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Low Inventory & High Demand Continues to Push Home Prices Up in January

Naples, Fla. (February 25, 2022) – A 34.5 percent increase in new listings sparked 19,277 more showings during January compared to new listings and showings reported in December 2021. While an increase in new listings demonstrates a solid start for the real estate market this year, low inventory continues to harness the market’s potential. As a result of tight inventory, January sales activity could not meet the level of sales activity reported in January 2021. Historically, month to month sales activity during season ascends through April. But according to broker analysts reviewing the January 2022 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), a 74.9 percent decrease in inventory for January to 1,122 homes from 4,474 homes in January 2021 will not provide the same level of sales transactions that occurred last season.

“Low inventory does not mean there are not opportunities for buyers in 2022,” said Ryan Bleggi, President of NABOR®. “In fact, as expected at the start of season, there was an increase in new listings during January compared to December, so buyers could explore an inventory that included 1,272 new listings.”

Those new listings translated to a 32 percent increase in pending sales to 1,373 pending sales during January compared to 1,038 pending sales reported in December.

Cash sales exceeded 63 percent in January which is a good sign and proof that there is plenty of equity in the market. Buyer demand has not slowed down and we’re seeing a rise in multiple offer situations as well as homes selling for above list price.”

The overall median closed price increased 39 percent in January to $549,000 from $395,000 in January 2021. The condominium market continued to report sales at an above list price trend for the second month in a row, and a 47.2 percent increase in median closed price in January to $427,000 from $290,132 in January 2021. The median closed price for single-family homes rose 25.1 percent in January to $675,000 from $539,500 in January 2021.

With less than a one-month supply of homes, closed sales during January could not realize the level of activity it experienced a year ago and decreased 27.9 percent to 818 closed sales from 1,134 closed sales in January 2021. Pending sales – which reflect the number of new homes under contract – decreased 37.9 percent to 1,373 from 2,210 in January 2021; but, as mentioned above, pending sales in January increased by 335 contracts (32 percent) compared to pending sales reported in December 2021 (1,038).

If you’re a buyer, don’t expect to negotiate price in this tight market. Homes are being sold at full price or above list price and often without contingencies. I recommend working with a REALTOR® because they have the ability to help a buyer determine whether a home is priced competitively. I also recommend sellers work with a REALTOR® to price their homes right so a majority of offers can begin at full list price.”

New lending rules from Fannie Mae and Freddie Mac go into effect April 1st and add more requirements from those purchasing a second home or condominium.  Some condominium associations are changing their bylaws to prohibit renting within the first year of ownership, which discourages investors. Buying or selling a home in Naples is a big and fast-moving endeavor.

That is why there has never been a more important time to work with a REALTOR® who can help you write a good contract that protects you and gets the paperwork in order so your sale or purchase goes smoothly. I know a buyer who didn’t make the deposit on time and the seller cancelled the contract and took a back-up offer for $40,000 more.  A good REALTOR® can help you avoid situations that might threaten a good opportunity. Regardless of when the current seller’s market ends, Collier is running out of land to develop. Buyer demand is not likely to slow down anytime soon because homes in Naples are still much more affordable than homes in other parts of the country like California, New York and Chicago. I don’t know if we’ll see another 39 percent increase in median closed price year over year this year, but we’re in a unique area of the world where buyers are willing to pay to be here.

I encourage the following groups of homeowners to consider listing their properties now if they want to maximize profits before the market changes: • Owners of rental property that require substantial maintenance and who could gain the same or more profit from investment dividends • Older homeowners whose future plans include living in a retirement or assisted living community • Empty nesters who don’t require a large single-family home anymore • Second-home owners who would enjoy a profit and can purchase a Naples home closer to retirement If you are looking to sell a home in Naples, contact a Naples REALTOR® professional who has the ability and expertise to provide you with an accurate market comparison in this fast-moving market, manage your showings to the right audience, evaluate the use of contingencies, and help you negotiate your home sale during a multiple offer process. A REALTOR® can ensure your next purchase or sale in the Naples area is a success. Search for your dream home and find a Naples 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 over 60 years serving 7,500 plus members. NABOR® is a member of Florida Realtors® and the National Association of REALTORS®, which is the largest association in the United States with more than 1.5 million members and over 1,200 local boards 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.

