Robert's Realty News April 2024
(239) 293-3592
Inventory Continues to Increase
By Robert Nardi

The overall median closed price in Naples increased 5 percent to $625,000 in February from $595,188 in February 2023, but there were also 2,264 price decreases reported. Brokers contend that price decreases may indicate sellers shifting from aspirational to realistic market pricing. According to the February 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales decreased 9.3 percent in February despite a 66.6 percent increase in inventory to 5,139 properties from 3,085 properties in February 2023. February's price decreases demonstrate that REALTORS® are counseling sellers about realistic market pricing. However, some sellers still struggle to accept that the pandemic buying frenzy years with climbing price increases are over. As more new sellers enter the market (up 24.6 percent to 1,668 new listings from 1,336 new listings in February 2023), those sellers with overpriced properties risk missing an opportunity to attract and sell to eager buyers. 

 

There are currently two types of sellers: those who need to sell and those who are aspirational. Aspirational sellers are chasing the market now. They started with an unheard price and continue to lower their prices because they will not sell. This factor is also increasing days on market [DOM]. This appearance of "chasing the market" makes it appear as prices are falling. The true picture is that the property is adjusting to the correct market price.

 

Some good news! The Naples real estate market is becoming more favorable for buyers looking for properties under $300,000. The February Market Report revealed a staggering 103.4 percent increase in inventory in this price range. This significant rise in inventory, compared to a year ago, presents a promising opportunity for buyers to find their ideal property.

What is influencing property sales for buyers? Property insurance rates, condominium maintenance fees, homeowners' association fees, interest rates, inflation, and roof age. If a shingle roof is 15 years old, a yearly inspection is required by an insurer until it reaches 20 years old. Once a roof reaches 20 years, whether constructed of shingle or tile, it will need to be replaced to keep insurance costs down. Insurance costs at 20 years or older can increase three to four times because the property owner must go to a third property insurer like Lloyds of London. In addition, mandatory milestone inspections for condominium buildings/associations must be completed by 2024. After these inspections, insurance rates and association fees could increase for condominium owners.

 

Last year potential sellers did not want to move because of the interest rates. They have waited a year, and now there is evidence of people accepting the higher interest rates, biting the bullet, and moving on with their lives. The NABOR® February 2024 Market Report compares 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 available in chart format ( CLICK HERE ).

 

If you're considering selling your property, I would recommend getting a comparative market analysis (CMA), which I offer for free. You, as the potential seller, can compare prices of homes currently listed along with a comparison of recently sold properties to help determine a realistic market price. This offers the advantage of positioning your listing price accurately to sell successfully. It is all about pricing the home right in this market. Please feel free to contact me at 239-293-3592 or at  Robert@NardiRealty.com .

Whether your are a buyer or seller in the Southwest Florida market, there are opportunities for each.

 

Happy Spring, everyone!

  
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Robert Nardi  -  (239) 293-3592 Robert's Realty News  -  April 2024 

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Robert Nardi, Nardi Realty, 3400 Tamiami Trail N. Suite 103, Naples FL 34103
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The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice.
If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.
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