NABOR Market Report

Hi, Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC  hope that you & yours are doing good.

03-31-2024 - Hot off the press; please find info from the just released March 2024 Market Report with data from Collier County based; Southwest Florida Board of Realtors; NABOR with this quote as part of the report for the Naples Market Area: “in the face of far more inventory and opportunity, home values are holding steady”  Barry & Kim with 239RealEstateDeals.Com LLC see this also.  We have been able to find a number of amazing deals for buyers across all of Southwest Florida where homes were priced correctly for today’s market with continued Pending Sales.

Daily, we track the Real Estate market here in the various Southwest Florida communities, where we now have a more balanced market; keep in mind that pre-plandemic inventory was 4 to 6 months’ supply, and in some neighborhoods 12 months of inventory which was normal for those communities.

We just listed a number of new listings, plus have a number of sellers getting different type properties ready to sell at this time.  With a number of recent and pending closings we are continually able to get 239 Area Deals for buyers (who we have prepared) having wanted to relocate or have that second home here.   Approximately 60% of deals for us remain cash transactions; interest rates and “feel good factor” play a role; as always.  

Sellers or Buyers; feel free to reach out with any questions on the current market, call: 239-360-5527; as everyone’s situation is uniquely different; plus, there are always opportunities available in any type market.

Additionally; from this link, you may check out the stats in the different Naples / Collier / Lee County Property Types & Price Ranges.

Let us know if you want more information on any aspect of the Real Estate Market here in Southwest Florida; Barry is a member of four different MLS Systems Covering all of Southwest Florida & beyond; we can provide Detailed Reports & Data for any area; Locally and Nationally including Custom Reports on the Luxury Real Estate Market in Naples, Marco Island and Lee County; encompassing all of Southwest Florida; just let us know if you want reports on other market areas.

Utilizing our 🍀 239RealEstateDeals.Com LLC  Cutting Edge Technologies; including the best available Virtual Tools / Systems, we are continuing to Efficiently Help Sellers & Buyers; previewing, showing, negotiate deals & Selling Homes; helping people to move / relocate across the US on a daily basis; even with relatively low inventory in some cases.  Southwest Florida seems to continually keep increasing in desirability for buyers from all across the United States and internationally, for end users & investors alike.

Click Here and Below for a Link to Live Market Statistics for all of Southwest Florida.

 

Interesting Statistics for February 2024 versus February 2023:

·       Overall inventory up 67%. 

·       Overall Pending Sales down 5%

·       Median closed sale price up 5%.

·       New Listings up 25%

·       Overall Closed Sales down 9%

·       Single family home closed sales down 15%

·       Condo home closed sales down 2%

·       Days on market up 26%

Sellers, Buyers, Brokers / Agents need be fully informed to help you make the best possible Real Estate deal decisions / provide the best advice.

 

Rising Inventory and Competitive Pricing are Favorable for Home Sales

Naples, Florida(March 29, 2024) – The overall median closed price in Naples increased 5 percent to $625,000 in February from $595,188 in February 2023, but there were also 2,264 price decreases reported.  Brokers contend that price decreases may be one indication that sellers are shifting from aspirational pricing to realistic market pricing.  According to the February 2024 Market Report by the Naples Area Board of REALTORS® (NABOR®), which tracks home listings and sales within Collier County (excluding Marco Island), closed sales decreased 9.3 percent in February despite a 66.6 percent increase in inventory to 5,139 properties from 3,085 properties in February 2023.

Naples Area Market Report - March 2024 infographic February 2024 versus February 2023 Barry Hoey - Hoey Team 239RealEstateDeals.Com LLC

Rising Inventory Brings Patience

February’s price decreases demonstrate that REALTORS® are counseling sellers about realistic market pricing.  Although some sellers are still struggling to accept the fact that the pandemic buying frenzy years with climbing price increases are over.  As more new sellers enter the market (up 24.6 percent to 1,668 new listings from 1,336 new listings in February 2023), those sellers with overpriced properties risk missing an opportunity to attract and sell to eager buyers.

 

According to the report, in February 2019 the median closed price was $335,000.  Cindy Carroll of Carroll & Carroll Appraisers & Consultants, LLC., and broker analysts like Budge Huskey agree that “in the face of far more inventory and opportunity, home values are holding steady in Naples today.  People are being highly selective and will wait until they find the right property.”

 

“There are currently two types of sellers: those who need to sell, and those that are aspirational,” said Adam Vellano.  “If sellers were to get aggressive, then we might begin to see some price compression.”

 

Jillian Young added that “listing agreements that limit terms to three or even six months and reflect aspirational home prices are impeding sales.  A deep dive into NABOR®’s market stats show us that these properties remain unsold longer and, in some cases, take two or three agent cycles to finally convince the seller that the home is overpriced for today’s market.  This factor is also causing our days on market [DOM] to increase.”

 

Insurance vs. Interest Rates

The February Market Report showed a 103.4 percent increase in inventory for properties under $300,000.  Mike Hughes said that this might be because “investors are offloading rental property units to capitalize on the winter selling season.  Also, the carrying costs on some of these properties has climbed in recent years.  This increase in inventory, for buyers looking in this price range, is encouraging as their selection was quite limited a year ago.”

 

Vellano believes “property insurance rates are influencing home buying decisions as much as interest rates.”

 

As many Naples residents are discovering, when home values increase, the replacement cost to insure them also increases.  Insurance rates and association fees could increase for condominium owners by the end of 2024 as mandatory milestone inspections must be completed by year end.  Inventory for condominiums increased 104.2 percent in February to 2,614 condominiums from 1,280 condominiums in February 2023.

