Most recent NABOR Market Report from the Hoey Team โ˜˜ Brokered by eXp Realty in South Florida – September 2019

Dated: September 20 2019

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Hello,

Hot off the press; please find the September 2019 Market Report from our Collier County / SW FL Board of Realtors; NABOR.  Also check out the stats in the different Naples / Collier County Property Types & Price Ranges.   And Below we have a link to live statistics for all of Southwest Florida.

Some interesting Statistics:

·        Overall inventory at only 6 months; down 18% year over year. 

·        Overall home sales up 7% year over year.

·        Single family home sales up 10% year over year.

·        Showings up 16% year over year.

·        Geographically, closed sales of single-family homes in East Naples is significantly up.

REALTORS, Sellers, and Buyers need be fully informed to help make the best possible decisions.

 

August Home Sales Strong as Prices Hold Steady

 

Naples, Fla. (September 20, 2019) - Closed sales of homes in Collier County increased 7.4 percent in August, but overall inventory fell 17.8 percent to 4,917 properties compared to 5,980 in August 2018, according to the August 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). This reduction in inventory - which included 616 homes that were either terminated, expired or withdrawn from the Southwest Florida MLS in August - resulted in a six-month supply of inventory for Collier County at the end of August.

"We know that traditionally, inventory will begin to creep up in September, October and November as many sellers try to get a jump on the competition that might list their properties closer to our winter season," said Mike Hughes; "But the pre-season months (September through November) can be a great time for buyers as well. Buyers will find less competition [from other buyers] in the pre-season months. They will also get an early peek at properties that will probably sell during season."

 

The August ShowingTime report indicated that local REALTORS® scheduled 16,878 appointments during August. This is an increase of 16 percent compared to showings in August 2018. On average, a home in the Naples area is shown 16 times before it secures a contract.

 

Broker analysts reviewing the August Report are leery of sales activity next year as sellers will face market uncertainty brought on by a presidential election. In the third quarter of 2016 - right before the last presidential election - overall closed sales in Collier County decreased 14 percent compared to closed sales during the third quarter of 2015.

 

Budge Huskey added, "The overall market is very healthy today based on the average person's financial position continuing to improve in tandem with the economy.  Yet in the luxury and upscale second homes markets, which are often elective, buyers tend to have a longer-term horizon and base investment decisions on where they believe the economy and markets will be a year or more out in the future.  Accordingly, there are mixed signals and sentiment."  

 

Incidentally, the $300,000 to $500,000 price category led closed sales in August with a 10.1 percent increase followed by closed sales of properties under $300,000, which increased 6.5 percent.  Closed sales of homes between $1,000,000 and $2,000,000 decreased 5.7 percent.

 

"Sales of single-family homes were up almost 10 percent this August," said Huskey. "Despite the reduced inventory overall, new listings coming on the market were up 4 percent in August and builder inventory is up as well."

 

The median closed price in August decreased just 0.2 percent to $317,918, which is only $582 lower than the median closed price in August 2018 ($318,500). In fact, price increases have only been reported in two of the last 12 months (October 2018, 3.7%; and April 2019, 3.4%).

 

"We don't know how changes in the political climate will affect the housing market in 2020," said Wes Kunkle. The August Report showed median closed prices for homes below $300,000 and homes between $1 million and $2 million decreased 4 percent in August, while homes between $300,000 and $1 million showed no change in median closed prices.

 

The NABOR® August 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: 

 

CATEGORIES

AUG 2018

AUG 2019

CHANGE

Total closed sales (month/month)

741

796

+7.4%

Median closed price (month/month)

$318,500

$317,918

-0.2%

Total active listings (inventory)

5,980

4,917

-17.8%

Average days on market 

99

103

+4.0%

Single-family closed sales (month/month)

356

417

+17.1%

Single-family median closed price (month/month)

$405,000

$399,000

-1.5%

Single-family inventory

3,147

2,523

-19.8%

Condominium closed sales (month/month)

385

379

-1.6%

Condominium median closed price (month/month)

$250,000

$245,000

-2.0%

Condominium inventory

2,833

2,394

-15.5%

 

Kunkle added, "We have an entire generation of first-time homebuyers who have never seen interest rates over 6 percent. With the recent quarter percentage point cut in interest rates, there isn't been a better time to lock in and buy than now!"

 

Geographically, closed sales of single-family homes in the East Naples are (34114, 34117, 34120, 34137) increased the most in August by 35.6 percent followed by closed sales of single-family homes in North Naples (34109, 34110, 34119), which increased 15.6 percent.

 

Jeff Jones, NABOR® President added, "There were 1,443 price reductions made during August [29 percent of the total homes listed], which is important for buyers as this is an indication that many sellers are eager to sell!"

 

If you are looking to sell a home in Naples, contact Barry or Kimberly with the Hoey Team โ˜˜ Brokered by eXp who have the experience; knowledge; and track record to provide an accurate market comparison so you can determine the right asking price.  REALTORS Barry & Kim can also ensure your next purchase in the Naples area is a success. For SW Florida and beyond; 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

 

Click Here to View Live Stats for the Overall Naples Market Area

 

Click Here to View Live Stats for All of the Southwest Florida Market Areas

 

Please inquire or feel free to share this update with others. 

 

Thanks โ˜˜

Barry & Kim with the Hoey Team  โ˜˜ Brokered by eXp Realty

 

Barry Hoey PA, REALTOR®, CIPS, CRS, GRI

Full time Real Estate Broker Associate

 

Kimberly Zuponcic PA, Realtor

Full time Real Estate Sales Associate

 

Buying-Selling-Leasing-Relocation-International-Collaboration

 

"Your Real Estate Concierge"

 

Barry@SWFLLuxury.Com

Call/Text Hoey Team:  (239)-360-5527

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Article content from NABOR newsletter and other sources; also, please let us know if you have questions on the real estate market in any part of the world.

Barry is a CLHMS see here how we can help with higher end properties.

Please visit our Hoey Team โ˜˜ Luxury Home Market Page Here

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  โ˜˜

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team โ˜˜ brokered by eXp Realty

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