rise, sellers can be in the best position to find the right buyer when they work closely with REALTOR® Dominic Pallini 239-949-2117. I can help you do a market comparison and determine a fair and reasonable listing price. I can also identify properties best suited for your needs and negotiate a purchase price that fits your budget. Discover more at www.napleshouse.forsale

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 5,000 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.

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July 2016 Naples Real Estate Market Report

Brokers See a Steady Summer Season

Naples, Fla. (August 19, 2016) – The July 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 performance as expected during a traditional summer season. The inventory increase to 4,801 homes is welcome news to homebuyers following record-low inventory levels in July 2015, when the number of active listings dropped to 3,518 homes. Median closed prices remained steady for price segments above $300,000, which is good news to buyers, and increased 11 percent in the under $300,000 price category.

Unlike other areas of the country, real estate sales in Naples decline during the off-season summer months. This pause is a familiar expectation, due to a majority of second home buyers retreating to their Northern homes during the summer months. The decline in July’s home sales may also be due to the increase in the Canadian exchange rate and tourism being off this summer. Brokers anticipate the market will take off again in season.

The July 2016 Market Report showed a 25 decrease in overall pending sales (homes under contract) to 681 pending sales from 913 pending sales in July 2015 (year over year). Overall closed sales decreased 14 percent to 627 closed sales from 726 closed sales in July 2015 (year over year). In comparison, overall closed sales decreased 2 percent from July 2014 to July 2015 (year over year). However, in perspective, inventory decreased 1 percent between July 2014 and July 2015, but increased 36 percent between July 2015 and July 2016.

Despite a drop in overall closed sales, closed sales for single-family homes in the $500,000 to $1 million price category increased 26 percent in July 2016 to 72 single-family homes from 57 single-family homes in July 2015 (year over year). This segment’s median closed price decreased 7 percent to $627,000 in July 2016 from $672,000 in July 2015 (year over year).

The July 2016 Market Report also showed a 44 percent decrease in median closed price for condominiums in the $2 million and above price category (year over year). In July 2015, the median closed price for these high-end condominiums was $4,395,000 (year over year). The median closed price for this price category dropped to $2,450,000 (year over year) in July 2016. This price segment also saw the highest increase in inventory of all other home types in July 2016; a 79 percent increase to 84 condominiums in July 2016 from 47 condominiums in July 2015.

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

CATEGORIES
July 2016
July 2015
CHANGE
Total homes under contract (pending sales)
681
913
-25%
Total closed sales
627 726 -14%
Median closed price
$300,000 $287,000 5%
Total active listings (inventory)
4,801 3,518 36%
Average days on market
75 77 -3%
Single-family closed sales
323 358 -10%
Single-family median closed price
$375,000 $379,000 -1%
Single-family inventory
2,565 2,040 26%
Condominium closed sales
304 368 -17%
Condominium median closed price
$245,000 $240,000 2%
Condominium inventory
2,236 1,478 51%

Additional activity of interest in the NABOR® July 2016 Market Report includes:
Overall pending sales in the Immokalee/Ave Maria geographic area (34142) increased 25 percent to 5 pending sales in July 2016 from 4 pending sales in July 2015.
Closed sales for single-family homes in the East Naples geographic area (34114, 34117, 34120, 34137) increased 39 percent to 104 single-family homes in July 2016 from 75 single-family homes in July 2015.
Median closed prices for condominiums in the Naples Beach geographic area (34102, 34103, 34108) increased 28 percent to $725,000 in July 2016 from $567,000 in July 2015.
Inventory for single-family homes in the $300,000 and below price category did not change between July 2015 and July 2016.
Inventory for condominiums in the North Naples geographic area (34109, 23110, 23119) increased 74 percent to 637 condominiums in July 2016 from 367 condominiums in July 2015.
Activity in the Naples Beach area surprised broker analysts as its median closed price for single-family homes decreased 26 percent, yet its median closed price for condominiums increased 28 percent (year over year).

