NAPLES, BONITA SPRINGS AND ESTERO

Naples, Bonita Springs and Estero

Naples, Bonita Springs and Estero

Naples, Bonita Springs and Estero

Naples, Bonita Springs and Estero

Naples, Bonita Springs and Estero | Closed Sales

• The number of closed sales year-to-date for Naples, Bonita Springs and Estero increased 9.6% year-over-year.
• Closed sales priced above $2 million increased 28.8% through June compared to the same period in 2016 (295 vs. 229).
During the past 12 months sales in this category are up 4% over the 12 months ending June 30, 2016 (439 vs. 422).

Naples, Bonita Springs and Estero | New Listings/Inventory
• Available inventory on July 1, 2017 consisted of 6,443 units, an increase of less than 3% over July 1, 2016. This represents
6.4 months of supply based on current absorption rates.
• During the 12 months ending June 30, 2017 a total of 19,006 new listings were added to the market, a decrease of 5%
from the prior 12 months ending June 30, 2016.

Naples, Bonita Springs and Estero | Average and Median Sales Price
• Year-to-date average sales price for the area increased 4.5% to $568,663 up from $544,231 for the same period in 2016.
Median closed price is approximately the same as last year at $328,500.
• Average price of sales above $2 million fell 4% over the past 12 months to $3,674,253.

www.BuaBellSellsNaples.com

Gulf Shore Boulevard Condominiums

2nd Qtr Real Estate Market Report 2016

 

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QUARTERLY NUMBER OF CLOSED SALES (Exhibit 1a & 1b)

• The number of closed condominium sales on the bayfront remained approximately the same as second quarter 2015 with 24 closings in Q2 2016 vs. 22 in Q2 2015. Closings on the beachfront declined 37% from 83 in the same quarter last year to 52 this year.

• Harborside West posted the highest number of sales for buildings on the bay with 4 sales, while Park Shore Towers and Vistas at Park Shore led activity on the beach with 5 sales in each building.

QUARTERLY AVERAGE SALES PRICE – CLOSED SALES (Exhibit 2a & 2b)

• The average price paid for beachfront condominiums in the second quarter of 2016 was $1,593,334, a 7% increase over the Q2 2015 average of $1,482,744.

• The average price of closed properties on the bayfront for the period was up 18% over last year at $564,600, up from $478,573 during the same quarter in 2015.

QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES (Exhibit 3a & 3b)

• The average price-per-square foot increased 15% for beachfront residences, up from $609 in Q2 2015 to $703 in the second quarter of this year.

• Properties located on the bayfront posted a price-per-square foot gain of 22%, from $338 psf to $412 in the current quarter.

At the end of the second quarter there were a total of 28 available condominiums on the bay, up from 10 units a year ago. Supply on the beach increased 93% over same quarter prior year to 89 residences, up from 46 in Q2 2015. This represents an 8.6 month supply on the bay and 12 months on the beach based on current absorption rates. Both areas currently indicate a balanced market, but this could change quickly to a buyer’s market if inventory levels continue to increase.

This report is intended to give a broad view of market activity and trends among waterfront condominiums on Gulf Shore Boulevard. Buildings on the beach and bay vary significantly in size, condition, age and amenities, and this can impact average sales price and average price-per-square-foot. Buyers and sellers are advised to seek the help of a John R. Wood Properties sales professional for specific information regarding any property in which there is an interest in buying or selling.

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CLOSED SALES
• The number of sales closed during the month of December is the second highest on record for the month (993). The highest for this period was December 2014 with over 1,100 closed sales.
• During the past 12 months, closings increased in all price categories with the exception of properties priced below $250,000, which decreased 4.4% from prior year. This was driven by shrinking supply rather than a lack of demand.
• Closed sales priced above $2 million remained strong throughout the year with 481 sales as of year-end 2015. This represents a 10% increase over year-end 2014 when there were 439 closings in this category.

NEW LISTINGS/INVENTORY
• Available inventory as of January 1, 2016 consisted of 5,131 units, an increase of 59 units over January 1, 2015.
• The average list price over the past 12 months was $624,503, an increase of 7% over the average of $582,461 during the 12 months’ ending December 2014.
• There were a total of 1,375 new listings placed on the market in December, an increase of almost 5% over December 2014.

