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December 2019 ☘ Updated Market Report for Naples and for all of Southwest Florida ☘ Hoey Team ☘ eXp Realty
Dated: December 23 2019
Hot off the press and corrected/updated on December 23rd; please find the December 2019 Market Report from our Collier County based; SW FL Board of Realtors; NABOR. Also check out the stats in the different Naples / Collier County Property Types & Price Ranges.
(Let us know if you want more information on any aspect of the Real Estate market; we can provide Detailed Reports & Data for any part; Locally and Nationally; just let us know.)
Some interesting Statistics for November 2019 versus November 2018:
· Overall inventory down 19%.
· Overall Pending Sales up 27%
· Overall Closed Sales up 2%
· Median closed sale price up 0.8%.
· Single family home sales up 5%
· Condo home sales down 0.6%
· Days on market up 7%
REALTORS, Sellers, and Buyers need be fully informed to help you make the best possible decisions.
Median Closed Price Increased .8% in November as Home Activity Shows Buyers Trying to Beat the Pack
Naples, Fla. (December 23, 2019 update) - An increase in traffic on roads and beaches, and in restaurants, hotels, and open houses during November was reflected in a 27 percent increase in overall pending sales (homes under contract), and a 46 percent increase in showings for the month compared to November 2018. Several broker analysts who reviewed the November 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), said they saw a noticeable increase in buyer interest starting back in October. The presence of more eager buyers before our traditional high season has contributed to the depletion of inventory, which decreased 19.4 percent in November to 5,563 properties compared to 6,896 properties in November 2018.
November 2019 compared to November 2018; percentage reporting using rounded values.
Year to date ending November 2019 versus year to date November 2018.
An increase in traffic on roads and beaches, and in restaurants, hotels, and open houses during November was reflected in a 27 percent increase in overall pending sales (homes under contract), and a 46 percent increase in showings for the month compared to November 2018. Several broker analysts who reviewed the November 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), said they saw a noticeable increase in buyer interest starting back in October. The presence of more eager buyers before our traditional high season has contributed to the depletion of inventory, which decreased 19.4 percent in November to 5,563 properties compared to 6,896 properties in November 2018.
"We currently have a six-month supply of inventory," said Brenda Fioretti, who added that there were price reductions in 28 percent of all homes on the market in November. But according to Budge Huskey, "Six months of inventory offers Naples a great advantage when compared to other popular Florida areas like Tampa and Orlando, which currently average two to three months of inventory, as buyers have more options."
"Naples is not a major business center where demand is driven by significant employment gains," added Huskey, "yet we continue to enjoy another solid year in real estate sales due to all the unique offerings which make Naples such as special destination to so many around the country."
But these inventory reductions aren't necessarily coming from just the resale market. "A portion of our inventory is made up of new listings available by builders," said Adam Vellano. "Many big, new home developments are now complete and just about sold out so there is less new product available, thus contributing to some of the decrease in overall home inventory."
Overall closed sales in November increased 2.4 percent, but it was the single-family home market that led the month's closed sales with a 5.3 percent increase compared to closed sales in the condominium market, which decreased 0.6 percent.
In response to slow sales in the condominium market, Coco Amar remarked, "We've had such huge activity in the condominium market over the last three years, it was bound to slow down a bit." But despite closed sales of condominiums being tepid in November, the report showed pending sales in the condominium market were up 26 percent compared to an increase in pending sales in the single-family homes market of 28 percent. This substantial increase is a direct result of the early influx of buyers.
Inventory levels for the single-family and condominium markets were about even in November; with 2,771 properties and 2,792 properties, respectively. Inventory declines during November were highest in the low end of the single-family home market (under $300,000), which saw a 35.4 percent decline in November. But inventory increased 19.6 percent in the $2 million and above condominium market.
"With overall inventory down and showings up, now is a great time to put your home on the market," said Fioretti, who added that her agents were extremely busy in November and she's anticipating they will be even busier during the upcoming winter season.
The NABOR® November 2019 Market Reports provide comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings:
Total closed sales (month/month)
Total pending sales (homes under contract) (month/month)
Median closed price (month/month)
Total active listings (inventory)
Average days on market
Single-family closed sales (month/month)
Single-family median closed price (month/month)
Condominium closed sales (month/month)
Condominium median closed price (month/month)
"People who own homes in Naples are staying longer and more are staying year-round," said Amar. "There has definitely been a shift in the market this year as we are seeing buyers more interested in homes under $500,000 than those priced over $2 million."
The report showed overall median closed prices increased .8 percent in November to $332,500 from $330,000 in November 2018. Interestingly, median closed prices in the $2 million and above price category increased 4.6 percent in November, while the median closed price in the under $300,000 market decreased 5 percent.
Vellano also pointed out that the November Market Report showed "40 percent of the current inventory has been on the market for over 150 days, and 20 percent has been on the market for over 300 days." Amar responded that much of this entails two types of inventory: teardowns and those that require major renovations. "These sellers will need to reduce prices further if they want to attract buyers."
Lauren Melo said she's seen "a small increase in the number of distressed properties on the market mostly due to loan modifications that didn't work out." On a positive note, Melo added that "good rates and good deals from lenders right now should help more buyers purchase homes."
If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team ☘ who are based in Naples and have the experience; track record; skills; additional education; knowledge and the most desirable credentials to correctly provide an accurate market comparison and efficiently negotiate a sale with impressive results. Please ask for or click here to check out our sales stats and testimonials to help verify this.
For home owners / sellers considering to sell a home in Naples or any part of Southwest Florida; should you want to upsize, or downsize, contact Barry and Kimberly with the Hoey Team ☘ brokered by eXp Realty who have the reputation, experience; work ethic, local market knowledge; and the best possible tools & systems to provide an accurate market comparison so you can determine the right asking price to achieve the best possible bottom line. Our vast array of marketing methods / tools and negotiation skills are second to none.
REALTORS Barry & Kim can also ensure your next purchase in the Naples / Southwest Florida market area is a success in an efficient, stress free way.
For all of Collier County; Lee County; Covering all of Southwest Florida and beyond with our growing team; find out more at: www.BarryHoey.eXpRealty.Com or contact Barry or Kim via email at Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or, Call/Text the Hoey Team ☘ : (239)-360-5527
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Barry & Kim with the Hoey Team ☘ Brokered by eXp Realty
Barry Hoey PA, REALTOR®, CIPS, CLHMS, CRS, GRI
Full time Real Estate Broker Associate
Kimberly Zuponcic PA, Realtor
Full time Real Estate Sales Associate
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