Contact Dominic for all your Naples Florida Real Estate needs 239-949-2117 or dpnaples@gmail.com

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June 2016 Naples Area Housing Report

Buyers will Find More Homes for Sale This Summer

Contacts: Dominic Pallini NABOR President- Elect 239-949-2117
Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

Naples, Fla. (June 17, 2016) – As predicted by the area’s leading broker analysts, activity in the real estate market for the month of May continued to follow a distinct and successive self-correcting path with areas of impressive growth and opportunity. Buyers and sellers alike will find the numbers encouraging. As identified in the May 2016 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), evidence of increasing consumer confidence is becoming more apparent as sellers returned to the market in May, resulting in a 37 percent increase in overall inventory.

May’s pending and closed sales activity also continued on a trajectory of improvement with a mere 6 percent and 5 percent decrease, respectively, as compared month to month over last year’s very strong results. As summer approaches, buyers will be happy to learn that median closed prices in May continued on the same trend seen in recent months, and remain steady in all price segments above $300,000 (12-months ending May 2016). The median closed price was $338,000 in May 2016 compared to $332,00 in May 2015.

There is good news for buyers who previously found it difficult to find a home to buy in our market. Several broker analysts remarked that median closed prices earlier this year were reflective of sellers “testing the ceiling.” But May’s 37 percent climb in inventory coupled with steady prices in most price segments indicates a stable and inviting market environment going into summer.

The report showed condominium inventory increased in every corner of Naples. In fact, there was a huge surge in May listings for condominiums in both the Naples Beach and North Naples areas. The rising inventory offers buyers a wider selection of homes this summer. There were 5,207 homes on the market for sale in May 2016 compared to 3,800 in May 2015.

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

CATEGORIES
MAY 2016
MAY 2015
CHANGE
Total homes under contract (pending sales)
921
977
-6%
Total closed sales
838 1,010 -17%
Median closed price
$338,000 $332,000 2%
Total active listings (inventory)
5,207 3,800 37%
Average days on market
73 75 -3%
Single-family closed sales
396 430 -8%
Single-family median closed price
$432,000 $427,000 1%
Single-family inventory
2,744 2,168 27%
Condominium closed sales
442 570 -22%
Condominium median closed price
$276,000 $268,000 3%
Condominium inventory
2,463 1,632 51%

Additional activity of interest in the NABOR® May 2016 Market Report includes:
Overall pending sales in the $300,000 to $500,000 price segment increased 1 percent to 258 in May 2016 from 256 in May 2015.
Overall pending sales for single-family homes in the East Naples geographic area (34114, 34117, 34120, 34137) increased 14 percent to 129 in May 2016 from 113 in May 2015.
Overall closed sales in the Immokalee/Ave Maria geographic area (34142) increased 26 percent to 48 homes in the 12-months ending May 2016 from 38 homes in the 12-months ending May 2015.
Median closed price for condominiums in the $2 million and above price category decreased 19 percent to $2,275,000 in May 2016 from $2,800,000 in May 2015.
Inventory for single-family homes under $300,000 decreased 5 percent to 291 homes in May 2016 from 307 homes in May 2015.
Inventory for condominiums in the $1 million to $2 million price category increased 92 percent to 190 in May 2016 from 99 in May 2015.
Inventory for condominiums in the Naples Beach geographic area (34102, 34103, 34108) increased 71 percent to 638 condominiums in May 2016 from 373 condominiums in May 2015.
Inventory for condominiums in the North Naples geographic area (34109, 34110, 34119) increased 66 percent to 673 condominiums in May 2016 from 406 condominiums in May 2015.
Average days on market for single-family homes in the $1 million to $2 million price category saw the largest decrease, 38 percent, to 81 days in May 2016 from 130 days in May 2015.
Since more inventory has come into play, it could be quite the busy season. According to John Steinwand, Broker and Principal at Naples Realty Services, Inc., “The market appears to be ‘catching its breath.’ People are still looking for bargains in Southwest Florida and this summer may be a great time to buy as no one really knows what will happen after the presidential election.”

