Robert's Realty News October 2018
(239) 293-3592
Robert Nardi
By Upper-End Still Driving the Market
 

Closed sales of properties during August increased 5 percent to 719 homes from 685 homes in August 2017 according to the August 2018 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island). Inventory during August also rose by 2 percent and was driven by a surge of 218 more properties added to the market in the two lowest price categories reported, compared to August 2017.  

Most of the new inventory in August appeared in the single-family home market for properties below $500,000. Yet interestingly, closed sales during August were driven by activity in the condominium market, which experienced a 21 percent increase.   It still appears that the upper end continues to drive our market.   As such, pending and closed sales of properties above $1 million increased by double digits, year over year ending August 2018.   

As to whether heightened Red Tide activity affected the Naples housing market in August it appears that there were only 14 fewer pending sales in August compared to last year.  But then again, Naples was not as affected by the Red Tide as were other areas of Fort Myers Beach and up the west coast.

Overall pending sales in August fell 3 percent; but pending sales of condominiums in the $500,000 to $1 million price range soared 28 percent in August. And pending sales for single family homes above $300,000 increased as well, with an impressive 62 percent increase for single family homes in the $2 million and above price category.

Overall median closed prices fell 3 percent in August to $319,000 from $328,000 in August 2017, and it fell 13 percent for properties above $300,000 to $446,000 from $510,000 in August 2017. The only place prices increased was in the $500,00 to $1 million condominium market, which saw a 13 percent increase to $672,000 from $595,000 in August 2017. Geographically, the median closed price increased 16 percent for homes in the South Naples area. This increase was reflected in a combined 37 percent increase in the single-family home market and 21 percent increase in the condominium market.

If you would like to look at all of the statistics for August 2018 in chart form CLICK HERE

What does this all mean?

It means that the upper-end and condominiums are driving the market.   I believe this is because with many of the higher-end properties, they are not only well-appointed condominiums with views of the Gulf of Mexico, but they offer numerous amenities.   There has been a real shift over the years.   People no longer want to find a home or condo, they want to find a “lifestyle” that fits their needs and then find the home or condo within that lifestyle.

As far as why the median closed prices and the amount of sales in South Naples are up, is because the price of land in South Naples is less than in North Naples.   Therefore, homes are priced lower.   I recently went with a couple who was looking in Naples for a brand new 3 Bedroom & Den, 2-3 bath home.   Builders in North Naples offering the same product (model & lot size & view) as in South Naples, were priced $40,000 to $50,000 more than in the South.   And what do new builder’s do?   They raise the price $5000 to $7000 every 6 to 8 weeks.   All of this makes sense with the statistics that we are seeing in South Naples.

Searching for Properties?

You can easily search for sales and/or rental properties at NardiRealty.com.   The nice part about our search engine is that it discloses the amount of yearly homeowner association & condominium maintenance fees you must pay.   99% of other web sites do not supply this information to the consumer.   Also, if you don’t feel like searching for properties, feel free to contact me directly at 239-293-3592 or at Robert@NardiRealty.com  and I can set-up a search in our MLS portal.   So that anytime a similar property comes on the market, you’ll be immediately notified.

Wishing you an amazing fall season with pumpkin & apple picking, the beauty of the colors of the leaves changing on the trees and the cooler temperatures.   Enjoy!

 

Seven Home-Maintenance Projects to Complete This Fall

Many homeowners get overwhelmed trying to complete an entire autumn to-do list in a single weekend. Give yourself time to get ready for the upcoming season, designating a few tasks per weekend. Here are some great projects to get started on now:

1. Create a Landing Zone for Muddy Shoes. Wet weather in fall and winter means people... Read More
High Prices Are Discouraging
Home Buyers


For the past 77 months in a row, existing-home prices have increased year over year. What's more, the median home price in July was up 4.5 percent from last year. While good news for homeowners selling their houses, it's bad news for purchasers, as the price increase led to a decline in buyer demand. As a result, existing-home sales slipped to the slowest pace on record since February 2016. Sales reached... Read More
Organize and Decorate Your
Home for the Season


Good organization makes life flow and is also good for the soul. You might have done spring cleaning earlier in the year, but fall is another ideal time to give your home a tune-up.

As you begin thinking about the upcoming holidays, you might find yourself sifting through cupboards for fall décor, dinner dishes, and silverware. Get a head start on your organizing by using... Read More
What Does Your Home Color Reveal about You?

A home's curb appeal leaves a powerful first impression. Yet, according to the recent poll conducted by Ply Gem Building Products, only half of homeowners say their home's exterior reflects their personality. This is an especially surprising statistic since 81 percent of Americans say the exterior of a home shapes their view of the homeowner.

With countless material options and accents like shutters and trim, there are several ways to add color to your home. Replacing old siding with vinyl siding tends to be a popular approach because it can improve the look... Read More
Four Things to Know about the Down Payment on an FHA Insured Loan

While most conventional mortgages require an average 20 percent down, homeowners can secure a Federal Housing Administration (FHA) insured loan with as little as 3.5 percent down. Before you rush to apply, though, there’s a catch. All FHA borrowers have to pay mortgage protection insurance, which can ramp up the overall cost of the loan.

1. Most FHA Loans Need Only 3.5 Percent Down. The minimum down payment for an FHA-insured loan is only 3.5 percent. This makes it a good alternative for borrowers who cannot afford the 5–20 percent down payment required by most conventional loans. You don't need stellar... Read More
Featured Listings
West of 41 Condo!
Prime Parkshore Area
Near Venetian Village
All Remodeled!
Offered at $424,900
Bonita End-Unit Condo
Lovely views of preserve
2 Bedroom & Den, 2 Bath
Turnkey Furnished
Offered at $189,500
Beachwalk - Walk to Beach!
Lovely Home, 2 Car Garage
Close to all the Amenities
Upgraded Kitchen & Bath
Offered at $464,900
Estate Home - The Vineyards
Very Private
4 Beds & Den & 3.5 Baths
Large Pool/Spa/Lanai
Offered at $849,900
Robert Nardi  -  (239) 293-3592 Robert's Realty News  -  October 2018 

Subscribe
First Name*: E-Mail*:
Last Name: Zip: *Required field

Robert Nardi, Nardi Realty, 3400 Tamiami Trail N. Suite 103, Naples FL 34103
If you'd like to be unsubscribed from this newsletter, click here
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.
Powered by AnyPresentations.com