AVERAGE AND MEDIAN SALES PRICE
• The average price of closed sales during the month of December increased 4.9% year-over-year, while the median price was up 14.2%.
• The average price of properties priced above $2 million was statistically level with the prior year end ($3,803,000). Median price in this segment increased 5.4% to $3,093,012.

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CLOSED SALES
• Closed sales during the 12 months ending November 30, 2015, were the highest on record for this period (2001 – 2015).
• The number of closed sales year-to-date is approximately the same as prior year (down less than 1%), while average sales price increased 11% ($527,324 vs. $475,340).
• Demand for properties priced above $2 million remained strong through November, up 10% over the first 11 months of 2014.

NEW LISTINGS/INVENTORY
• Available inventory on November 1, 2015 consisted of 4,989 units, approximately the same as prior year.
• This represents 4.6 months of supply based on closings for the past 12 months.
• The average list price over the past 12 months was $637,936, an 11.7% increase over the previous 12 month period. Median list price increased 15.5% over the same period.

AVERAGE AND MEDIAN SALES PRICE
• Average price of closed sales during the month of November increased 10.9% year-over-year, while median closed price is up 14.9% for the month.
• Average price of sales above $2 million increased 6.1% over the past 12 months, from $3,666,721 to $3,890,462. This was driven by an increase in the number of sales priced above $5 million (91 vs. 71 in prior period). Median price increased 8.5%.

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THIRD QUARTER MARKET REVIEW FOR 2015
For the Naples / Bonita Springs / Estero Market Area

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NEW LISTINGS AND PENDED HISTORY
• A total of 3,832 new properties were placed on the market during the quarter, which is statically the same as the number recorded in the third quarter
2014. Demand remained strong with newly pended sales declining less than 2% year-over-year. (Exhibit 1)

CLOSED SALES / AVERAGE SALE PRICE
• The number of closed sales appears to have stabilized over the past three years, increasing only 2% since Q3 2013. Closing pace in the third quarter
of the year is typically the lowest as it reflects sales that occurred during the non-seasonal months of the year. (Exhibit 2)
• Prices continued to escalate for the quarter, with the average closed price up 15.6% over prior year ($504,527 vs $436,446). Median price also
increased, up 16% from the Q3 2014 level ($319,000 vs. $275,000). With the overall pricing increasing, we are seeing a larger percentage of homes
above $2 million which is impacting average and median prices. (Exhibit 2)

INVENTORY / CLOSED SALES / MONTHS OF SUPPLY
• The available inventory of single family homes, condominiums and villas in the Naples, Bonita Springs, Estero markets declined by 7% from the
level a year ago. Inventory at the end of third quarter represented 3.8 months of supply based on the number of closed sales during the past 12
months. (Exhibit 3)

The demand for Southwest Florida real estate is expected to remain strong throughout the remainder of 2015 and 2016. Resale listings placed on the
market over the next six months, coupled with a healthy supply of new product, should keep inventory at a level consistent with demand.
A reminder, however, that this is applicable to the market as a whole and not the case in some high-demand market segments, which remain undersupplied as they have for the past year or so.

This report is intended to give the reader a broad, general view of the combined Naples, Bonita Springs, Estero market areas. Inventory, price movement and months of supply can vary significantly among neighborhoods. Buyers and Sellers are advised to request current, specific market data for properties of personal interest.

Contacts: Pat Pitocchi, NABOR® Media Relations Committee Chairman, (239) 398-8650, Marcia Albert, NABOR® Director of Marketing, (239) 597-1666

Naples, Fla. (March 20, 2015) – An increase in the number of home sales in the over $300,000 price categories, overall rising median closed prices, and an increase in inventory in most price segments were just some of the trends included in NABOR’s February 2015 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). But the best news? These trends are expected to continue.

“We saw year-over-year growth in our overall median closed prices throughout 2014; and with February getting off to a similar start, we expect that trend will continue,” Vice President and General Manager of Downing-Frye Realty and NABOR®’s 2015 President Mike Hughes said. “Our inventory remains low yet we ended February with 1,280 sales pending. This indicates a healthy market.”