It looks like a strong year ahead for Southwest Florida’s commercial real estate. The commercial market in South Naples is seeing huge growth with many national chains coming to the U.S. 41 and State Road 951 corridor. Interestingly, overall closed home sales in the South Naples geographic area decreased the least of all areas recorded, by only 1 percent, to 145 homes in May 2016 from 146 homes in May 2015.

While it’s great to stay on top of national and statewide housing trends, buyers and sellers should keep in mind that the trends national publications are communicating might not apply to unique Naples communities. That’s why it’s best to consult with Naples area REALTOR® Dominic Pallini to always be up-to-date and informed about the local market. Let Dominic be your guide.

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 5,000 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.

View May 2016 Market Statistics

To view the entire report, visit www.NaplesArea.com
Contact Dominic Pallini for additional information 239-949-2117 – dpnaples@gmail.com

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Naples Real Estate Market is in Balance — January Activity Shows Stability in the Market

January Activity Shows Stability in the Market

Naples, Fla. (February 19, 2016) – Despite a slight decrease in overall pending and closed sales, other areas of the Naples real estate market continue to be moving into a stable, balanced market between buyers and sellers, according to the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

The NABOR Market Report for the 12-months ending January 2016, showed that inventory during January 2016 rose 13 percent to 5,091 homes from 4,515 homes in January 2015. Average Days on Market in January 2016 decreased 14 percent to 75 days from 87 days in January 2015.

“These two areas of the report tell us that we are seeing a balanced market,” said Dominic Pallini, Broker at Vanderbilt Realty. Broker analysts reviewing the January 2016 Market Report agreed that several external factors also may have contributed to this stability in the real estate market including unpredictable activity in the stock market, dramatic decreases in oil prices, a harsh Canadian exchange rate, and the fact that it is a presidential election year.

“Inventory levels are rising because prices are now at a point where sellers can see profits again so they are putting their homes on the market,” added Pallini. “The days on the market decreased 14 percent overall, which could be due to price reductions.”

The January report showed double-digit increases in inventory for all price segments above $300,000. For example, the $500,000 to $1 million price segment experienced the highest increase with a 26 percent increase in inventory to 1,245 homes in January 2016 from 990 homes in January 2015. In the single-family home market this same price category had a 31 percent increase in inventory to 829 homes in January 2016 from 632 homes in January 2015. Yet surprisingly, while inventory in the condominium market also rose in every price category above $300,000, it was the $1 million to $2 million price category that saw the biggest jump with a 39 percent increase to 201 condominiums in January 2016 from 145 condominiums in January 2015.

According to Phil Wood, President & CEO of John R. Wood Properties, inventory is up by nearly 600 homes since last January, which equates to 6.1 months of inventory, the highest since April 2013. Buyer opportunities improve with the increase in inventory.

“While not evident in the report, REALTORS® in the field are seeing investment properties come back onto the market,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “And even though the report showed a 23 percent decrease in overall pending sales for existing homes year over year, it was probably offset by an increase in new home sales.”

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

Overall pending sales decreased 23 percent to 847 in January 2016 from 1,103 in January 2015.
Pending sales for condominiums in the $1 million to $2 million price category increased 14 percent to 32 condominiums in January 2016 from 28 condominiums in January 2015.
Pending sales for condominiums in the $2 million and above price category spiked 100 percent to 22 condominiums in January 2016 from 11 condominiums in January 2015.
Overall closed sales decreased 1 percent to 9,712 homes in the 12-months ending January 2016 from 9,827 homes in the 12-months ending January 2015.
Closed sales for single-family homes in the Immokalee/Ave Maria area rose 78 percent to 48 single-family homes in the 12-months ending January 2016 from 27 single-family homes in the 12-months ending January 2015.
Overall median closed price increased 13 percent to $309,000 in the 12-months ending January 2016 from $273,000 in the 12-months ending January 2015.
Overall median closed price for homes over $300,000 decreased 4 percent to $520,000 in the 12-months ending January 2016 from $540,000 in the 12-months ending January 2015.
Overall inventory increased 13 percent to 5,091 homes in January 2016 from 4,515 homes in January 2015.
Average days on market decreased 14 percent to 75 days in January 2016 from 87 days in January 2015.