Frenzy Fades to a Simmer as Inventory Dips Going into Summer

Naples, Fla. (July 23, 2021) – With less than a one month supply of inventory available, the Naples area
housing market experienced a 14.5 percent decrease in overall pending sales in June to 1,256 pending sales from
1,469 pending sales in June 2020. Low inventory levels in June also contributed to a 7 percent decrease in
showings for the month. This simmering of activity has broker analysts who reviewed the June 2021 Market
Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales
within Collier County (excluding Marco Island), certain that the wild housing market frenzy that began about a
year ago – peaking in March – is now decelerating and being replaced with a new level of activity that reflects
improved market equity for sellers and sustained buyer interest from people seeking permanent residency.
“Inventory is turning over daily,” said Brenda Fioretti, Broker Associate at Berkshire Hathaway HomeServices
Florida Realty. “That’s an important point for buyers to understand because many people think the inventory
number we report is all that is available for the month. But that’s not true. Multiple home buying opportunities
are a daily occurrence with new listings coming on the market continually. So buyers shouldn’t give up hope
when inventory is low because their dream home might become available tomorrow. Though they need to be
prepared to move quickly before the home sells.”
According to the report, overall inventory decreased 78.8 percent to 1,271 homes in June from 6,003 homes in
June 2020. As expected going into summer, new listings decreased 12 percent in June to 1,147 new listings from
1,303 new listings in June 2020. However, in the first six months of 2021, new listings have increased 9.9
percent to 8,744 new listings compared to 7,957 new listings reported during the first six months of 2020. In
fact, the number of new listings during the first six months of 2021 was actually higher than the number of new
listings reported in the first six months of any year in the last five years.
“Last year, the second half of the year was better than the first,” said Mike Hughes, Vice President and General
Manager for Downing-Frye Realty, Inc., who added, “but I think we will probably see the opposite this year.”
Hughes prediction might be accurate because according to the SWFL MLS data, it is unlikely we will be able to
match the sales activity witnessed over the last year anytime soon. For example, closed sales in Naples increased
85.1 percent in the first half of 2021 to 9,414 closed sales from 5,086 closed sales in the first half of 2020
(during the height of COVID-19). For added perspective, in the first half of 2018 and 2019, there were about
5,400 total closed sales reported, respectively. Also, the year-end report for 2020 showed 15,582 total closed
sales for the year, which means over 10,500 closed sales took place during the second half of 2020. When the buying frenzy began a year ago in June, Naples had a 7.3 month supply of homes. As a result of the impressive
year-long sales activity, our area now has a .9 month (less than 30 days) supply of homes.
But the tight inventory isn’t squelching demand quite yet. Closed sales in June increased 67.8 percent to 1,505
closed sales from 897 closed sales in June 2020.
“Sellers are capitalizing on the current market,” added Hughes, “but buyer demand has simply stripped our
inventory. Since April, we’ve seen a 55 percent drop in inventory.” Hughes pointed out that the June report
showed Naples had four times the inventory but only 200 more sales last June than what was reported during
June of 2021.
According to Adam Vellano, a Naples Sales Manager at Compass Florida, “Due to the current inventory
shortage, the overall percentage of current list price received was 99.4 percent in June. Buyers are willing to
overpay, but not grossly overpay. So our advice to sellers is that ‘if your home doesn’t sell in the first couple of
weeks, then it’s either overpriced or needs work to become more desirable.’”
“The positive news is that report also showed an extremely high percentage of cash transactions [58.3 percent],”
said Vellano, who added, “which indicates that buyers are confident our market has value and equity.”

The median closed price in June increased 30.3 percent to $465,000 from $357,000 in June 2020. However, for
the 12-months ending June 2021, the median closed price for condominiums over $2 million actually decreased 9.4 percent. Sales of condominiums during June skyrocketed 98.7 percent to 767 closed sales of condominiums
from 386 closed sales of condominiums in June 2020.
Geographically, the Ave Maria/Immokalee area reported the highest increase in new single-family home listings
for June with a 52.4 percent increase, followed by the Central Naples area (34104, 34105, 34116), which
reported a 37.5 percent increase in new single-family home listings for the month.
If you are looking to buy or sell a home in Naples, contact a Naples REALTOR® who has the ability to provide
an accurate market comparison or negotiate a sale. A REALTOR® can ensure your next purchase or sale in the
Naples area is a success. Search for your dream home and find a Naples REALTOR® on Naplesarea.com.

