The May 2017 statistics were released on June 16th
Here is a summary of what May 2017 looked like compared to May 2016:
Pending Sales are up 12%
Closed sales are up 23%
Median Closed Price is up 5%
Inventory has increased 4%
Average Days on the Market has increased 34%
Overall closed sales of homes in May shined brighter than any other month previously reported in 2017, with an impressive 23 percent increase to 1,027 closed sales in May 2017 from 838 closed sales in May 2016. Likewise, overall pending sales (homes under contract) also outperformed activity reported in the last four months. Leading broker analysts who reviewed the May 2017 Market Report released by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), are quite confident that real estate agents will be very busy this summer. Please click (HERE) to see the May 2017 chart.
One familiar obstacle summer buyers will face again this year is a reduction in available inventory. Whereas the market saw a 26 percent increase in inventory in January 2017 to 6,393 homes from 5,091 in January 2016, the May report showed only a 4 percent increase to 5,404 homes in May 2017 from 5,207 homes in May 2016. Inventory increases are leveling off. Many broker analysts who track activity on a daily basis report that they have witnessed upwards of 900 listings disappear from the Southwest Florida MLS since May 1st. However, I think the result of this reduction is because people throw their properties up during season & if it doesn’t sell, they yank it from the market. I believe their thought process is “If I get offered a price I like, I’ll sell it. If it doesn’t I’ll just take it off the market & try to sell it gain in season.”
What has seemed to pickup steam is the $2 million and above price. As reflected in the report, overall pending sales in the $2 million and above price category increased 52 percent in May. There were also 78 closed sales of homes in this price category in May 2017, up from 36 closed sales in May 2016. And while the overall median closed price for homes above $300,000 increased 8 percent to $590,000 in May 2017 from $547,000 in May 2016, the overall median closed price for this top reported price category decreased 8 percent to $2,950,000 in May 2017 from $3,220,000 in May 2016. It is evident that the higher-end properties listing prices are decreasing & higher-end buyers are finding the reduced listing prices more attractive.
It has been a very busy summer for me & my firm. I was fortunate enough to have sold a $3.6M home in Pine Ridge Estates (most are on acre lots right in the heart of Naples) to a lovely family from England, who have decided to live here full-time. They had purchased a seasonal residence from me 6 years ago. Why Naples? First of all, it is a sophisticated beach town & the weather is pretty amazing. We not only have pristine beaches, but culture, art, great shopping & restaurants. Quite honestly, it is a wonderful place to raise a family. We have many “A” rated elementary, middle & high schools. In fact, Sea Gate Elementary School is ranked 33rd in the state out of 2100 Elementary schools. Very impressive!
I am proud to announce that Nardi Realty will celebrating its 10th year anniversary on July 12th. In 2007, it was probably the worse time to start a business then. It was right in the thick of the “Great Recession.” However, I preserved through the challenging times (which just makes you stronger) & now I am happy to report that my firm is very healthy & happy. I have 16 associates & one full-time Office Manager. I feel so blessed that I work with so many incredibly talented people in my office. Many have been with me for many years now. We are a family! We treat each other with respect, help each other so that we could all succeed. And thanks to you for your patronage & loyalty over the years. I couldn’t be here without your support & vote of confidence! Once again, if you are ever looking to buy, sell or rent, hopefully you’ll give me or my firm an opportunity to assist you. You can call me directly at 239-293-3592, send an e-mail to Robert@NardiRealty.com or visit NardiRealty.com to start looking for properties.
Thanks again & I hope your summer brings you much joy, health & happiness.