Posted on Friday, February 20, 2015
The Naples tourist season is in full swing as tourists and seasonal residents settle in and northern temperatures plunge. No wonder, with the worst snowfall in New England in years and sub-zero temperatures over most of the north today’s high of 65 degrees draws a lot of people.
This time of year we receive a big boost in population, business and real estate interest – and this month is no exception .
At one of our open houses last Sunday a realtor walked right in with a written all-cash offer. When subsequent visitors that day commented on the high price of the unit they were surprised an offer on the property was already tendered.
During the week two of our listings saw bidding wars break out amongst multiple buyers. The market is moving. Can sellers still get it wrong? Sure, but well priced properties in good condition are selling, and selling quickly.
(life in the Florida sunshine is doubly enjoyable on a winter day)
Let’s look at the number behind all of this. A look at the all Naples inventory in the Matrix MLS this morning shows we are at 6.5 months supply – up from 6.3 months at this time last month but an inventory level very supportive of future price increases. Remember any supply level under twelve months is considered below equilibrium and supportive of price increases. A level of six months is considered very short and should move prices up. Volumes are running along at the brisk pace of 2,759 sales every three months and sellers are putting more places up for sale.
We thought by this time the new construction projects would start to slow the re-sale market down but not yet. An estimated 50% of all sales goes to new construction and yet the re-sale market continues to roar along.
Sellers are getting near what they ask as we see the closed to ask ratio widened slightly over last month’s level to 95.7% from 96.65%. Sellers are still in command but either buyers are doing a better job negotiating or sellers are just starting too high. Please be aware overpriced homes and/or homes in poor condition are sitting for 100‘s of days on the market so sellers must fairly price even in these markets.
(with never a freeze along Gulf coast waters here a day on the water can be a lot of fun)
Average days on market decreased to 40 days from 41 days supporting the idea of a strong market. If you are a seller and you do not have an offer or a repeat visit in 40 days you might look at price or condition as the cause of your sales delay.
What about condo prices? Readers of our blog will remember just before the last real estate crash condo prices started to fall – a full year before the single family home market crash. Condo prices may well a good “canary in the mine” forecasting tool to sense an eventual real estate slow down here. What are condo price trends mid month? Up and up a lot. Prices rose to $275,000 over last month’s $242,000 which was up from $212,000+ the prior month. Wow. Condo prices are booming. The canary is happy and singing along.
Despite the slight increase in supply and ask/close spreads we see rising prices continuing for a while based on good volume and short supplies – and a memorable season of northern tourists and seasonal residents.
(over the years here Naples restaurants and chefs have come a long way – many a nice evening out)
If you would like to know more about living here in Naples and Marco Island, Florida please give us a call at 239.595.3921. We have toured or owned property in Naples for nearly forty years and we are truly fortunate to call this wonderful paradise our full-time home.
Please consider reading our book “Understanding Naples Real Estate” to get you started on your real estate search https://www.naplesbestaddresses.com/offer/ or just give us a call about things to do here.
We look forward to meeting and talking with you soon,
Mark Goebel PA, Nan Goebel PA and David Goebel, PA
Co-Founders of the Naples Best Addresses team
Coldwell Banker
Mark Goebel, PA and Nan Goebel, PA
REALTOR Coldwell Banker 5th Avenue South
Mobile: 239.595.3921 239.595.3920
NaplesBestAddresses.com
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No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
We are pleased to announce a portion of our real estate earnings go to support the The Naples Botanical Garden, Habitat for Humanity Collier County, The Race For The Cure Citrus Ride, The Seacrest Country Day School and The Naples Winter Wine Festival.
Some of the data relating to Naples homes for sale and Naples real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Contact us to learn more about Naples real estate trends, the florida rental market, Naples design ideas like coastal contemporary and transitional designs or just get a feel for the place like Naples Florida population trends.
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