SOUTHWEST FLORIDA MARKET REPORT – JUNE 2020

SOUTHWEST FLORIDA

With 25,889 properties sold, sales were up .77% over the preceding 12-month period when 25,691 properties were sold.  New listings were down 14.5%, from 43,191 to 36,923. The average sales price, at $455,536 was up 2.2% from $445,750.  As of June 30, 2020, inventory stood at 9,941 units while months of supply was 4.61 months.

NAPLES

With 9,739 properties sold, sales were up .7% over the preceding 12-month period when 9,669 properties were sold.  New listings were down 9.9%, from 15,622 to 14,075. The average sales price, at $613,206, was up .5% from $610,188.  As of June 30, 2020, inventory stood at 4,547 units while months of supply was 5.6 months.

MARCO ISLAND

With 835 properties sold, sales were up 7.9% over the preceding 12-month period when 774 properties were sold. New listings were down 10.1%, from 1,403 to 1,262. The average sales price, at $799,755, was up 2.5% from $780,213. As of June 30, 2020, inventory stood at 545 units while months of supply was 7.83 months.

BONITA SPRINGS – ESTERO

With 3,018 properties sold, sales were down 2.1% over the preceding 12-month period when 3,083 properties were sold. New listings were down 17.8%, from 4,744 to 3,901. The average sales price, at $410,910, was down .5% from $413,124. As of June 30, 2020, inventory stood at 1,167 units while months of supply was 4.64 months.

SOUTHWEST FLORIDA MARKET REPORT – MAY 2020

SOUTHWEST FLORIDA

With 26,057 properties sold, sales were up 1.1% over the preceding 12-month period when 25,776 properties were sold.  New listings were down 14.7%, from 43,220 to 36,870. The average sales price, at $450,222 was up .8% from $446,642.  As of May 31, 2020, inventory stood at 10,973 units while months of supply was 5.05 months.

NAPLES

With 9,807 properties sold, sales were up .7% over the preceding 12-month period when 9,740 properties were sold.  New listings were down 11.2%, from 15,644 to 13,898. The average sales price, at $605,026, was down .8% from $609,970.  As of May 31, 2020, inventory stood at 4,974 units while months of supply was 6.09 months.

MARCO ISLAND

With 821 properties sold, sales were up 3.1% over the preceding 12-month period when 796 properties were sold. New listings were down 12.7%, from 1,411 to 1,232. The average sales price, at $780,712, was down .9% from $787,824. As of May 31, 2020, inventory stood at 597 units while months of supply was 8.73 months.

BONITA SPRINGS – ESTERO

With 3,011 properties sold, sales were down 3.3% over the preceding 12-month period when 3,112 properties were sold. New listings were down 18.3%, from 4,758 to 3,889. The average sales price, at $405,295, was down .8% from $408,747. As of May 31, 2020, inventory stood at 1,249 units while months of supply was 4.98 months.

SOUTHWEST FLORIDA REAL ESTATE UPDATE

NAPLES, BONITA SPRINGS AND ESTERO

Closed Sales

During the 12-month period ending May 31, 2019 a total of 12,622 sales were reported, up 4.7% from the same period the prior year when there were 12,050 sales. With 494 sales reported, closed sales priced above $2 million were static with the preceding 12-month period.

 

New Listings/Inventory

Available inventory as of June 1, 2019 consisted of 7,698 units compared to 6,885 as of the same date last year, up 11.8%. Months of supply as of June 1, 2019 reflected 7.32 months, up 6.7% compared to the same date last year when 6.86 months was posted. New listings added over the 12-month period ending May 31, 2019 were up 16.4% to 20,286 compared with 17,421 listings added during the preceding 12-month period.

 

Average and Median Sales Price

Average and median prices for closed sales for the 12-month period ending May 31, 2019 were static with the preceding 12 months, at $558,670 and $329,666, respectively. The average price for sales above $2 million over the past 12 months was up 7.7% to $3,977,929 compared to $3,692,600 for the preceding 12-month period.

 

MARCO ISLAND

Closed Sales

During the 12 months ending May 31, 2019, 844 closings were posted for the Marco Island area, up 3.3% over the preceding 12 months when 817 sales were reported.

 

New Listings/Inventory

Available inventory as of June 1, 2019 for the Marco Island market totaled 716 units, up 10.5% compared to 648 units as of the same date the prior year. Months of supply, at 10.18 months, was up 7% compared to 9.52 months posted a year ago. During the 12 months ending May 31, 2019, 1,375 listings were added to the Marco Island market, a 5.8% increase over the preceding 12-month period when 1,300 listings were added.

