Friday, March 17, 2017 / by Mike Shoaff
The inventory of properties for sale in Collier County increased in February and prices held steady, a sign that buyers have more options, according to the latest real estate report.
“Compared to this time last year when we were challenged to find properties for customers, the February report showed inventory is up by nearly 1,000 new listings, giving us almost nine months of inventory to show eager buyers,” Dominic Pallini, president of NABOR and president of Vanderbilt Realty, said in a news release.
At the same time, overall pending sales in February jumped 10 percent and closings shot up 18 percent compared to last year, according to the NABOR report for February. The data does not include Marco Island.
Condominiums in the $300,000 to $500,000 price range were the bright spot in pending sales and condos in the $500,000 to $1 million category hit the sky with a 75 percent increase in closings.
Property listings last month climbed to 6,466 homes, a 16-percent boost compared to inventory of 5,577 the same month in 2016. Condominiums dominated with buyers having 3,207 on the market compared to 2,599 the year before, which was a 23-percent boost in inventory.
High end condo buyers had the largest stock of 284 condos in the price range of $1 million to $2 million to consider, almost double the number compared to 198 high-end options on 2016. The bulk of the luxury condos available are in North Naples.
There were 613 closings last month compared to 518 last year in February. Pending sales last month stood at 1,092 for a 10 percent boost compared to 993 a year ago.
Overall median prices among closings rose just 3 percent to $333,000 last month compared to $323,000 the year before.
The median prices of single family homes that closed slipped 5 percent to $402,000 from $45,000 a year ago.
The area hardest hit was North Naples, which experienced a 29percent decline in closed prices to $650,000, compared to $917,000 last year at the same time.
On the flip side, homes in Ave Maria/Immokalee enjoyed a 29percent price increase at closing to $287,000. A year ago, the median closing price in Ave Maria stood at $222,000.
Realtors who focus in North Naples say economic factors may be coming into play for baby boomers and their hesitancy to sell northern homes are relocate to Naples.
“I’m finding buyers are taking their time making a purchase decision because it’s still unclear how some of the president’s reform policies will play out over the next few years,” Coco Amar, a broker analyst at John R. Wood Properties, said in a news release. “And with the stock market performing as we as it is right now, it’s hard for them to replant those funds into a second home should they need it liquid quickly.”
Jeff Jones, managing broker at the Naples-Parkshore office of Coldwell Banker, said baby boomers are facing life choices but hesitation doesn’t seem to be a factor in Naples just yet.
Many baby boomers are caring for aging parents, more so than retirees from prior generations, he said.
“There were 400 price reductions in one week in the Southwest Florida (area) during February, which motivated buyers to make a purchase decision,” Jones said. “Along with being named the happiest place to live in America, Naples continues to have a very healthy and balanced real estate market.”