Robert's Realty News March 2024
(239) 293-3592
Inventory Growing Fast!
By Robert Nardi

Data in the January 2024 Market Report showed invigorated confidence in the Naples area housing market for sellers and buyers. Overall inventory continued to climb for six consecutive months, resulting in a 58.8 percent increase in homes for sale in January, or 4,639 properties from 2,921 in January 2023. Fueled by a 29.1 percent increase in new listings year over year, January showings doubled compared to showings reported in December 2023. The first month of the year also saw serious sellers taking action to capture increased buyer attention with 1,804 price decreases, a 122.7 percent increase compared to December’s 810 price decreases. The report showed 6.4 months of inventory for January compared to .9 months in January 2022, when frenzied pandemic buying began to simmer. While pending sales in January decreased 7.5 percent to 1,010 pending sales from 1,092 pending sales in January 2023, pending sales activity for January increased 73.2 percent compared to pending sales activity reported in December 2023.

The January 2024 Market Report also showed that average sales prices decreased 7.8 percent compared to January 2023, partially attributable to the slower pace of luxury sales. Values have increased approximately 60 percent over the last three and a half years in our market, so if there is a small price reduction, most sellers will still enjoy a very healthy profit at the time of the sale.

First-time homebuyers and those seeking homes under $500,000 will be pleased to know that inventory in this price range increased 58.6 percent in January. Inventory for condominiums priced under $300,000 increased 112 percent during the month. Notwithstanding, because Naples is paradise, inventory for condominiums over $5 million increased 182.6 percent in January.

NABOR® January 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 in chart format (CLICK HERE) , for all the statistics.

What does this all mean?

A buyer’s intent has shifted from pandemic years of wanting a home in Naples to wanting “the right” home in Naples. With more inventory available, buyers are now considering affordability factors that may influence insurance coverage: the age of the home, the age of the roof, storm protection, claim history, and whether the home lies in a flood zone. If buyers are contemplating an older home, it is best to consider the insurance cost up-front. Ask the seller what they currently pay for insurance. If the home has a 15-year-old shingle roof, it can be insured at a higher rate. In addition, to continue to get insurance each year after that, the roof would need to be inspected and have a “pass.”  After 20 years, the shingle roof would need to be replaced. If it is 20 years old, it can be a challenge for clay tile roofs. Most buyers would need to seek a third-party insurance provider like “Lloyds of London” to insure it, but the insurance cost could increase significantly. Hence, insurance costs are a significant factor when purchasing a home.

If a buyer purchases new construction, it has all the up-to-date hurricane building codes, and insurance coverage is much less. However, most of our new construction is farther southeast and northeast. So, you will be farther from 5th Avenue South, Downtown Naples. 

On the seller side, additional factors influencing list price include mortgage rates, master fees, community fees, social membership obligations, current or future assessments, etc.

On the bright side, our inventory is increasing, and buyers now have many more properties that they could choose from. In addition, Southwest Florida is a fantastic place to live. The glimmering Gulf of Mexico, sunshine, and beaches are superb. Your quality of life is excellent here.

Lastly, to assist with offsetting some of the insurance costs I discussed earlier, if you are a full-time resident, you do not pay state income tax. In addition, Collier County has the lowest real estate taxes in the state. It is only 1.25% of the assessed value of a home. Lastly, with homesteading your property here (your primary domicile), your real estate taxes can only go up 3% of the assessed value for the rest of your life.

If you need assistance with purchasing, selling, and renting, please get in touch with me at 239-293-3592 or via e-mail at Robert@NardiRealty.com. You can also perform your searches at BuyNaples.Net. I wish you and yours a fantastic spring!

When It Comes to Selling, Curb Appeal Should Be a Priority

The interior of your home can be stunning, but if the exterior isn’t impressive, you will shut down buyers before they even enter the house. Curb appeal—the attractiveness of your home when viewed from the curb—makes a significant difference to homebuyers. Here are four reasons why it’s so important:

Online Presentation
In today’s real estate landscape, potential homebuyers get their first impression of a home from... Read More
Three Reasons Experts Are Optimistic About the 2024 Housing Market

Despite the challenges faced in 2023, experts are optimistic that the 2024 housing market is poised for a comeback. Here are the three most compelling reasons this could be a promising year for the real estate market:

1. Anticipated Inventory Surge
Experts are optimistic due to the anticipated rise in housing inventory. The challenges of... Read More
Six Strategies to Stay Motivated During Spring Cleaning

Spring cleaning is a tradition for most people, but it can quickly become overwhelming. Here are six tips from the experts that make it more manageable:

Start with a Main Checklist: Before diving into cleaning, create a checklist to keep track of tasks and ensure nothing gets missed. Break down tasks into manageable chunks to make them less overwhelming... Read More
National Home Sales Fall as Prices Continue to Rise

Existing-home sales dropped in December 2023, according to the National Association of Realtors (NAR). However, the decline wasn’t consistent across the country, with sales down in the Midwest and South, up in the West, and unchanged from the month before in the Northeast. Every sales region recorded year-over-year sales decreases, with nationwide sales of 4.09 million units reaching the lowest level recorded since 1995. Yet despite the drop in sales, median prices increased.

Expert Insights into the Market
Experts predict that the sales declines in 2023 will represent the bottom of the market, with higher sales anticipated in the coming months... Read More
Top Trends in Bathroom Renovations for 2024

Bathroom renovations are increasingly important for homeowners looking to improve their living spaces. A recent Houzz survey with 1,921 U.S. homeowners offers insights into evolving trends, outlining key findings shaping current bathroom renovation preferences.

The Rise of Spacious Bathrooms
One of the standout trends is the increasing size of primary bathrooms. Approximately 22% of homeowners choose to expand their primary bathroom footprint during renovations. The most common areas tapped for additional square footage include... Read More

Featured Listings
Diamond Lakes-Large Condo
3BED/2BA/1 Car Garage
Sophistically Remodeled
Turnkey Furnished
List Price $475,000
The Vineyards! - Gorgeous
Over 3000 sq ft of LA Condo
Primary Bed on 1st Floor
Community Pool
Price Reduced to $798,900
The Dunes-Vanderbilt Beach
14th FL Expansive Gulf View
3 BED/3 BA/2 Garage Spaces
Sunsets Every Night!
Priced Reduced to $2.45M
Riverbend - Gulf Access
Modular Home built in 2006
Over 1300 Sq. Ft.
A Canvas to Create your Own
Offered at $307,500
Robert Nardi  -  (239) 293-3592 Robert's Realty News  -  March 2024 

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