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November 2019 ☘ Market Report for Naples and for all of Southwest Florida ☘ Hoey Team ☘ eXp Realty
Dated: November 27 2019
Hot off the press; please find the November 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 to drill down further on any aspect of the Real Estate market; we can provide Detailed Reports & Information for any part; Locally and Nationally; just let us know.)
Some interesting Statistics for October 2019 versus October 2018:
· Overall inventory down 18%.
· Overall Pending Sales up 24%
· Overall Closed Sales up 10%
· Median closed price down 3%.
· Single family home sales up 5%
· Condo home sales up 15%
· Days on market up 11%
REALTORS, Sellers, and Buyers need be fully informed to help you make the best possible decisions.
Buyers are Back: Homes Under Contract Soar 24% in October
Naples, Fla. (November 22, 2019) - As predicted by a group of Naples real estate brokers, buyer activity began to rise in October with a remarkable 23.7 percent increase in overall pending sales (homes under contract) to 987 pending sales during October 2019 compared to 798 pending sales in October 2018. Sellers also felt a surge in showings (up 40 percent compared to October 2018), and the number of price reductions slowed to just 15 percent of the properties available in October's overall inventory compared to September, which saw 26 percent of its inventory's prices reduced. Price reduction activity is an important behavior for buyers to watch as it is an indication of how eager sellers are to sell.
October 2019 compared with October 2018
Year to Date ending October 2019 compared with YTD ending October 2018
Closed sales during October increased 9.7 percent to 758 closed sales compared to 689 closed sales in October 2018, according to the October 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island).
"These pre-season pending sales numbers are setting us up to have a good winter sales season," said Dominic Pallini. "Inventory is also going up yet prices have been holding steady."
Even though October's overall inventory decreased 17.7 percent to 5,351 homes for sale from 6,500 homes for sale in October 2018, there were actually 362 more homes that came onto the market in October compared to September. According to Pallini, a fair amount of the new inventory is in the new construction market where builders are pricing homes aggressively and offering sweeteners to agents and buyers via incentives.
"A large majority of the new construction over the last year appears to be in the market's "sweet spot", which is the category of homes priced below $500,000," said Jeff Jones. "This influx of new construction is probably why the median closed price in that price range hasn't shifted much."
According to Tom Bringardner, Jr, "median closed prices in the upper end of the market [homes priced at $2 million and above] rose 8 percent" in October 2019 to $3,200,000 from $2,962,500 in October 2018. However, when 57 percent of the market's available inventory are homes priced under $500,000, and the majority of new listings every month are also in this range, it's easy to understand how the overall median closed price reported for the entire market appears to be decreasing.
The overall median closed price decreased 3 percent in October to $329,950 from $340,000 in October 2018. But it's important to remember that there are also three times as many properties for sale under $300,000 than properties for sale over $2 million in Naples.
"Inventory has kept prices attractive which drives demand," said Budge Huskey, "The under $500,000 market is driving our overall market today. This is naturally bringing the median closed price down."
The NABOR® October 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)
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)
Jones noted that homes built prior to the current modern "coastal" era designs are lingering on the market due to the growing unpopularity of the older Tuscan and Mediterranean home designs and architecture. In response, several brokers wondered if this could explain why the days on market for homes in the Naples Beach area increased by a month in October since many of the homes are not amongst the more popular modern designs and architecture.
Geographically, closed sales in October were highest (64.4 percent) in areas located in the 34109 zip code (east of Goodlette Frank Rd., west of I-75, south of Immokalee Rd., and north of Pine Ridge Rd.). Other locations that experienced sales increases over 50 percent month/month in October were 34117 (south of Golden Gate Blvd., and east of Collier Blvd.), and 34112 (south of Davis Blvd., north of Rattle Snake Hammock Rd., east of U.S. 41, west of Collier Blvd.).
According to the October 2019 ShowingTime Report, a monthly supplemental report now released with monthly Market Reports, REALTORS® in Collier County reported over 5,000 more showing appointments in October 2019 - a total of 18,531 - compared to October 2018, which had 13,271 showing appointments, a statistic that indicates the heartbeat on overall real estate market activity.
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 to see 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; if 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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If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
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