 

Dominic Pallini said the shock of rising interest rates has subsided and regardless of Federal Reserve promises to drop the rate later this year “new homeowners are showing acceptance of 6.5 or 7 percent interest rates.”

 

The NABOR® February 2024 Market Report provides comparisons of single-family home and condominium sales (via the Southwest Florida MLS), price ranges, and geographic segmentation and includes an overall market summary. NABOR® sales statistics are presented in chart format, including these overall (single-family and condominium) findings for 2024:

Naples Area Market Report - March 2024 infographic Breakdown February 2024 versus February 2023 Barry Hoey - Hoey Team 239RealEstateDeals.Com LLC

Market Report Standouts

Upon observation, the February Market Report shows median closed price decreased for condominiums located in the Naples Beach (34102, 34103, 34108); Central Naples (34104, 34105, 34116); and Immokalee/Ave Maria areas. And the area with most closed sales of single family homes in February was East Naples (34114, 34117, 34120 and 34137), which also reported the highest inventory of available properties (1,125).

 

While February’s report showed an average of 69 days on market, it is nowhere near the 101 DOM reported in February 2019.  Interestingly, average days on market during February was highest in the $5 million and over condominium market (99 DOM).  According to Carroll, months of inventory for neighborhoods west of US 41 tend to be higher as these communities are oversaturated with spec homes and aspirational sellers.  “Inventory of homes in Aqualane Shores is 3.5 years; and in Port Royal is 2.9 years.”

 

Broker analysts reviewing the report recommend that homebuyers discuss getting a prelisting appraisal with their REALTOR® so they can compare prices of homes currently listed along with a comparison of recently sold properties to help them determine a realistic market price.  This offers the advantage of positioning their listing price accurately to sell successfully.

Understanding a home’s true market value can be a complicated process when there is great market dispersion and many factors influencing list price determination; please call local expert Realtors, Barry and Kim at 239-360-5527 for the best available guidance right here in Southwest Florida.

We compiled a Library of Tools and Resources to help anyone in relation to hurricane topics and preparedness.  HurricaneHelpFL.com points to this Resource, or Click Here

Buying or selling a home in Southwest Florida is a big and fast-moving endeavor.  That is why there has never been a more important time to work with a REALTOR® such as Barry Hoey and Kimberly Zuponcic PA, Hoey Team, 239RealEstateDeals.Com LLC who can help you write a good contract that protects you and gets the paperwork in order so your sale or purchase goes smoothly throughout the process.  We cover all of Collier and Lee counties.

  

Having an experienced REALTOR® (Such as Kimberly Zuponcic PA or Barry Hoey, Broker owner of 239RealEstateDeals.Com LLC) during today’s relatively low inventory environment is an essential partnership for buyers because experienced REALTORS® are poised to hear about a home before it goes up for sale, they know exactly when new homes hit the MLS in real time, and they can share this valuable information to home buyers.  Further, REALTORS® work closely with many other agents, have alerts set up when new homes are listed or back on market, and know how to maneuver the process so a buyer can act fast when a new listing meets a client’s purchasing criteria.

 

The Hoey Team  have secured a number of deals recently in both Lee County and in Collier County for Buyers; we help & serve Sellers and Buyers in all of Southwest Florida; including the Islands. Reach out today, call or text 239-360-5527 for information.

 

We are also Marketing Some Fabulous Listings across Southwest Florida make sure you check them out.

If you are looking to buy or sell a home in Southwest Florida, contact Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC  who serve all of Southwest Florida including Fort Myers, North Fort Myers, Cape Coral, Matlacha; Sanibel, Captiva and all the Islands; Miromar Lakes; Estero; Bonita Springs; Marco Island; Goodland; Everglades City; Ave Maria; basically all of Collier and Lee Counties; based in Naples who have respected qualifications, track record, experience; skills; additional education; best available technology; knowledge and the most desirable credentials to help you including to correctly provide an accurate market comparison and efficiently negotiate a sale with impressive results.  Please ask for or click here to check out our sales stats and testimonials to help show you this.  

 

For homeowners / sellers considering to sell a home in Naples or any part of Southwest Florida; should you want to upsize, or downsize, contact Barry and Kimberly with the Hoey Team 🍀 239RealEstateDeals.Com LLC  who have the reputation, experience; work ethic, local market knowledge; and the best possible tools & systems to provide an accurate market comparison in todays market so you can determine the right asking price to achieve the best possible bottom line.  Our vast array of marketing methods / tools and negotiation skills are second to none.   

 

REALTORS Barry & Kim can also ensure your next purchase in the Naples / Southwest Florida market area is a success in an efficient, stress-free way.  We facilitate deals for Sellers and Buyers; guiding the transaction all the way through close.

 

P.S. ~ If You'd like for us to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details.  We will get a custom video tour to you.

 

For all of Collier County; Lee County; Covering all of Southwest Florida and beyond with our Team; find out more at: www.239RealEstateDeals.Com  or contact Barry or Kim via email at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com  or, Call/Text the Hoey Team 🍀 239RealEstateDeals.Com LLC    (239)-360-5527; thanks.

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Barry & Kim with the Hoey Team   exp Realty

 

Barry Hoey, REALTOR®, CIPS, CLHMS, CRS, GRI, SRES

Full time Real Estate Broker Owner

 

Kimberly Zuponcic PA, REALTOR®, CRS

Full time Real Estate Sales Associate

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