An overpriced property sits on the market. Buyers are out there, but why would they overpay.

Overall, in the Naples real estate market, days on market increased 10%, from 78 days to 86, making pricing even more critical particularly as inventory increases.

The challenge going into this season will be that some Naples home sellers will feel that they’ve lost value if they have to reduce their price, noted Cindy Carroll, with real estate appraisal and consultancy firm Carroll & Carroll. They have an expectation of value when they really never had that value. “Listing at the proper price is critical especially as some areas are at risk of oversupply.”

As Carroll explained, your pricing strategy should not include those homes that are superior to yours in finishes and features or those properties that are overpriced. With the help of your Realtor, when you locate the property that is a direct comparison to yours, look no further. Price it according to that competitor alone.

Overall Days on Market By Area
Naples Beach — 82 in 3rd Qtr 2015; 99 in 3rd Qtr 2016 (21% change)
North Naples — 78 in 3rd Qtr 2015; 93 in 3rd Qtr 2016 (19% change)
Central Naples — 69 in 3rd Qtr 2015; 74 in 3rd Qtr 2016 (7% change)
South Naples — 82 in 3rd Qtr 2015; 72 in 3rd Qtr 2016 (-12% change)
East Naples — 79 in 3rd Qtr 2015; 87 in 3rd Qtr 2016 (10% change)
Ave Maria/Immokalee — 51 in 3rd Qtr 2015; 67 in 3rd Qtr 2016 (31% change)

Single-Family Home Days on Market
$0-300,000 — 46 in 3rd Qtr 2015; 44 in 3rd Qtr 2016 (-4% change)
$300,000-$500,000 — 87 in 3rd Qtr 2015; 84 in 3rd Qtr 2016 (-3% change)
$500,000-$1mil — 100 in 3rd Qtr 2015; 101 in 3rd Qtr 2016 (1% change)
$1mil-$2mil — 119 in 3rd Qtr 2015; 144 in 3rd Qtr 2016 (21% change)
$2mil+ — 171 in 3rd Qtr 2015; 159 in 3rd Qtr 2016 (-7% change)

Condominiums Days on Market
$0-300,000 — 63 in 3rd Qtr 2015; 78 in 3rd Qtr 2016 (24% change)
$300,000-$500,000 — 87 in 3rd Qtr 2015; 104 in 3rd Qtr 2016 (20% change)
$500,000-$1mil — 86 in 3rd Qtr 2015; 110 in 3rd Qtr 2016 (28% change)
$1mil-$2mil — 70 in 3rd Qtr 2015; 121 in 3rd Qtr 2016 (73% change)
$2mil+ — 122 in 3rd Qtr 2015; 110 in 3rd Qtr 2016 (-10% change)

If you are considering moving to Naples or selling your Southwest Florida home, I’d love to chat with you.

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Alysia Shivers | Naples Real Estate | 239.877.9732
https://aroundtownwithalysia.com | Facebook | Twitter | LinkedIn | Pinterest

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