The end of the summer is upon us and for Naples real estate this usually indicates a good time to buy if you are on the fence about timing. With the season still several months away sellers who have had their property on the market through the summer months without the success of selling their home will often grow weary. Compounded by the threat of an upsurge in new listings which often happens in Naples on the eve of the season, sellers weigh in their minds the best course of action. With a choice of negotiating a lower than expected sales price now or wait for the season when the population and chances of capturing a buyer increases. The downside of waiting can be the added carrying costs of the home while waiting for January-March to arrive and as I mentioned before, the added threat of more competition coming on the market.
At the moment inventories in most neighborhoods are very low and the summer sales have been strong despite a slight decrease in pending sales. Only time will tell if this low inventory trend will continue through the winter. Statistics according to the Naples Area Board of Realtors:
- Overall pending sales decreased 11 percent from 890 homes in August 2013 to 795 homes in August 2014.
- Overall closed sales decreased 2 percent from 9,798 homes in the 12-months ending August 2013 to 9,613 homes in the 12-months ending August 2014.
- The overall median closed price increased 14 percent from $228,000 in 12-months ending August 2013 to $260,000 in the 12-months ending August 2014.
- Overall inventory decreased 8 percent from 3,875 in August 2013 to 3,579 in August 2014.
- Average days on market were 83 for August 2014.
- Inventory for single family homes increased 1 percent from 1,894 homes in August 2013 to 1,904 homes in August 2014. The largest increase was in the $300,000 - $500,000 price category, which saw a 12 percent increase.
- Closed sales for condominiums decreased 1 percent from 5,137 condominiums in August 2013 to 5,066 condominiums in August 2014.
If you are a buyer for real estate in Naples please contact your realtor for the best advice on when to make your move. If you have interest in consultation on the Naples market please contact Adam Carriero at 239-641-3876