“One month does not a market make,” claimed Pallini. “We won’t have a picture of how sales this season will play out until April or May. The only thing we know for certain is that buyers have many more options now than last year. If you are considering selling your home, a REALTOR® with knowledge of the local market can help you understand all the factors that contribute to making sure it is priced right to sell.”

Ensure the home you want to buy or sell is priced right by working with a REALTOR® who is familiar with the Naples market. Find a REALTOR® on Naplesarea.com.

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 5,000 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.

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Naples pier

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Naples 2015 Real Estate Market Review

Naples, Fla. 2015 Real Estate Market Review
Naples, Fla. (January 22, 2015) – Activity in the housing market for much of Collier County in 2015 looked like year-end activity in 2014, according to broker analysts who reviewed the Annual, 4th Quarter and December 2015 Market Reports released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).

Much like 2014, and as evidenced in the Annual 2015 Market Report, overall pending sales (homes under contract) and closed sales in 2015 were steady in all price segments above $300,000, with the $300,000 – $500,000 price category experiencing the most dramatic increase. The median closed price for homes on both ends of the price spectrum rose the sharpest in 2015, while all remaining price categories in the middle of the market stayed relatively balanced. And inventory for all price categories grew in 2015, with the exception of the $300,000 and below price segment, which saw a reduction of 261 homes.

According to the 2015 year-end report, overall pending sales decreased 1 percent in 2015 from 10,494 homes in 2014 to 10,366 homes in 2015. However, pending sales in all price categories above $300,000 increased. Of note, pending sales in the $300,000 – $500,000 price category rose 21 percent from 2,137 homes in 2014 to 2,580 homes in 2015. Likewise, overall closed sales decreased 2 percent from 9,902 homes in 2014 to 9,751 homes in 2015. And similar to pending sales, overall closed sales in all price categories above $300,000 increased, with the $300,000 – $500,000 price category experiencing the largest increase (20 percent) going from 1,978 homes in 2014 to 2,382 homes in 2015.

The median closed price rose 14 percent from $270,000 in 2014 to $308,000 in 2015. Driven mostly by homes $300,000 and below (which rose 12 percent from $179,000 in 2014 to $200,000 in 2015), and homes $2 million and above (which rose 9 percent from $2,950,000 in 2014 to $3,212,000 in 2015), the overall median closed price for price segments in the middle of the market remained temperate.
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The NABOR® 2015 Annual 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® Annual 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Overall pending sales decreased 1 percent from 10,494 homes in 2014 to 10,366 homes in 2015.
Pending sales for single-family homes in the $300,000 and below price category decreased 30 percent from 2,394 single-family homes in 2014 to 1,686 single-family homes in 2015.
Overall closed sales decreased 2 percent from 9,902 homes in 2014 to 9,751 homes in 2015.
Closed sales for condominiums in the $300,000 to $500,000 price category increased 26 percent from 773 condominiums in 2014 to 972 condominiums in 2015.
Overall median closed price increased 14 percent from $270,000 in 2014 to $308,000 in 2015.
Overall median closed price for homes over $300,000 decreased 3 percent from $536,000 in 2014 to $520,000 in 2015.
Overall median closed price for homes in the Immokalee/Ave Maria geographic area increased 42 percent from $151,000 in 2014 to $215,000 in 2015.
Overall inventory increased 1 percent from 4,351 in 2014 to 4,408 in 2015.
There is a 5.42 months supply of inventory.
Average days on market decreased 10 percent from 87 days in 2014 to 78 days in 2015.
Average days on market for condominiums in the $2 million and above price category decreased 40 percent from 136 days in 2014 to 82 days in 2015.
Many brokers believe uncommonly warm weather in northern states delayed buyer migration to Naples in the fourth quarter 2015, contributing to the 12 percent decrease in closed sales for the fourth quarter of 2015. However, overall activity in 2015 made great strides.

