Naples inventory (also know as properties for sale) is up from 3,606 properties in third quarter 2015 to 5,044 properties in third quarter 2016. And this does not include new construction since developers only place a limited selection of properties in the area’s Multiple Listing Service.
Taking a look back at how bad inventory got after the “boom,” Naples had over 12,000 properties for sale back in 2007, while at our lowest point, there were only 3,500 properties for sale in July 2015. Since August 2015, Naples inventory has been steadily increasing, giving buyers more selection and sellers a reason to price their property accurately.
Cindy Carroll, with the real estate appraisal and consultancy firm of Carroll & Carroll, noted that her business encounters a small herd of listings that are still not moving, and believes ongoing increases in Naples inventory over the next six months will require those sellers to adjust their value perceptions. “The list to sale price ratio is shrinking and this needs to continue if we want to compete with new home construction,” Carroll said.
Overall Inventory By Area
Naples Beach — 767 in 3rd Qtr 2015; 1,085 in 3rd Qtr 2016 (41% change)
North Naples — 1,045 in 3rd Qtr 2015; 1,482 in 3rd Qtr 2016 (42% change)
Central Naples — 408 in 3rd Qtr 2015; 608 in 3rd Qtr 2016 (49% change)
South Naples — 547 in 3rd Qtr 2015; 789 in 3rd Qtr 2016 (44% change)
East Naples — 760 in 3rd Qtr 2015; 965 in 3rd Qtr 2016 (27% change)
Ave Maria/Immokalee — 22 in 3rd Qtr 2015; 46 in 3rd Qtr 2016 (109% change)
There was a drastic increase in inventory in the Central Naples area, as seen above. But overall, every Naples area experienced significant increases in inventory.
Single-Family Home Inventory
$0-300,000 — 291 in 3rd Qtr 2015; 304 in 3rd Qtr 2016 (4% change)
$300,000-$500,000 — 505 in 3rd Qtr 2015; 724 in 3rd Qtr 2016 (43% change)
$500,000-$1mil — 598 in 3rd Qtr 2015; 844 in 3rd Qtr 2016 (41% change)
$1mil-$2mil — 286 in 3rd Qtr 2015; 351 in 3rd Qtr 2016 (23% change)
$2mil+ — 369 in 3rd Qtr 2015; 446 in 3rd Qtr 2016 (21% change)
Condominiums Inventory
$0-300,000 — 654 in 3rd Qtr 2015; 1,040 in 3rd Qtr 2016 (59% change)
$300,000-$500,000 — 449 in 3rd Qtr 2015; 645 in 3rd Qtr 2016 (44% change)
$500,000-$1mil — 291 in 3rd Qtr 2015; 427 in 3rd Qtr 2016 (47% change)
$1mil-$2mil — 108 in 3rd Qtr 2015; 177 in 3rd Qtr 2016 (64% change)
$2mil+ — 55 in 3rd Qtr 2015; 86 in 3rd Qtr 2016 (56% change)
Increases in Naples condos on the market were huge at 53% from 1,557 in third quarter 2015 to 2,375 in third quarter 2016. We’ll still have to wait to see how this huge increase in the Naples condo market pans out, but the result could be some good opportunities in the lower price points.
There is also an oversupply of vacant lots for sale in Golden Gate Estates, which is good for Naples home buyers and Naples home builders. After being unavailable for several years, a construction loan is back. And, Carroll pointed out, that Habitat for Humanity is very active in Collier County providing opportunities for affordable housing.
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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