According to Kathy Zorn, broker/owner of Florida Home Realty, “February’s activity revealed that sellers may not be sitting on the fence anymore. It’s been 10 years of recovery and many homeowners who’ve weathered it may be at a place where they feel satisfied their property’s value has recovered.”

While overall closed sales activity for single-family homes remained even in February 2015 compared to a year ago, its inventory grew by 6 percent from 2,305 homes in February 2014 to 2,449 homes in February 2015. “I don’t think the increase in inventory is necessarily all due to bracket creep,” said Zorn. “Homeowners keep an eye on their property values. When they presume their home has rebuilt equity, many will contact a REALTOR® to confirm the increase in value. If the equity is confirmed, they’re likely to put their home on the market.”
Wes Kunkle, a commercial broker at Kunkle Realty, said the resale market’s recovery will likely affect new home construction prices. “The report shows a trend of increased inventory in single-family homes that I believe will begin to put pressure on new home construction prices. We may see a pricing peak in the new home market sooner than later.”

However, as indicated in the February report, the condominium market is not performing as well as the single-family home market. Closed sales for condominiums decreased 17 percent from 395 in February 2014 to 329 in February 2015. As expected, this decrease may be a result of a 16 percent decrease in condominium inventory, which fell from 2,328 units in February 2014 to 1,957 units in February 2015.

“Condos are not recovering as well as single-family homes because they are at the whim of certain financing obstacles,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. “Getting a bank to approve a loan on a condo is more difficult because they typically rely on extenuating factors such as the financial health of the homeowners’ association, the age and structural state of the building, and a requirement to receive Fannie Mae approval.”

Despite these obstacles, broker analysts think the condominium market’s activity in the last year is an indication of its potential for an increase in value. For example, pending sales for condominiums in the $300,000 – $500,000 price category increased 87 percent from 79 units in February 2014 to 148 units in February 2015 and overall, the median closed price jumped 14 percent during that time period. “We’ve seen a recovery and stellar activity in the single-family home market. It wouldn’t surprise me if condominiums became the new exchange,” said Carroll. “And may experience the same type of recovery as the single family home market.”

The NABOR® February 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® February 2015 sales statistics are presented in chart format, including these overall (single-family and condominium) findings: 

  • Overall pending sales increased 3 percent from 1,244 in February 2014 to 1,280 in February 2015.
  • Overall closed sales decreased 1 percent from 9,808 in the 12-months ending February 2014 to 9,720 in the 12-months ending February 2015.
  • Closed sales for single-family homes decreased 1 percent from 4,682 homes in February 2014 to 4,612 homes in February 2015.
  • Closed sales for condominiums decreased less than a percent from 5,126 condominiums in February 2014 to 5,108 in February 2015.
  • Overall median closed price increased 12 percent from $245,000 in the 12-months ending February 2014 to $275,000 in the 12-months ending February 2015.
  • Overall inventory decreased 5 percent from 4,633 homes in February 2014 to 4,406 homes in February 2015.
  • Inventory for single-family homes increased 6 percent from 2,305 homes in February 2014 to 2,449 homes in February 2015.
  • Inventory for condominiums decreased 16 percent from 2,328 in February 2014 to 1,957 in February 2015.
  • Average days on market for February 2015 were 93. 

There are 3,027 homes for sale in the Naples area that are priced above $300,000. This comprises about 66 percent of the market. If you are a homeowner that sat steady while the market recovered, find out whether your home has gained equity by contacting a REALTOR®. A REALTOR® has the experience and knowledge to do provide an accurate market comparison that will help you determine whether now is the right time to sell your home and ensure your next sale or purchase in the Naples area is a success. Contact a REALTOR® on NaplesArea.com®.

The Naples Area Board of REALTORS® (NABOR®) is an established organization (Chartered in 1949) whose members have a positive and progressive impact on the Naples Community. NABOR® is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 5,000 plus members. NABOR® is a member of the Florida Realtors and the National Association of REALTORS®, which is the largest association in the United States with more than 1.3 million members and over 1,400 local board of REALTORS® nationwide. NABOR® is structured to provide programs and services to its membership through various committees and the NABOR® Board of Directors, all of whose members are non-paid volunteers.

The term REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribe to its strict Code of Ethics.