 

Average and Median Sales Price

Pricing of closed sales over the past 12 months averaged $803,790, a 9.6% increase compared to the preceding 12 months when an average of $733,718 was posted. When comparing the same two periods, median pricing was up 7.8% from $558,867 to $602,635.

*Marco Island statistics are obtained from the Marco Island MLS system and include only those sales and current listings on Marco Island and Key Marco.

SOUTHWEST FLORIDA REAL ESTATE UPDATE

Monthly Market Report
Market statistics in Southwest Florida continue to be indicative of a stable and balanced market. In
November, average prices and the rate of sales continued to grow at a steady yet modest rate, and 7.2
months of supply as of December 1 st demonstrates an equilibrium in the marketplace.
The normal seasonal increase in listing inventory is in play, giving buyers a better selection of homes
from which to choose. If historical trends are repeated, the seasonal increase in buyer activity will soon
follow, absorbing most of the increased inventory during the early months of 2019. Buyers need to be
aware of this dynamic so they can take advantage of the seasonal selection of properties, and sellers
who seek a short marketing time should also take heed so they can be positioned to attract offers
before season comes and goes.
NAPLES, BONITA SPRINGS AND ESTERO
Closed Sales
During the 12 months ending November 30, 2018 a total of 12,519 sales were reported, an
increase of 4.6% over the prior 12 months when there were 11,968 sales. Closed sales priced
above $2 million increased 15.9% to 525 sales compared to 453 during the preceding 12-month
period.
New Listings/Inventory
Available inventory on December 1, 2018 consisted of 7,540 residential units compared to 6,692
a year ago. This represents 7.2 months of supply based on the current sales pace. During the 12
months ending November 30, 2018 there were 18,549 new listings added to the market, a
decrease of 3.8% from the prior 12 months when 19,290 listings were added.
Average and Median Sales Price
At $568,756 the average sales price over the past 12 months was 6.2% above the same period
last year. The median price rose 1.7% from $325,250 to $330,874. The average sales price over
the past 12 months for properties priced above $2 million was $3,801,632, an increase of 2%
from the prior year.
MARCO ISLAND
Closed Sales
There were 858 closed sales during the 12-month period ending November 30, 2018 compared to
867 for the same period last year, a decrease of 1%. Year-to-date closed sales were nearly static
with the same period last year, up from 785 to 790.
New Listings/Inventory
 Available inventory on December 1, 2018 consisted of 694 residential units, up 12.7% from 616
last year. This represents 9.7 months of supply at the current pace of sales. During the 12 months
ending November 30, 2018 there were 1,368 new listings added to the market, up 5% from 1,303
during the prior 12 months.
Average and Median Sales Price
 The average sales price over the past 12 months increased 6.7% to $774,096 compared to
$725,372 a year ago. Median price for the past 12 months was essentially unchanged at
$580,534, up from $576,944 last year.
*Marco Island statistics are obtained from the Marco Island MLS system and include only those
sales and current listings on Marco Island and Key Marco.

SOUTHWEST FLORIDA REAL ESTATE UPDATE

Monthly Market Report

The number of closed sales continued at approximately the same pace as last year through July, with the Naples, Bonita Springs, and Estero (NA-BN-ES) market showing less than a 2% increase, and Marco Island coming in with a 6% decrease for the period. Prices remain stable with the median price increasing a modest 3% in NA-BN-ES over the past 12 months, while Marco’s median price remained approximately the same as last year. Available inventory also continues at healthy levels with 6.3 months of supply in NA-BN-ES and 8 months on Marco Island.

 

NAPLES, BONITA SPRINGS AND ESTERO

 

Closed Sales

The number of closed sales year-to-date remained stable when compared to the same period last year with 8,104 closings vs. 7,958 in 2017. Meanwhile, closed sales priced above $2 million increased 18.5% over the first seven months of 2018 to 385 sales compared to 325 during the prior year.

 

New Listings/Inventory

Available inventory on August 1, 2018 consisted of 6,304 residential units compared to 6,264 a year ago. This represents 6.3 months of supply based on the current sales pace. During the 12 months ending July 31, 2018 there were 17,539 new listings added to the market, a decrease of 14% from the prior 12 months.

