Izabela Wright 239-777-8583

Luxury Home Sales Lead to a Strong Second Quarter Finish

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:

CATEGORIES	2Q 2017	2Q 2018	CHANGE (percentage)
Total homes under contract (pending sales) (quarter/quarter)	2,770	2,733	-1
Total closed sales (quarter/quarter)	2,880	2,926	2
Median closed price (quarter/quarter)	$340,000	$345,000	1
Median closed price >$300K (quarter/quarter)	$535,000	$510,000	-5
Total active listings (inventory)	5,189	5,165	0
Average days on market	97	96	-1
Single-family closed sales (quarter/quarter)	1,349	1,395	+3
Single-family median closed price (quarter/quarter)	$418,000	$449,000	+7
Single-family inventory	2,654	2,601	-2
Condominium closed sales (quarter/quarter)	1,531	1,531	0
Condominium median closed price (quarter/quarter)	$282,000	$270,000	-4
Condominium inventory	2,535	2,564	+1

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.”

If you are looking to sell a home in Naples, contact me, Izabela Wright who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. A REALTOR® can also ensure your next purchase in the Naples area is a success. Find out more at Naplesarea.com.

Housing Activity in May Yields Solid Market 

Naples, Fla. (June 15, 2018) – For a second consecutive year, housing activity during May demonstrated to broker analysts that May remained a standout month. Overall closed sales were remarkable with 1,024 closed sales during May 2018 compared to 1,027 closed sales in May 2017. Closed sales in May 2018 were higher than all months following May 2017. May also saw inventory levels continue to stabilize, according to the May 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). 

“In 2017, May’s sales increased 23 percent over sales in May 2016,” said Phil Wood, President & CEO of John R. Wood Properties. “The fact that we are keeping the same pace this year and our inventory is holding steady is good news as we move into summer.” 

Closed sales of properties in the $300,000 to $500,000 price category during May increased 21 percent over May 2017, while closed sales in the $300,000 and below price category were just one sale short of the number of closed sales in May 2017. 

There was very good news for buyers in the report as May’s overall median closed price dropped 5 percent to $337,000 from $355,000 in May 2017. Moreover, the overall median closed price for homes priced above $500,000 decreased 14 percent to $507,000 from $590,000 in May 2017. 

On the high-end side of the market, despite an 11 percent increase in median closed prices, pending sales of properties in the $2 million and above price category increased 23 percent in May 2018 compared to May 2017. 

“We haven’t seen inventory levels in May this high since 2013,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “I was concerned that the low end of the market would start shrinking after season, but the May report showed inventory increased 6 percent for homes under $300,000.” 

Overall inventory in May rose by 15 properties compared to May 2017. The report also showed inventory rose in May for both single family homes and condominiums priced below $500,000, which accounted for 58 percent of the available market in Collier County at the end of the month. 

The NABOR® May 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® May 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

CATEGORIES May 2017 May 2018 CHANGE (percentage) Total homes under contract (pending sales) (month/month) 1,027 970 -6 Total closed sales (month/month) 1,027 1,024 0 Median closed price (month/month) $355,000 $377,000 -5 Median closed price >$300K (month/month) $590,000 $507,000 -14 Total active listings (inventory) 5,404 5,419 0 Average days on market 98 97 -1 Single-family closed sales (month/month) 485 497 +2 Single-family median closed price (month/month) $435,000 $440,000 +1 Single-family inventory 2,734 2,680 -2 Condominium closed sales (month/month) 542 527 -3 Condominium median closed price (month/month) $289,000 $270,000 -7 Condominium inventory 2,670 2,739 +3 

According to Dominic Pallini, Broker at Vanderbilt Realty, “both median closed prices and days on market for single family homes above $300,000 decreased in May, which may indicate sellers are pricing homes to sell.” 

As broker analysts discussed the inherent necessity for REALTORS to work with a seller to help them price a home properly the first time, veteran broker Bill Coffey, Broker Manager of Amerivest Realty Naples, added that “When I was trained, they told us that 50 percent of our listings won’t sell because they are overpriced. But things look better today because REALTORS® are better trained and can provide more accurate market comparisons to sellers. As a result, sellers can make more informed decisions. 