The report also showed traditional sales (versus short sale and foreclosed property sales) held steady at 92 percent of all transactions in the last three months of 2015. And conventional sales (properties that obtained financing) increased 3 percent to consume 35.7 percent of the market in December 2015 compared to 32.6 percent in December 2014.

In January 2015, broker analysts predicted a self-correcting housing market based on activity in 2014. Today, broker analysts assessing overall activity in 2015 say they remain confident that the local housing market will continue to perform in a steady manner.

To ensure your next sale or purchase in the Naples area is a success, contact REALTOR® Dominic Pallini 239-949-2117.

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November 2015 Naples Florida Real Estate Market Statistics

Naples, Fla. (December 18, 2015) – The November 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), showed many performance similarities to the same report from November 2014. And those similarities left broker analysts who review the report with a sense of satisfaction because they predicted a continuation of market stability in November 2014. If history is any indication of future performance, then activity reflected in the November 2015 Market Report may indicate a market that is poised to enjoy stable activity in the coming months.
Overall pending sales for all price categories above $300,000 increased in November 2015, with the $1 million to $2 million price category showing the largest growth at 27 percent from 45 homes in November 2014 to 57 homes in November 2015.

Homes under $300,000 are going fast.. Days on market for that segment dropped 11 percent from 57 to 51 days, which doesn’t leave a lot of time for serious buyers to shop around.

Overall inventory in the $300,000 and below price segment decreased 20 percent from 1,372 homes in November 2014 to 1,103 homes in November 2015. Yet since November 2013, inventory in this price segment has dropped 42 percent from 1,917 in November 2013 to 1,103 in November 2015. This segment also represented 50 percent of all closed sales in the 12-months ending November 2015.

Foreclosures are the lowest they’ve ever been since NABOR® began tracking .There were only 34 foreclosures and 8 short sales reported last month.”

The NABOR® November 2015 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. This summary can be found at www.naplesarea.com. The NABOR® November 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Overall pending sales decreased 3 percent from 825 homes in November 2014 to 804 homes in November 2015.
Overall closed sales increased 1 percent from 9,724 homes in the 12-months ending November 2014 to 9,800 in the 12-months ending November 2015.
Closed sales for single-family homes in the $300,000 to $500,000 price category increased 23 percent from 1,163 single-family homes in the 12-months ending November 2014 to 1,430 single-family homes in the 12-months ending November 2015.
Closed sales for condominiums in the $300,000 to $500,000 price category increased 32 percent from 734 condominiums in the 12-months ending November 2014 to 968 condominiums in the 12-months ending November 2015.
Overall median closed price increased 15 percent from $265,000 in the 12-months ending November 2014 to $305,000 in the 12-months ending November 2015.
Overall median closed price for homes $2 million and above increased 10 percent from $2,950,000 in the 12-months ending November 2014 to $3,250,000 in the 12-months ending November 2015.
Overall inventory decreased 1 percent from 4,136 in November 2014 to 4,095 in November 2015.
Single-family home inventory increased 5 percent from 2,217 single-family homes in November 2014 to 2,319 single-family homes in November 2015.
There is a 5 months supply of inventory.
Average days on market decreased 1 percent from 78 days in November 2014 to 77 days in November 2015.
The November 2015 Market Report showed days on market for the $2 million and above price category increased 124 percent from 99 days in November 2014 to 222 days in November 2015. Inventory in this category also increased by 21 percent from 401 homes in November 2014 to 484 homes in November 2015.