 

Average and Median Sales Price

The average sales price increased 8.9% over the past 12 months to $568,633, while the median price climbed 3.2% to $330,604. Average sales price on a year-to-date basis for properties priced above $2 million remained static with prior year at $3,987,452. Over the past 12 months, the average price in this category is up 4% to $3,800,000.

 

MARCO ISLAND

 

Closed Sales

There were 558 closed sales during the first seven months of 2018 compared to 594 for the same period last year. During the past 12 months the number of closed sales declined 8.5% to 817 compared to 893 during the same period in 2017.

 

New Listings/Inventory

Available inventory on August 1, 2018 consisted of 561 residential units, down from 651 last year. During the 12 months ending July 31, 2018 there were 1,287 new listings added to the market, down from 1,456 during the prior 12 months.

 

Average and Median Sales Price

The average sales price over the past 12 months increased less than 3% to $752,451 compared to $732,709 a year ago. Median price for the past 12 months was consistent with prior year at $572,717.

 

*Marco Island statistics are obtained from the Marco Island MLS system and include only those sales and current listings on Marco Island and Key Marco.

SOUTHWEST FLORIDA REAL ESTATE UPDATE

Monthly Market Report

March was a great month for real estate sales in SWFL with luxury property over $1 million driving the market. Buyers continue to show a healthy interest in our area while sellers are maintaining reasonable sales prices as they enter the market. With these trends holding strong, we anticipate end-of-quarter reports to reflect positively for real estate in Southwest Florida.


NAPLES, BONITA SPRINGS AND ESTERO

Closed Sales

The number of closed sales year-to-date is static with last year showing 3,074 closings compared to 3,054 in 2017. Closed sales priced above $2 million increased 38.5% year-over-year to 162 sales vs. 117 in the first three months of 2017, which represents the highest level during this period for the past nine years.

New Listings/Inventory

Available inventory on April 1, 2018 consisted of 7,957 residential units, representing a decrease of 3% over the same time last year. During the 12 months ending March 31, 2018 there were 18,074 new listings added to the market, a decrease of 10.5% over the prior 12 months.

Average and Median Sales Price

The average sales price for the 12 months ending March 31, 2018 increased 8.2% over the prior 12 months to $557,479. Median sales price for this period is up 4% to $329,458.


MARCO ISLAND

Closed Sales

During the past 12 months closed sales declined 6.5% to 817 sales, which was down from 874 for the 12 months ending March 31, 2017. Meanwhile, there were 198 closed sales recorded during the first three months of 2018 compared to 234 for the same period a year ago.

New Listings/Inventory

Available inventory on April 1, 2018 consisted of 701 units, down from 797 at this time in 2017. During the 12 months ending March 31, 2018 there were a total of 1,291 listings added to the market., which represents a 12.8% reduction over the prior 12-month period.

Average and Median Sales Price

The average sales price over the past 12 months remained consistent with prior year at $723,311 and the median sales price also remained steady at $563,149.


SOUTHWEST FLORIDA HAPPENINGS

Taste of Collier
May 6, 2018

Taste of Collier, a long-standing Naples tradition, is an afternoon of family fun featuring live music by area musicians, crowd-pleasing ice-carving demonstrations, cooking competitions with local top chefs, and of course, savory samples from over 30 of the best local restaurants in Collier County!

42nd Annual Great Dock Canoe Race
May 12, 2018

The annual Great Dock Canoe Race is arguably Naples’s most popular event. Contestants and spectators travel from throughout the country to race and watch, and thousands of people, from young children to grandparents, celebrate the race on land, dock, and bay. ​

SWFL Real Estate Market Report 2017

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).
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.
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.

10 cheap fixes to boost the value of your home

Looking for ways to spruce up your home without putting yourself in the poorhouse? Whether you’re getting ready to sell your home or want to spiff it up inexpensively for your own enjoyment, we’ve got 10 good strategies for you to consider.

The actual cost and payback for each project can vary, depending on both your home’s condition and overall real estate market values in your region of the country.

Boost your home’s value
These simple upgrades can easily add thousands of dollars to your home’s value.
10 cheap fixes
  1. Make your kitchen really cook.
  2. Give appliances a facelift.
  3. Buff up the bath.
  4. Step up your storage.
  5. Add a room in a week or less.
  6. Mind the mechanics.
  7. Look underfoot.
  8. Let there be light.
  9. Reframe your entry.
  10. Consider curb appeal.