Golf Course ResidencesConsidering a golf course property purchase? You’re in good company. It’s a buyer’s market for those looking to purchase a home within a golf community,
January Housing Market Shows Signs of Opportunity
Naples, Fla. (March 8, 2019) - The year is off to a good start for homebuyers. Beyond escaping frigid temperatures up north, visitors looking to purchase a home in the Naples area during January were pleasantly surprised with their options as inventory levels increased 7 percent to 8,154 homes for sale in January 2019 from 7,605 homes for sale in January 2018. The good news didn't stop there for new homebuyers in January as median home prices increased by only 1 percent to $325,000 in January 2019 from $322,500 in January 2018, according to the January 2019 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). A new statistical reporting system with enhanced formats and data capture features was adopted by NABOR®. The January 2019 Market Report was prepared using the new system.
Broker analysts reviewing the new report were quick to point out that a rare occurrence in January 2018 contributed to a reduction in overall closed sales reported in January 2019. Namely, that a developer added 79 newly constructed high-end condominium closed sales to the MLS during the month of January 2018. To further clarify, the actual "sales" were made over a three-year period, but the sales data for all 79 units was input into the MLS over a three-week period in January 2018. Consequently, this data is reflected in the monthly statistics as a 160 percent decrease in overall closed sales for homes in the $1 million to $2 million price category. It is for this reason that the January 2019 Market Report has been clarified to also reflect the removal of these anomalous sales in order to show a truer comparative analysis of the data.
Many broker analysts reviewing the January 2019 Market Report felt the stock market tumble in late December may have contributed to potential homebuyers delaying purchasing decisions in January. This may be why there was a 6 percent decrease in overall closed sales reported for January 2019 compared to overall closed sales in January 2018. However, high-end homes increased 21 percent in the single-family home market and 18 percent in the condominium market in January 2019 compared to January 2018.
According to Cindy Carroll, SRA, of Carroll & Carroll Appraisers & Consultants, LLC, new home construction is tempering price increases in many areas of the resale market. "More builders are using the MLS and reaching out to brokers and REALTORS® with purchase incentives, which will make it necessary for homeowners to price their homes more competitively."
The monthly statistics only capture a fraction of new construction product. NABOR® is working to engage more builders and encourage their use of the MLS. As such, it anticipates the ability to report broader data - like new construction, pending sales and list-to-closed sales - in future months with the new system.
"Fee heavy condominiums are hurting," said Adam Vellano. Even though inventory rose 6 percent in the under $300,000 condominium market in January, closed sales for this product in January dropped 25 percent.
"The good news is that prices have remained relatively flat in both the single-family and condominium markets over the last 12 months despite the increase in inventory, so this factor along with an increase in inventory means there are some very good deals out there. This is a positive for homebuyers," said Vellano.
"The housing market, while not markedly busy in January, remains healthy. The big news in January was inventory," said Jeff Jones, "especially in the single-family home market where inventory for single-family homes under $300,000 grew 8 percent, and inventory for single-family homes between $300,000 to $500,000 grew 12 percent. "We expect the supply of homes for sale to increase, giving buyers more homes to buy, but not so many that will negatively affect overall home prices."
Overall, there were 549 more homes for sale in January 2019 than in January 2018. The Naples area has seen its resale market inventory climb over the last few months. As such, there was 8.4 months of inventory in January 2019, typically indicating a buyer's market, up from 6.3 months of inventory in January 2018.
The NABOR® January 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)
Prices are expected to remain stable over the next 12 months according to Carroll, who also noted that some pockets of the market may begin to see value erosion while others continue to increase due to location and demand.
Geographically, inventory increased the most in Eastern Collier (10 percent) and Ave Maria (18 percent).
If you are looking to sell a home in Naples, contact Barry or Kimberly with the Hoey Team Brokered by eXp who have the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. A REALTORs Barry & Kim can also ensure your next purchase in the Naples area is a success. Find out more at: www.BarryHoey.eXpRealty.Com or contact Kim or Barry via email at or or, Call/Text the Hoey Team: (239)-360-5527 ... Please inquire or share this update with others.
For more information from this or other related topics; please reach out to Barry or Kim, info below.
Please feel free to check out or share any of the other Blogs or Webpages with various Links, Updates & Reports that we have here on our Informational Website.
"We hope that you find the information useful. If you have any questions, please do not hesitiate to contact Kim or Barry with the Hoey Team Brokered by eXp Realty, email us at: Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or Call/Text the Hoey Team at: (239)-360-5527
Please Share this Blog / Page with anyone who you think the info will help. Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals; and we will help in any way we can. Most of our business is referrals by word of mouth from past Sellers and Buyers who we have helped; please ask for and check out our testimonials. Thanks again, Barry & Kim"
"Your Real Estate Concierge" 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....
Latest Blog Posts
Rising family incomes, low mortgage rates and older millennials should keep home prices moving higher through at least July of next year.NEW YORK – Thanks to rising family incomes, low
Here’s how the ultra-wealthy prepare for the worstFotoKina / ShutterstockAffluent homeowners have higher-value property and assets to protect during national disasters.Insurance
FOR IMMEDIATE RELEASEFor more information, contact:Barry Hoey Hoey Team ☘ eXp Realty 239-360-5527 Barry@SWFLLuxury.Com SWFLLuxuryCollection.ComJoining Three Percent of all Realtors, Barry Hoey