Days on market for all other price categories decreased. However, days on market by geographic location were more varied as shown in areas like Naples Beach and North Naples, which both saw increases over 20 percent.

When you are ready to put your home on the market, Contact Dominic Pallini your REALTOR® for the experience and local knowledge you need to ensure your next sale or purchase in the Naples area is a success. Call or text 239-949-2117 or E Mail DPNaples@gmail.com

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Naples Area Board Of Realtors November 20,2015 Housing Report

Single Family Home Inventory Rises

Naples, Fla. (November 20, 2015) – Inventory rose 4 percent in the single-family home resale market during October according to the October 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This rise in single-family home inventory is needed to meet seasonal demand. Broker analysts reviewing the report said it displayed familiar trends that – historically speaking – will set the stage for what is expected to be a busy winter season in real estate.

“The single-family home market is continuing its pattern of stabilization,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. “Except for Central Naples – where the single family home inventory decreased 17 percent – inventories in all other geographic areas rose, some dramatically.”

Unlike the condominium market inventory, which dropped 7 percent, inventory in the single-family home market increased 4 percent overall in October from 2,128 single-family homes in October 2014 to 2,210 single-family homes in October 2015. In North Naples the the single-family home inventory rose 14 percent from 571 single-family homes in October 2014 to 650 single-family homes in October 2015. Single-family home inventory in the $500,000 to $1 million price segment rose 20 percent from 531 single-family homes in October 2014 to 637 single-family homes in October 2015.

“We are starting to see trends in the report that don’t reflect the typical supply and demand scenario,” said Carroll. “For example, the median closed price of single-family homes in the $2 million and above price segment rose 15 percent in the 12-months ending October 2015, yet the inventory in that same price segment rose 17 percent in the same time period, demonstrating an unexpected statistic.”

To clarify, the term “median closed price” reflects a calculation wherein exactly half of the homes sold were above the median closed price and exactly half were below it. It does not reflect the average price of homes for sale.

Carroll, a 30-year Naples appraisal veteran, pointed out that supply and demand in the Coquina Sands, Moorings, and Park Shore neighborhoods is nearly balanced if you include new construction; while the same market sector including new construction in Old Naples is oversupplied, according to her data.

A balanced market occurs when there is between five to seven months of inventory. A seller’s market occurs when there is less than five months of inventory. A buyer’s market occurs when there is more than seven months of inventory.

Buyers really need to listen closely to advice from their REALTOR® because REALTORS® know how to interpret this Market Report properly. For example, just because there was a 14 percent increase in overall median closed price in October doesn’t mean every home’s price increased 14 percent. The reality is that the median closed prices for most of the market [homes between $300,000 and $2 million] stayed about the same. With that said, the median closed price in the $300,000 and below price segment rose 11 percent and the median closed price in the $2 million and above price segment rose 14%. And while the overall inventory decreased 1 percent, every geographic area we track – with the exception of Central Naples – saw an increase in single-family home inventory from 9 percent to 21 percent in October 2015 compared to October 2014.

The NABOR® October 2015 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® October 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Overall pending sales decreased 11 percent from 911 homes in October 2014 to 807 homes in October 2015.
Overall closed sales increased 1 percent from 9,746 homes in the 12-months ending October 2014 to 9,828 in the 12-months ending October 2015.
Overall median closed price increased 14 percent from $265,000 in the 12-months ending October 2014 to $302,000 in the 12-months ending October 2015.
Overall median closed price for homes over $300,000 decreased 4 percent from $542,000 in the 12-months ending October 2014 to $520,000 in the 12-months ending October 2015.
Overall inventory decreased 1 percent from 3,939 in October 2014 to 3,903 in October 2015.
Single-family home inventory increased 4 percent from 2,128 single-family homes in October 2014 to 2,210 single-family homes in October 2015.
Condominium inventory decreased 7 percent from 1,811 condominiums in October 2014 to 1,693 condominiums in October 2015.
There is a 4.63 months supply of inventory.
Average days on market increased 3 percent from 71 days in October 2014 to 73 days in October 2015.

