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.
John Steinwand, Broker and Principal at Naples Realty Services,
Inc., said the report also showed a remarkable upswing in activity in the
Immokalee/Ave Maria area. "Overall inventory in this area increased the
highest percentage in this area compared to the other geographic areas we
track. Single-family home inventory in the Immokalee/Ave Maria area rose 24
percent from 17 single-family homes in October 2014 to 21 single-family homes in
October 2015. Despite the increase in inventory, this geographic area also had
the highest increase in single-family home median closed price, going up 46
percent from a median closed price of $151,000 in the 12-months ending October
2014 to $220,000 in the 12-months ending 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.
Remarking on Carroll's insight, Rick Fioretti, NABOR® President
Elect and Broker Associate with Berkshire Hathaway Home Services Florida
Realty, said, "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.
A buyer interested in purchasing a
single-family home near the beach will experience some challenges in the coming
months, as pointed out by Coco Waldenmayer, a managing broker at John R. Wood
Properties, who said, "Anyone looking for a single-family home under $2
million in the Naples Beach area will find most of the remaining properties are
ready for tear down. However, there are condominiums available west of 41 in a
broad range of prices."
Navigating through the complex Naples real estate market can be
challenging. Buyers and sellers can benefit from the guidance of a local
REALTOR® who is familiar with the current market. To ensure your next sale
or purchase in the Naples area is a success, contact a REALTOR® on
Naplesarea.com to guide you through your real estate transaction.
To view the entire report, visit www.NaplesArea.com
#LuxuryRealEstateMarbella #LuxuryProperties #Investment #PropertySpecialist #Immobilienmakle #العقارات #недвижимость #Fastigheter #Mäklare #ForSaleMarbella @SpainForSale.Properties Villa for sale Marbella
ReplyDeleteMmm.. good to be here in your article or post, whatever, I think I should also work hard for my own website like I see some good and updated working in your site. hausverwalter duisburg
ReplyDelete