Housing Inventory Grows in September
(Fort Myers, FL – October 18, 2016) – The housing inventory in Lee County continued to expand last month, as the number of active listings rose but closed sales dropped.
The number of Active Listings in Lee County rose both month-to-month and year-overyear. There were more than 4,800 active listings in September, a 16.6% jump from the 4,140 in 2015. There were almost 100 new listings added between August and September of this year.
Condo listings saw an even larger increase, jumping more than 42% year-over-year.
Closed sales of Single Family Homes dropped last month by almost 7%. Condo sales dropped almost 10%. Pending Sales also dropped for both Single Family Homes and Condos.
Despite the drops, Median Sale Price for Single Family Homes is up more than 7% from 2015. In September, the home sold for a median price of $225,164, compared to $210,000 the year before.
City by city, North Fort Myers was the only one that recorded more Single Family Homes sold in September than the same time last year. Sanibel/Captiva had the biggest drop – more than 53% - with 7 sold homes last month, compared to 15 the year before.
Media Contact: Laura Shay - firstname.lastname@example.org
3Q Prices Hold Steady with Inventory on the Rise Naples, Fla.
(October 20, 2016) – The Naples Area Board of REALTORS® (NABOR®) released its Third Quarter 2016 Market Report, which tracks home listings and sales within Collier County (excluding Marco Island), and it showed overall inventory increased 40 percent with little change in median closed prices. In fact, as reflected in the report, the overall median closed price for homes on the market increased only 4 percent to $312,000 in the 3Q of 2016 from $300,000 in the 3Q of 2015. This was predominately driven by a 9 percent increase in the $300,000 and below price category. Comparatively, all other price categories saw a zero or negative price adjustment.
Upon reviewing the report, NABOR® President and Broker Associate with Berkshire Hathaway Home Services Florida Realty Rick Fioretti said, “a quick analysis of price behavior since December of 2015 shows median closed prices leveled out.” Several broker experts agreed with Fioretti, adding that the pricing trend is a natural reaction to the increase in inventory.
“I think we’re seeing the completion of a cycle that began in 2013,” said Cindy Carroll, SRA, with the real estate appraisal and consultancy firm Carroll & Carroll, Inc. “Prices have remained relatively stable for over a year, and now I’m noticing more competitive value-based pricing as the supply increases.”
Carroll remarked that her business encounters a small herd of listings that are still not moving, and believes ongoing increases in inventory over the next six months will require these 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.”
“If it’s overpriced, then the property sits,” said Dominic Pallini, Broker at Vanderbilt Realty, who went on to say that days on market decreased 12 percent in the $2 million and above price category, but overall, there was a 10 percent increase in days on market. “Pricing is critical now more than ever.”
While both pending and closed sales decreased 14 percent (quarter over quarter), inventory continued to rise in all areas of Collier County during the 3Q of 2016. Overall, inventory rose 40 percent to 5,044 homes in the 3Q of 2016 from 3,606 homes in the 3Q of 2015; with a marked increase in Central Naples, which rose 49 percent to 608 homes in the 3Q of 2016 from 408 homes in the 3Q of 2015.
Inventory increases in the condominium market were also remarkable during the third quarter of 2016. This home type experienced a 53 percent increase in inventory to 2,375 condominiums in the 3Q of 2016 from 1,557 condominiums in the 3Q of 2015.
Contacts: Rick Fioretti, NABOR® President, (239) 597-1666 Marcia Albert, NABOR® Director of Marketing, (239) 597-1666