Navigating through the complex Naples real estate market can be challenging. Buyers and sellers can benefit from the guidance of REALTOR® Dominic Pallini who is familiar with the current market. To ensure your next sale or purchase in the Naples area is a success, contact Dominic Pallini to guide you through your real estate transaction.
www.napleshomezone.com

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August 2015 –Naples Florida Real Estate Market Report

Housing Activity in South Naples Heats Up in August

Naples, Fla. (September 18, 2015) – Traditionally a tepid month for REALTORS®, August delivered robust activity in many areas of Naples particularly in South Naples, according to the August 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). South Naples is defined in the Southwest Florida MLS as encompassing properties in zip codes 34112 and 34113 (i.e., neighborhoods south of Davis Boulevard, west of SR/CR 951, east of the U.S. 41 and 5th Ave. S. intersection. Some of the larger neighborhoods in this area include, Lely, Treviso Bay, Isles of Collier Preserve, Lakewood, Kings Lake, Eagle Creek, and Isle of Capri). This particular geographic area experienced the highest increases in overall pending sales, closed sales and median closed prices of all geographic area reported in August.

Despite a 5 percent decrease in overall inventory for homes in the South Naples region from 575 homes in August 2014 to 547 homes in August 2015, broker analysts agree that the South Naples market is gaining in popularity as buyers are attracted to its investment potential and renewed growth.

Pending sales (homes under contract) in South Naples jumped 26 percent from 112 pending sales in August 2014 to 141 pending sales in August 2015. Closed sales in this region increased 9 percent from 1,482 closed sales in the 12-months ending August 2014 to 1,610 closed sales in the 12-months ending August 2015. Interestingly, the median home price in South Naples experienced the highest increase of all geographic areas with a 21 percent increase from $179,000 in the 12-months ending August 2014 to $217,000 in the 12-months ending August 2015 despite the fact that inventory decreased only 5 percent from August 2014 to August 2015.

Aside from a steady shift of cash sales to more sales with conventional financing, there were 284 non-traditional sales (short sale and foreclosed sales) in August 2009 compared to only 49 non-traditional sales in August 2015.
Activity in the upper end of the market was impressive in August too, as evidenced in the report. Overall pending sales for homes in the $2 million and above price category increased 58 percent from 19 pending sales in August 2014 to 30 pending sales in August 2015. This $2 million and above price bracket’s overall median closed price also increased 14 percent from $2,850,000 in the 12-months ending August 2014 to $3,250,000 in the 12-months ending August 2015.

The NABOR® August 2015 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® August 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Overall pending sales increased 2 percent from 795 in August 2014 to 811 in August 2015.
Overall closed sales increased 2 percent from 9,695 in the 12-months ending August 2014 to 9,870 in the 12-months ending August 2015.
Overall median closed price increased 14 percent from $260,000 in the 12-months ending August 2014 to $297,000 in the 12-months ending August 2015.
Overall median closed price for homes $300,000 and under increased 10 percent from $175,000 in the 12-months ending August 2014 to $192,000 in the 12-months ending August 2015.
Overall inventory decreased 2 percent from 3,579 in August 2014 to 3,525 in August 2015.
Overall inventory for homes $300,000 and under decreased 26 percent from 1,279 in August 2014 to 946 in August 2015.
There is a 4.27 months supply of inventory.
Average days on market decreased 4 percent from 81 days to 78 days.

Sellers in all geographic areas of Naples benefit when they partner with a REALTOR® who can provide an accurate market price for their home. Ensure your next sale or purchase in the Naples area is a success; contact Dominic pallini @ 239-949-2117 or DPNaples@gmail.com

View August 2015 Market Statistics

To view the entire report, visit www.NaplesArea.com

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