Geographically, North Naples continues to be a shining star as the only coastal area in Collier County to report an increase in closed sales for May. Activity in the rural Ave Maria area has increased steadily over the last year; but in May, this area saw its single-family home closed sales skyrocket to 40 percent. 

“Inventory levels in other areas of the nation and Florida are very tight right now, but Naples is enjoying some renewed momentum in our inventory,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “When the market is good in other areas of the country, our home sales activity is driven up as out-of-staters relocate to the Naples area. I think we’ll see a very strong summer.” 

If you are looking to sell a home in Naples, contact a REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. A REALTOR® can also ensure your next purchase in the Naples area is a success. Find out more at 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. 

Inventory Keeping Spring Market Active

Naples, Fla. (May 25, 2018) – According to the April 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), Collier County enjoys 7.76 months of inventory compared to a 4-month supply nationally. This is great news for Naples REALTORS® as they transition from a very busy high season to what broker analysts believe will be a very strong summer. 

“Summer buyers are going to be very happy this year because there will be plenty of choices,” said Mike Hughes, Vice President and General Manager for Downing-Frye Realty, Inc. “Inventory growth has been good across all price ranges and geographic territories.” 

According to Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc., the rate of inventory loss is declining and she predicts the Collier housing market will become even more stable before the end of the year. Carroll considers a 12-month supply of inventory a stable market for Collier County. Nationally, a stable market is reflected as having a 6-months supply of inventory. 

Even though April’s inventory fell 2 percent to 5,793 from 5,920 in April 2017, it’s actually rebuilding from an annual low of 4,608 properties in inventory at the end of September 2017. 

“The reality is, the real estate market is doing much better this year than in 2017,” said Hughes, considering the 2018 statistics includes the period of time when Hurricane Irma stalled home sales activity for nearly six weeks starting in September (and as reflected in the 4Q 2017 Market Report). 

Condominium inventory grew 2 percent in April to 3,003 units, over half the entire market, from 2,934 units in April 2017. The $300,000 and below price category experienced the highest increase in inventory (7 percent) to 1,472 units from 1,378 units in April 2017. Pending and closed sales of condominiums in this low-end price category were also strong, with a 17 and 14 percent increase, respectively. Interestingly, the median closed price of condominiums in April dropped 8 percent to $271,000 from $296,000 in April 2017. 

“Sellers are pricing properties to sell and it shows,” said Adam Vellano, West Coast Sales Manager, BEX Realty – Florida. 

Carroll agreed and added, “The market for homes above $1 million is hot. If we can maintain current inventory trend levels – and I think we can – then sales of properties in this price point will be strong for at least a couple of years.” 

Overall closed sales increased 8 percent (month over month) in April to 978 properties from 902 properties in April 2017. And just like the first three months of the year, the high-end of the market continued to outpace other price categories tracked by NABOR® in April. As shown in the report, the number of closed sales of homes between $1 and $2 million increased 34 percent, while closed sales of homes over $2 million increased 15 percent in April. 

“Closed sales of single-family homes in April were up 11 percent with an increase in every price category except the $300,000 and below range, where there are only 300 single-family homes on the market,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. 

The NABOR® April 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® April 2018 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

CATEGORIES April 2017 April 2018 CHANGE (percentage) Total homes under contract (pending sales) (month/month) 1,075 1,126 +5 Total closed sales (month/month) 902 978 +8 Median closed price (month/month) $355,000 $365,000 +3 Median closed price >$300K (month/month) $525,000 $525,000 0 Total active listings (inventory) 5,920 5,793 -2 Average days on market 97 95 -2 Single-family closed sales (month/month) 404 450 +11 Single-family median closed price (month/month) $419,000 $455,000 +9 Single-family inventory 2,986 2,790 -7 Condominium closed sales (month/month) 498 528 +6 Condominium median closed price (month/month) $296,000 $271,000 -8 Condominium inventory 2,934 3,003 +2 

Geographically, real estate activity was strong across the entire county, but closed sales of single-family homes in South Naples were most remarkable with a 51 percent increase to 62 closed sales in April 2018 from 41 in April 2017. 

