Limited inventory continues to be the story of the Naples real estate market.
Third quarter market statistics, released by the Naples Area Board of REALTORS® (NABOR®), show inventory of existing homes decreased 9% from 4,080 homes available in third quarter 2013 to 3,702 homes in third quarter 2014. This tight inventory affected sales activity as demonstrated by a 10% decrease in pending sales from 2,548 in third quarter 2013 to 2,304 pending sales in third quarter 2014; and an 11% decrease in closed sales from 2,339 in third quarter 2013 to 2,093 closed sales in third quarter 2014.
Though the numbers show a reduction in pended and closed sales, Naples real estate activity remains busy. This anomaly is likely a result of the Naples market experiencing an influx of new home construction that has replenished the void resulting from a decreased inventory in the resale market.
Steve Barker, a Naples area broker, doesn’t think the market need has changed. He believes agents are showing homes every day because the new construction market has finally caught up to the demand. However, he goes on to say that the Naples resale market is still desirable because location continues to be a factor.
Wes Kunkle, a commercial broker in the area, pointed out that the 10% decrease in overall pended sales was affected by the 21% decrease in pended sales in the $300,000 and below range. “Overall pending sales in every price segment over $300,000 increased in third quarter 2014. Overall closed sales also increased in two of the five price segments, $300,000 to $500,000 and $1 million to $2 million.”
Here are some comparisons between third quarter 2013 and 2014:
- Pending sales of single-family homes over $2 million increased 26% from 43 in 2013 to 54 in 2014
- Pending sales of condos between $1 million and $2 million increased 29% from 38 in 2013 to 49 in 2014
- Overall closed sales in the $1-$2 million category increased 14% from 91 in 2013 to 104 in 2014
- Overall median closed price increased 13% from $234,000 in 2013 to $265,000 in 2014
- Overall median home price of homes over $300,000 decreased 7% from $530,000 in 2013 to $493,000 in 2014
- Overall inventory decreased 9% from 4,080 homes in 2013 to 3,702 in 2014
- Overall inventory of single-family homes in the $300,000-$500,000 market increased 15% from 422 in 2013 to 487 in 2014
Kathy Zorn, a local broker/owner, said, “Homes priced under $300,000 may make up over 60% of our market, but this is not our entire market. In fact, the third quarter report showed an increase in inventory of single-family homes in the combined price categories above $300,000, which accounts for 1,564 homes or 42% of the overall third quarter inventory.”
Want to talk Naples real estate? Call, email or text me.
Alysia Shivers Realtor | Naples Florida Real Estate | 239.877.9732
https://aroundtownwithalysia.com | Facebook | Twitter | LinkedIn | Pinterest