“North Naples was also a shining star in April,” said Fioretti. “Even though inventory was down 8 percent in this geographic area, its year over year pending sales increased 9 percent, the highest of all geographic areas tracked. And its closed sales increased 13 percent year over year too.” 

April’s month over month activity was even more impressive in the North Naples area, as reflected in a 26 percent increase in closed sales. Similarly, the median closed price of condominiums in North Naples dropped 14 percent in April to $258,000 from $300,000 in April 2017. 

If you are looking to sell a home in Naples, contact a REALTOR® who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. A REALTOR® can also ensure your next purchase in the Naples area is a success. Find out more at 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. 

Home sales increased 4 percent in 2017 and the median closed price increased 3 percent, according to the Year End 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®). The report also showed heightened activity in the high-end market, with closed sales of homes in the $2 million and above price category skyrocketing 20 percent in 2017.

“Real estate sales are based on many economic factors,” said a local Broker. “In 2017, we saw above average employment rates, low inflation, record stock market activity, and increased consumer confidence. Looking into 2018, there are additional reasons for buyers to be optimistic including new tax cuts on the horizon and continued growth of their investment portfolios.”

Another Local Broker agrees and also points to the unusually frigid weather in northern states recently, which he says will encourage more people to head south and buy homes. “Now is a great time to diversify and invest in property because there’s still plenty of inventory and prices have remained stable.”

This may not always be the case as indicated by Cindy Carroll, SRA of Carroll & Carroll Appraisers and Consultants LLC, who advises real estate agents to start watching closely for pockets that may soon show an increase in value. “Overall we had a solid year, but there are hints that change is coming with opportunities for increasing values in market sectors with tightening inventories.” Pending sales during the 3rd Quarter increased 5 percent (12-months ending August 2017), while pending sales at the end of the 4th Quarter increased 2 percent (12-months ending December 31, 2017). “We can only imagine how much more activity the statistics would reflect if the market had not been shut down for nearly five weeks because of a major hurricane in 2017.”

The year-end report showed a 4 percent increase in closed sales to 8,815 in 2017 compared to 8,510 in 2016. Many brokers think, 4 percent growth is great considering we had a hurricane and we lost over a month of real estate activity.

“Between December of 2015 and December of 2016, overall market inventory increased 54 percent; between December of 2016 and December of 2017 overall inventory has decreased 11 percent. The single family and condominium markets are well positioned with about 7.5 months of supply in each,” said Carroll.

Properties priced below $300,000 experienced the fewest days on market in 2017. Some broker analysts reported that they saw many of these properties go from list to close in less than 10 days. Inventory continued to struggle in the low end of the market making options difficult for buyers looking for single-family homes in this price range. In fact, 1,265 of the 1,554 available properties in the $300,000 and below price category were condominiums.

“The shining star in 2017 was condominiums in the $1 to $2 million price category,” said Brenda Fioretti, Managing Broker at Berkshire Hathaway HomeServices Florida Realty. “This category had a 28 percent increase in pending sales and a 14 percent increase in closed sales.”

Geographically, condominiums in North Naples were the biggest sellers in 2017. Closed sales in this neighborhood increased 17 percent, while pending sales increased 15 percent.

How homes are purchased continued to shift in 2017 with an increase in conventional sales (properties with a mortgage). “Only 54 percent of home sales in Naples were cash buys in 2017 compared to 69 percent in 2013. Many factors play into this trend including the fact that we have more end users and fewer investors. Also, a buyer’s ability to lock in a low interest rate allows them to continue to enjoy the high performing stock market, which had a 25 percent increase in 2017.”

Before you sell your home, I would be honored to provide you with guidance as I know the local market and can help you price your property correctly. I can also locate properties that match your buyer needs and negotiate a purchase price that reflects the current market.

Sincerely,
Izabela Wright